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03/12/2020
From Exxon to Royal Caribbean Cruises, U.S. companies rush to hoard cash
Amid falling oil prices and the global COVID-19 coronavirus crisis, businesses across the U.S. are rushing to borrow money and increase their cash reserves, Reuters reported this week in an article that included comments from CohnReznick’s Jeremy Swan.
“It’s companies loading up on cash when you can get it. They are effectively building up that war chest,” Swan, who is Managing Principal of CohnReznick's Financial Sponsors & Financial Services practice, told Reuters.
The article notes recent steps taken by Royal Caribbean, Exxon Mobil, Mondelez International, and a number of airlines in the face of a potential economic downturn.
“What we’ve seen in this market is that stability today isn’t necessarily stability tomorrow,” Swan said.
Go to Reuters.com to read the full article, which was also picked up by the New York Times.
Jeremy Swan
Managing Principal - Financial Sponsors & Financial Services Industry
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This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.