Insolvent or overly leveraged firms, including oil drillers and oil services firms, won't be able to tap the Federal Reserve's emergency lending program for"Main Street," Dallas Federal Reserve Bank President Robert Kaplan said Wednesday.
FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks at the Commonwealth Club in San Francisco, U.S., October 11, 2019. REUTERS/Ann SaphirSAN FRANCISCO: Insolvent or overly leveraged firms, including oil drillers and oil services firms, won't be able to tap the Federal Reserve's emergency lending program for"Main Street," Dallas Federal Reserve Bank President Robert Kaplan said Wednesday.
"It has to be a loan that would have passed already the bank's lending standards," Kaplan said in an interview on Yahoo Finance, adding that only creditworthy companies will get loans."If you are a company on the other hand that is more highly leveraged than that, concerned about insolvency, and other credit issues...