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News Highlights : Top Company News of the Day

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03/30/2020 | 11:16pm EDT
Virgin Australia Seeks $863 Million Bailout From Government 

Airlines around the world are seeking government assistance after many countries closed their borders to foreign visitors, choking off their revenue while leaving carriers with fixed costs such as leases for planes.

Disney Chairman Iger, CEO Chapek to Take Pay Cuts 

Walt Disney said Chairman and former CEO Robert Iger has agreed to forgo most of his salary while his successor, CEO Bob Chapek, along with several executives, will take pay cuts amid the coronavirus pandemic.

Some Instacart and Amazon Workers Stay Home, Calling for More Pay in Coronavirus Pandemic 

Some delivery and supermarket workers at Instacart and Amazon.com are staying home to draw attention to their requests for better pay and more protections against the risks of infection with the new coronavirus.

GM Hustles to Pump Out Ventilators to Fight Coronavirus 

When President Trump last week criticized General Motors' effort to produce ventilators, executives were flabbergasted. GM began collaborating with a ventilator company a couple of weeks earlier, and has mobilized more than 1,000 employees and nearly 100 auto suppliers for the task.

Bank of New York Mellon Names Gibbons CEO, Removing Interim Tag 

Bank of New York Mellon Corp. said it named Todd Gibbons as chief executive. He has been interim CEO since last fall.

Macy's, Gap to Furlough Most Workers 

The retailers will furlough the majority of their store workers, highlighting the limits of the $2 trillion rescue package for U.S. businesses that have been cut off from their customers.

Blackstone's Shale Driller Gavilan Prepares for Debt Restructuring 

Blackstone Group's shale driller Gavilan Resources is preparing a potential bankruptcy filing over the plunge in commodity prices and an unresolved dispute with Sanchez Energy, people familiar with the matter said.

Johnson & Johnson to Begin Human Trials of Covid-19 Vaccine by September 

Johnson & Johnson said that it had made progress on a vaccine to prevent Covid-19 and that the product could be ready in early 2021.

Pier 1 Imports Cancels Bankruptcy Auction as Coronavirus Chills Potential Bids 

Pier 1 Imports has canceled an auction to sell itself out of chapter 11 as senior lenders opted to take ownership of home-goods retailer, the latest corporate bankruptcy to be upended by the coronavirus pandemic.

BroadVision Files for Chapter 11 With a Buyer 

BroadVision Inc., a publicly traded company that provides a suite of business apps, filed for bankruptcy protection on Monday, saying the recent shutdown of the economy had exacerbated its liquidity problems and would continue to do so.


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