Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
RadioShack (NYSE: RSH) extended its major rally Friday with shares up more than 140 percent since reports surfaced that a major shareholder was mulling whether to offer bailout financing.
But BB&T's Anthony Chukumba said the move would only "delay RadioShack's ultimate demise.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Fixing RadioShacks financing would still leave it faced with slowdown in wireless business as well as increased competition, Chukumba said in a note Friday.
RadioShack's 10 percent holder Standard General is working with management on a plan that would avoid a Chapter 11 Bankruptcy filing, according to multiple reports.
Standard General owns a 44 percent stake in another troubled retailer, American Apparel (NYSE: APP), to which it recently promised $25 million of support and pushed it to restructure its board of directors.
RadioShack burned through $48 million in the most recent quarter; the company has only $62 million of cash on hand. The investment bank B. Riley last month cut its price target on RadioShack to zero.
Star General also reportedly wants refinance RadioShack's $250 million second-lien term loan, which is held by Salus Capital Partners and Cerberus Capital Management.
Those creditors helped to block RadioShack's plan earlier this year to close more than 1,000 of its stores. RadioShack has settled on shuttering a more modest 200 stores.
Bondholders separately are assessing their options with financial adviser Houlihan Lokey to assess their options, according to the Dallas Star Telegram.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.