Auto industry aristocrat McLaren is set to follow cruise operator Carnival, and Necker Island-based Virgin boss Richard Branson in pawning the family valuables. Now bondholders may be adding vintage racing cars to a growing medley of niche collateral pledged by hard up companies. MACs are notoriously hard to trigger, and Wex won’t have to make its case until later, when time will be running out for the sellers, too. Unfortunately for the sellers, there’s a backstop date for closing, also in October, and a $51 million limit on damages for termination thereafter. Failure to replace those could scupper the deal, even if no MAC can be established. Their fear is that Wex is trying to kick the $1.7 billion merger into the long grass until the company’s financing commitments run out in October. In its MAC language, the January deal agreement excluded the impact of a pandemic from the events allowing the buyer to walk away. The sellers wanted a quick declaration that there had been no material adverse change. An English judge on Friday declined for now to fast-track a hearing over whether Maine-based payments group Wex is entitled to pull out of buying eNett International and Optal, businesses with a focus on travel-related payments. Expect more inequality in Sherwood Forest. Technology advances were already fueling demand from gamers and data centers alike, and customers staying home fuels it further. Nvidia, on the other hand, is the dominant producer of graphics processing chips. Now supply chain problems have been added to the mix, and customers might wait longer before buying slowly improving items like PCs. HPE, IBM and Dell have all suffered for years from operating in competitive, mature markets. Meanwhile, chipmaker Nvidia said on Thursday revenue rose 39% last quarter, and growth will be faster than expected this quarter. And Dell Technologies is cutting benefits, according to Bloomberg. Hewlett Packard Enterprise, the storage and server firm, said Thursday it would save $1 billion by reducing pay and other costs.
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