July 29, 2021
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These Cars Are Out of Production and Discontinued for 2022
Bouchard Transportation’s Tugs and Barges Auctioned Off
Car chip shortage to abate, smartphones could be next: industry execs
New York Jets assistant coach dies following bicycle accident
Lightyear One Electric Sedan To Be Produced By Valmet Automotive
1 killed in collision between train, vehicle in Douglas County
Washington transportation crew clears Seattle homeless encampment after arrests connected to rock-throwing
Texas dashcam shows illegal immigrants pour out of smuggler’s car after pursuit
30% tax credit for electric bikes makes progress in US Senate
Automotive Hall of Fame to induct Jay Leno, industry leaders
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These Cars Are Out of Production and Discontinued for 2022 Bouchard Transportation’s Tugs and Barges Auctioned Off Car chip shortage to abate, smartphones could be next: industry execs New York Jets assistant coach dies following bicycle accident Lightyear One Electric Sedan To Be Produced By Valmet Automotive 1 killed in collision between train, vehicle in Douglas County Washington transportation crew clears Seattle homeless encampment after arrests connected to rock-throwing Texas dashcam shows illegal immigrants pour out of smuggler’s car after pursuit 30% tax credit for electric bikes makes progress in US Senate Automotive Hall of Fame to induct Jay Leno, industry leaders
Apr
2020
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FedEx remains in compliance with debt covenants, sees results hurt by increased FedEx Ground demand

FedEx Corp. said Friday that, including the recent proposed debt offering, it expects to remain in compliance with its debt covenants, but indicated there was risk that it may need to amend the covenants if addtional financing is required and results deteriorate further. The package delivery service said that although it has seen increased demand for its FedEx Ground delivery service in the U.S., as shelter-in-place measures in response to the COVID-19 pandemic has boosted demand for e-commerce, the shift in sales mix is expected to hurt margins and operating results. Results have also been impacted by “significantly weaker global economic conditions” as a result of the COVID-19 pandemic. The company’s current debt covenant requires the ratio of debt to consolidated earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) to be no higher than 3.5 to 1.0; as of Februay 29, that ratio was 2.8 to 1.0. after previously announced borrowings and proposed offerings, FedEx expects to remain in compliance with the debt-ratio covenant. “However, if we secure additional financing or experience a deterioration in results of operations that would cause us not to be in compliance with the covenant, we would have to seek to amend this covenant. No assurances can be made that such amendment would be approved by our lenders,” the company said in a statement. Separately, FedEx said it has implemented temporary surcharges on all international shipments, and has temporarily eliminated its money-back guarantee for all delivery services. The stock, which fell 3.7% in morning trading, has lost 25.6% year to date, while the Dow Jones Transportation Average has dropped 32.4% and the Dow Jones Industrial Average has declined 25.7%.






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