Wednesday Morning Reads

JetBlue lands $936M in payroll aid

Through the U.S. CARES Act, JetBlue (NASDAQ:JBLU) will receive $685M in grants and $251M in loans from the government. The grant covers about 56% of the company’s payroll costs for a six-month period last year. The low-interest loan will be paid back to the government starting October. JetBlue has to maintain a minimum level of domestic air service to receive the funds.
Go deeper: Airlines opt in for government relief.

J.C. Penney eyes bankruptcy

With long-term financials becoming more untenable, J.C. Penney (NYSE:JCP) is reportedly considering bankruptcy protection. Reuters sources say the retail chain has enough cash to survive a few months of store closures, and rescue financing remains an option.
Go deeper: 'J. C. Penney: Bankruptcy Risk Increases With The Extended Store Closures,’ by Elephant Analytics.

Frontier Communications files for bankruptcy

Frontier Communications (NASDAQ:FTR) has filed for Chapter 11 bankruptcy protection just before April 15 debt payments came due. That comes through a prearranged restructuring support agreement that has the backing of creditors representing more than 75% of Frontier's $11B in outstanding unsecured bonds. It results in $460M in debtor-in-possession financing - which Frontier says will combine with cash on hand for $1.1B-plus in liquidity, enough to provide uninterrupted operations.

Tesla China registrations jump with Shanghai pumping out Model 3s

With its Shanghai plant producing local Model 3s - including two newer versions - Tesla (NASDAQ:TSLA) has seen its China car registrations vault 450% month over month in March. The registrations were up to 12,709 units vs. February's 2,314. The Shanghai factory added a Long Range Model 3 and a Performance Model 3 to its repertoire last week.
Go deeper: ’Tesla Needs To Ramp Up Shanghai Production Further To Meet Demand In 2020,’ by Nick Cox.

Airbnb secures new $1B loan

Airbnb (AIRB) has locked down a new $1B loan, just over a week after it raised $1B in a debt deal. The new deal is a five-year first-lien deal - and one link between the two deals: Silver Lake, which was one of two investors in the week-ago deal, is a key player in the new loan, Reuters says.
Go deeper: Airbnb raises $1B in new round.

What else is happening...

Barclays (NYSE:BCS) pauses new job cuts amid COVID-19 crisis.

Zoox agrees to settle lawsuit with Tesla (TSLA) for alleged trade secret theft.

Texas oil production cut proposal stirs up anger on both sides.

Broadcom (NASDAQ:AVGO) raises consideration in debt tenders.

LyondellBasell (NYSE:LYB) Houston FCC restart set as soon as Thursday.