8-K was set to the SEC. Over 100 pages that made JP Morgan the Asset custodian for all WD assets in the event of default. The amount of the loan extension was not clear. GO site is/was sold and being leased back to WD. Looks like they went all in to keep the company afloat
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@7tmr+ recent 8-K filing makes 34 references to a Great Oaks sale/leaseback
WD might be better off retaining engineering teams rather than social media posters. HAMR in 16 months right...
Perhaps you could quote the text that says the site is being sold.
Used as collateral, having a lien placed on it is not a sale.
But, well trolled. Lots of responses.
WD executives and board are just milking WD for millions. Why turn WD around when they can endlessly RIF and PR?
Who knowd the next round if HAMR, LBTGIAQ+, and merger PR releases might fix everything.
care less about the sale of GO buildings, if it even happens, and care more about the impact of the modified loan agreement on profitability and cash flow.
Too much control of small things instead of trusting others because change means risk. Make changes of little consequence, but disparage people and dismiss ideas to limit influence. Argue over problems for years because no one can agree or dares be wrong, so little to nothing changes. All these things together make it hard to make progress and create a positive environment. The leaders need to realize their mistakes and start valuing talent, trusting and listening to others , and showing a willingness to change.
Sorry, not buying it. DG hired the people who, if they acted with insight and urgency, could have made Flash successful. Instead, they spent their honeymoon patting themselves on the back for WD Black and ignored the areas of Flash that needed to be torn down and rebuilt - specifically because they were not detail oriented and couldn't roll up their sleeves and find out what needed to be done. The only other people to blame other than DG are the people who hired him on the BoD. It took activists to come in and demand change so neither DG nor the board get credit for that. Elon Musk went into Twitter and demanded code reviews, cut staff 80%, and Twitter is now arguably profitable. I assure you - nobody on DG staff much less DG have that skill set.
@3ny
It is not the fault of this CEO that he has no clue about the semiconductor industry, flash technology, hard disk industry or the data storage ecosystem. It is the fault of the board who hired him in the first place. DG used to be a good leader at Cisco, but his background is not relevant here at all. Semiconductor manufacturing is a much more complex and cut-throat industry
https://english.kyodonews.net/news/2023/06/cd8595fc240f-toshiba-shareholders-reelect-board-members-promoting-buyout-plan.html?phrase=kioxia&words=Kioxia
do not fault the current executive team for integration arc, tech, prod, or site decisions they're dealing with now bc those decisions were made years ago by others
We may get zero net emissions next year if the company shutdowns
At least we will have Net Zero Emissions by 2032
https://www.westerndigital.com/company/newsroom/press-releases/2023/2023-06-07-western-digital-sets-new-corporate-sustainability-targets
The writing is on the wall; reminiscent of Read-Rite, Maxtor, Priam in there last days.
Top HEAVY MANAGEMENT
3-4 levels of Directors reporting up the change of command
2 Levels of VP’s reporting up to the change of command.
Laying off the workers.
The only decision that each person can make is ride it out to the end in hopes it can turn around or quit.
WD should just go all in on a partnership and ad campaign with Bud Light.
Execs be like, I need my RSUs, golden parachute in 2-3 years. Sell everything so I get my money. Who cares about the rest of them
DG is all about reverse mortgages
There was no choice since the kioxia deal went south
It is just unbelievable that a company which manufactures products that stores about 40% of entire planet's data needs to go around with a begging bowl all the time. The incompetence of this leadership is just off the charts. Blunder after blunder after blunder. I wonder what it will take for the board to take some decisive action
Contracting Deb with very high interests not too smart
"Preliminary Statements
The Lead Borrower requested that (i) the Revolving Lenders provide a revolving credit facility to the Lead Borrower on the Amendment and
Restatement Effective Date in an aggregate principal amount of $2,250,000,000 pursuant to this Agreement and (ii) the Term A-2 Lenders extend the
Term A-2 Loans to the Lead Borrower on the Amendment and Restatement Effective Date in an aggregate principal amount of $3,000,000,000 pursuant
to this Agreement.
The Lenders have indicated their willingness to lend on the terms and subject to the conditions set forth herein."
They secured more loan with new conditions. Naturally the properties are listed as collateral.
8K including the great oaks sale / leaseback transaction . Confirmed !
https://investor.wdc.com/static-files/3dd94ee3-8ed2-430e-bce5-704349331011
few years? lol
https://investor.wdc.com/static-files/7b25f055-78ea-4290-88cf-448006a0f56e
I do not know finance well, but on page 16, there is $1.2B long term loan maturing early next year. JP Morgan might be the one, and GO site is probably be sold for it. Well, at least WD seems to have a few years before going bankrupt. Hope the economy recovers by then.
It is all over guys. It was fun while it lasted. Time to polish your resume and suck up to Apple hiring managers
Yet the DEI budget isn’t impacted!
GO site was sold? HGST spent a lot of money on several new buildings and now rents to WD? wow
the company is circling the drain......