The cost to protect against losses on Xerox debt also jumped, reaching the highest level since [the 2009 Financial Crisis]." This makes the bonds less attractive to invest in, at the same time as it raises investor worries that Xerox might eventually have to default on its more than $4 billion in net debt
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Dropped under $20.00 this morning ($19.82 at 12:05 PM), which is close to a 5-tyear low. That's roughly a 40% loss in shareholder value since the proposed FX deal in January was announced, Maybe the other majority shareholders should have a chat with Mr. Icahn, Mr. Deason, and Mr. Visentin.
Management response,”More layoffs.”
There is no question that there is a corporate bond yield crisis right now. That’s even for companies doing well. Xerox doesn’t stand a chance.
B U T L I S T E N T H E U S E C O N O M Y I S S O B I G L Y S T R O N G.....~SURE~
Xerox is going to have to do some serious maneuvering to remain an ongoing business. Adjustments or job cuts will not work to turn it around and may actually be detrimental. A sale or merger is a must.
No surprises here, just go out of business and call it a day, your products are junk anyways