$0.797
-0.126 (-15.81%)Al cierre
Noticias de CRMT
Eventos de CRMT
America's Car-Mart in Talks with Lenders for Sale
America's Car-Mart, lenders working toward a sale, Bloomberg says
America's Car-Mart in Talks for Bankruptcy Sale
America's Car-Mart and its lenders are working toward a sale that will allow the business to continue operating, with talks centered around a deal that would be executed through a court-supervised Chapter 11 sale process or via a shareholder vote, people familiar with the matter told Bloomberg Reshmi Basu and Eliza Ronalds-Hannon. The used-car dealer and subprime lender has been exploring multiple options, including raising rescue financing and selling some separate assets, the report added.
America's Car-Mart Shares Drop 15% to 91 Cents
America's Car-Mart shares are down 16c, or 15% to 91c following Bloomberg's report.
Company Reports Q1 Revenue of $145.75M, Below Consensus
Reports Q1 revenue $145.75M, consensus $225.12M. The company said, "Our first quarter results reflect the capital constraints that have defined our results over the last several quarters. With limited capacity to purchase inventory and fund originations, retail units were down 81.9% and revenue was down 57.3%. Inventory ended the quarter at $35.2 million against $112.5 million a year ago. This is a capital structure story, not a demand story. Application volume was limited by the vehicles we had available to sell. Credit performance was also weaker. Net charge-offs were 9.5% of average finance receivables against 6.6% a year ago, and accounts over 30 days past due were 4.6% against 4.1%. Three things drive that: the contraction of the portfolio, continued fuel and cost-of-living pressure on our customers, and the transition of a small portion of the book to centralized collections, which we completed this quarter alongside the dealership consolidations. The transition work is now behind us. Resolving our capital structure remains our first priority. The Special Committee, together with its advisors and management, continues to evaluate the range of financing and strategic alternatives available, including discussions with third parties. We do not intend to comment further on that process."
America's Car-Mart Explores Asset Sales or Bankruptcy
America's Car-Mart, which is struggling to write new loans to customers or buy more cars to sell to them, has been exploring potential asset sales that could see the company wind down altogether, either in or out of bankruptcy court protection, people familiar with the matter told Bloomberg's Eliza Ronalds-Hannon, Reshmi Basu and Scott Carpenter. While reporting a 52% plunge in inventory and a 27% drop in car sales in its fiscal Q4 last week, CEO Doug Campbell reiterated that the company is hunting for new financing to jump-start operations, the report noted.
Esta página es solo para investigación y no constituye asesoramiento de inversión. Los modelos pueden equivocarse. El rendimiento pasado no garantiza resultados futuros.