Thames Water's parent defaults on debt | 99 Cents Only Stores bankruptcy | BoAt Lifestyle data breach

In today’s Portfolio Intelligence Daily, where we highlight under the radar investment themes and idiosyncratic company risks:?

• Thames Water's parent defaults on debt
• 99 Cents Only Stores declares bankruptcy
• BoAt Lifestyle faces massive data breach

Auquan’s analyst team curates these summaries from our intelligence engine, which uses retrieval augmented generation (RAG AI) to uncover unique insights at scale, typically involving emerging markets, supply chains, financially-material ESG risks, and the impact of regulatory changes.

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Thames Water's parent defaults on debt

Kemble Water, the parent company of Thames Water, has defaulted on its debt, raising concerns about potential restructuring or collapse.

• Kemble missed an interest payment and its shareholders refused to inject the ￡500 million promised to stabilize its finances.
• Thames Water, with 16 million customers, claims to be insulated from Kemble's issues and has funds to operate until next summer.
• Thames Water faces scrutiny for missing targets on sewage discharge and leaks, raising environmental concerns and risking nationalization due to its ￡15 billion debt.
• Kemble's creditors, including Chinese state-owned banks, could become shareholders if Kemble defaults.

Select timeline

• April 8, 2024 | Thames Water troubles swell as parent firm defaults on debt (BBC)
• April 6, 2024 | Parent company of UK's biggest water supplier defaults on ￡400m debt (Times Malta)
• April 6, 2024 | Thames Water parent tells creditors it has defaulted on debt (The Guardian)

99 Cents Only Stores declares bankruptcy

Parent company of 99 Cents Only Stores files Chapter 11 for an orderly wind-down and asset sale amid financial challenges

• Number Holdings, Inc., the parent company of 99 Cents Only Stores LLC, has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.
• The filing aims to implement an orderly wind-down of its business and pursue the sale of its real estate and other assets.
• The company has secured $60.8 million in financing to facilitate the wind-down process and going-out-of-business sales at its 371 store locations.
• Operations will continue during the wind-down process, and the company has filed motions to support employee wages and other necessary expenses.

Select timeline

• April 8, 2024 | 99 Cents Only Stores Files for Voluntary Chapter 11 Protection to Facilitate Wind-Down of Business Operations and Pursue Value Maximizing Sale of its Real Estate and Other Assets (PR Newswire)
• April 5, 2024 | Every single 99 Cents Only Store is closing because of inflation, retail theft ‘and other macroeconomic headwinds’ (Fortune)
• April 5, 2024 | 99 Cents Only discount chain to close all US stores (Reuters)

BoAt Lifestyle faces massive data breach

Over 7.5 million boAt customers' personal data, including names, addresses, contact numbers, and more, has been discovered on the dark web.

• Hacker 'ShopifyGUY' claims responsibility, offering the data for sale on the dark web for as low as EUR 2 (approx. Rs 180).
• Customers are warned about potential phishing scams and malware attacks using their compromised information.
• The breach raises concerns about the misuse of AI technology by hackers to coerce customers into sharing more sensitive data.
• Boat customers are advised to remain vigilant, as the company is yet to respond to the breach and clarify details.

Select timeline

• April 8, 2024 | Massive boAt Data Breach: 7.5 Million Customers Data Exposed (Cyber Security News)
• April 8, 2024 | Worrying Boat Data Breach: More Than 7.5 Million Customers At Risk Of Major Cyber Attack (News18)
• April 8, 2024 | boAt facing cyber threat as 7.5 million customer data leaked on dark web: Details (India TV)

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