Stellantis cockpit technology leader leaving company
Vishnu Sundaram, who was hired in 2021 to develop the cockpit of the future, is departing the company at the end of August.
Troubled Tupperware’s stock shoots up amid restructure plan
Just months after warning it might not survive, Tupperware Brands has seen its stock price rise in recent weeks from less than $1 to about $5 and revealed a restructuring of its debt.
The Osceola County-based company’s stock price rose more than 35% on Friday to $4.77 at close. On July 21, the stock closed at 90 cents.
The price began to climb in the back half of July, with some media outlets comparing the jump to meme stocks like GameStop. Reuters called it “reminiscent” of meme stock events, which the news outlet described as taking place when retail investors use social media to focus on struggling companies or those businesses with high short interest.
Tupperware on Thursday revealed in a news release a debt restructuring that would reduce and reallocate about $150 million of cash interest and fees. It also extends the maturity of about $348 million of principal, reallocated interest and fees to 2027. The release did not specify the date of maturity before the extension.
“We are committed to making ongoing progress in improving liquidity and strengthening our capital structure,” said CFO Mariela Matute in the release. “We appreciate the support of our lenders, who share in our strategy, as we move forward.”
SEC sues two ex-Canoo executives over reporting failures
The SEC said former executives misled investors about the company’s financial prospects before it went public in a merger with a special purpose acquisition company in December 2020.
American Axle profit dips, sales increase in Q2
The supplier, based in Detroit, said net income fell 65 percent to $8 million amid continued production volatility, inflation, launch inefficiencies and labor availability.
Auto industry summit in hottest summer on record drives focus on sustainability
The climate problems of summer 2023 are providing a backdrop to the auto industry’s quest for more sustainable business.