On Friday, Shares of Wells Fargo & Company (NYSE:WFC), lost -1.13% to $57.05.
The U.S. Conference of Mayors (USCM) and Wells Fargo & Company, declared Mayors Stephanie Rawlings-Blake of Baltimore, Mark Stodola of Little Rock, Ark., and Christopher Cabaldon of West Sacramento, Calif., have been recognized on behalf of nonprofits in their cities with top honors in the Conference’s 2015 CommunityWINS℠ grant program funded by the Wells Fargo Foundation.
Presented at the Conference’s 83rd annual meeting in San Francisco, the awards recognized nonprofits and cities for exemplary leadership in promoting neighborhood stabilization, economic development, and job creation efforts. Judges selected recipients of the Wells Fargo-funded grants from 162 applicants from small, medium and large cities.
Tom Cochran, CEO and executive director of the U.S. Conference of Mayors, said, “Our 2015 CommunityWINS grant program gives the Conference an opportunity to showcase positive change happening now in our cities that makes a positive difference in people’s lives. We are grateful to Wells Fargo and the Wells Fargo Foundation for their support of the CommunityWINS grant program, which also highlights the talent and commitment of mayors and city governments.”
Wells Fargo & Company provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, in addition to time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards.
Shares of Southwest Airlines Co. (NYSE:LUV), inclined 1.06% to $34.22, during its last trading session.
Willis Lease Finance Corporation (WLFC), the premier independent jet engine lessor in the commercial finance sector, declared it will be providing spare engines to support the Southwest Airlines, fleet of Boeing 737NG aircraft over the next five years.
“With almost 700 aircraft in the Southwest fleet, counting more than 500 NGs, our agreement with Willis Lease allows us to deliver reliable service to our customers every day. Willis Lease has both the engine capacity and technical expertise to provide the additional spare engines we need to keep our fleet in optimum flying condition,” said Bill Tiffany, Vice President Supply Chain Administration for Southwest Airlines.
Under the terms of the agreement, Willis Lease will provide Southwest Airlines with CFM56-7B24 spare aircraft engines over the next five years.
Southwest Airlines Co. operates passenger airlines that provide planned air transportation services in the United States and near-international markets. As of December 31, 2014, it operated 665 Boeing 737 aircraft; and had 12 Boeing 717 aircraft.
Finally, Hercules Offshore, Inc. (NASDAQ:HERO), ended its last trade with 7.31% surge, and closed at $0.27.
Houston-based Hercules Offshore, has reached a restructuring agreement with a majority of its debt-holders to reduce the company’s debt and secure additional liquidity, according to American City Business Journals.
Hercules anticipates to proceed with the reorganization plan by filing for Chapter 11 bankruptcy protection by July 8.
As part of the agreement, about $1.2 billion of the company’s outstanding notes will be converted to new common equity. The debt-holders also agreed to backstop $450 million of new debt financing to fund the remaining construction cost of the Hercules Highlander and other company operations. Hercules revealed details of the restructuring agreement in a June 17 filing with the U.S. Securities and Exchange Commission. American City Business Journals Reports.
Hercules Offshore, Inc., together with its auxiliaries, provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry worldwide. The company operates through Domestic Offshore, International Offshore, and International Liftboats segments.
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