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Monday, May 19, 2025
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Wolfspeed may turn to Moelis for debt restructuring amid financial strain

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Wolfspeed is reportedly exploring debt restructuring with help from Moelis as major creditor Apollo Global weighs options. Other junior creditors are also in talks for rescue financing to prevent bankruptcy for the Durham-based company.

N.C. House budget proposes job cuts, tuition hikes, state government shakeups

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The North Carolina House budget calls for tuition increases at UNC campuses, $130 million in UNC cuts and elimination of hundreds of vacant state positions. K-12 and DMV expansions are included, while health, justice and equity offices face reductions.

Pfizer terminates N.C. jobs deal tied to Sanford facility

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Pfizer has pulled out of a state incentives deal for a Sanford biopharma site acquired from Abzena. The company cited economic conditions and halted development plans but still maintains large operations in NC.

Belk facing widespread customer service issues

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Belk department stores are experiencing technical issues affecting orders, returns, and customer service access. The problems began last week and are impacting all locations, though in-store shopping remains available.

Toyota battery plant president to retire, successor named

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Sean Suggs will retire June 6 as president of Toyota’s Randolph County battery plant. He’ll be succeeded by current VP Don Stewart as the facility continues preparations for full-scale production in Liberty.

Daily Digest readers write about their favorite concerts

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Thanks for all the great feedback from last week’s piece about great concerts you attended. I think I hit a nerve. Here are a few memories

Counting Crows

The one memory I will share is a two-parter with Counting Crows. When the band vaulted to superstardom with “August And Everything After,” I caught their show in January or February 1994 at the old Grady Cole Center. It was by far the worst concert I’ve ever seen. The band was totally stoned. Adam Duritz slurred behind his dreadlocks, the sound system was inadequate and the energy in the room evaporated by the third song, never to return.

I vowed to never see them again, even though I enjoyed their subsequent albums. But in the summer of 2023, Counting Crows did an outdoor show in Greensboro and, because I got free tickets, I attended with my wife and friends. It was amazing. The band was filled with energy and clarity; Adam was in total command of his lyrics and presence. Every song brought back memories stretching over three decades. And now, when I hear a Counting Crows song, I smile and reflect that the very best bands improve with time.

Jimmy Buffet

I don’t know how long ago exactly, but let’s say more than 35 years ago, I went to my first Jimmy Buffet concert at Carowinds. It was an outdoor venue, and they often had good bands play there. At the time, I was not a Jimmy Buffet fan, but I liked his music when it played on the radio. Even back then, he did not get a great deal of airtime. My sister and brother-in-law invited me to come to Charlotte for the weekend and go to the concert, so I went with no expectations.

About an hour before the concert was to start, there came a wicked lightning storm that eventually knocked out the power at Carowinds. No one from the park made an announcement that park attendees should leave or seek shelter, so 90% of the concert goers stayed. All were soaked to the bone and we all probably cheated death that day since it was such an awful storm. After the storm passed, Jimmy came onto the stage with a bullhorn and said how amazed he was that so many fans endured this storm, and when the power was restored he intended to sing for all who stayed.

I really could not understand this crowd. How good could this dude’s show be? Power was restored in an hour or two, and Jimmy came out and played every song he knew. I suppose the show lasted more than two hours, and the fans never sat down.

What amazed me even more was that almost everyone attending knew all of the words to his songs, so it was a giant sing-along. That is the day I became a Parrothead. I went home and purchased his albums and started learning his songs, so I could participate when I attended his next concert.

I went to a lot of his shows over the years, and sang my heart out. Too bad that can never happen again.

Elvis

As for your question, back in the 70s I was given tickets to see Elvis. The fact that they were given to me tells you a lot. While I appreciated some of his music, I could hardly have been labeled a fan. The arena in Charleston, West Virginia, was packed and electric. When the lights came up, after the tympani drums had rolled, he just stood there, one foot thrust out front with his arms in the air.

The roar of the crowd was deafening. He opened with “CC Rider,” and it was on. I’ve seen the Stones, Eagles, Fleetwood Mac, Garth Brooks, and countless others, but never have I experienced the raw emotions when Elvis sang. After singing “How Great Thou Art,” the crowd would not stop cheering/applauding. Finally, as they calmed down, he turned to the band and said, “I think they liked that, so let’s do it again.” And they did, to even great applause. While I understand the tears brought on by nostalgic memories, the tears I saw that night were nothing short of raw emotion. It was, at least for me, a truly once-in-a-lifetime moment.

Karen Carpenter

For me, I’ve always had a split life between rock and great vocalist from the soft rock/pop era. I have seen many great concerts in my 71 years, including Chicago (my first), James Taylor, Eagles, Fleetwood Mac (2), Neil Diamond, Billy Joel, Gene Cotton, Paul Simon (Graceland Tour), Barry Manilow…but my favorite will always be the lady who I believe for purity, emotion and intonation is the GOAT, Miss Karen Carpenter. May her soul forever RIP.

The Black Crowes

I attend a lot of concerts for the same reason! If you haven’t seen The Black Crowes recently, they’re on top of their game. The brothers Robinson actually seem to be getting along and it’s a beautiful thing to see. Drivin N Cryin opened up for them and they also had a lot of energy and knew to play the fan faves. As you said, it may have been because I wasn’t expecting it, but that was my top concert of last year other than the Shaky Knees and Oceans Calling festivals. It’s hard to compare a festival to a single concert.

flyExclusive revenue grows 10%, but loss persists

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flyExclusive, the Kinston-based private jet charter company, narrowed its quarterly loss with additional members who boosted revenue and fewer old planes, which helped reduce costs.

The net loss of $23 million in the first quarter compared with a $33 million deficit a year earlier. Revenue climbed 10.2% to $88.1 million, the company said in a securities filing earlier this week.

On an analysts’ call Wednesday, CEO Jim Segrave said replacing non-performing planes with new jets reduced expenses while creating a more reliable and comfortable fleet for members. “Engagement from new and existing members continues to grow,’’ Segrave said

Members contributing to revenue increased from 791 to 1,023 in the first three months of 2025, offsetting the 20% fleet reduction.

“We expect our revenue to increase over time as a result of adding aircraft to our fleet and
forecasted membership growth,’’ flyExclusive said in the filing.

CFO Brad Garner told analysts the company anticipates reducing costs after total expenses fell 4.2% to $102.9 million in the quarter. The company plans to continue adding new planes, Segrave said.

“We still have work ahead of us,’’ Garner said. “But the momentum is real. We are more
streamlined, more capable and better aligned than at any point in our history.’’

The stock closed at about $2.87. They have traded between  $1.79 and $8.39 this year. The stock is down 9% in 2025.

The financial chief referred to 2025 as “a leapfrog year,’’ bouncing off Segrave’s assertion in a March interview that “we made a massive transition” leading to narrowing losses. Losses totaled $68 million in 2023 and 2024.

Segrave launched the company in 2015 with two jets after selling his Segrave Aviation to Delta Air Lines. He has built one of the five largest companies in the charter jet industry, offering service on a mix of owned and leased aircraft, including light, midsize, super-midsize and large aircraft.

It also maintains, repairs and overhauls planes for third parties and its own fleet.
flyExclusive went public in affiliation with New York-based EG Acquisition, a “special purpose acquisition company,” or SPAC company that raised $225 million when it went public in 2021.

White House, Qatar announce $1.2T in deals including record Boeing order

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The U.S. and Qatar have announced $1.2 trillion in economic commitments, including a $96 billion Boeing and GE Aerospace deal for up to 210 jetliners. The agreement is expected to support over 1 million U.S. jobs during production.

Atrium Health exec pay jumps as revenues hit record highs

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Atrium Health executives received average pay raises of 41% in 2024, with some topping 50%. Ken Haynes led the list at $5.07 million. CEO Eugene Woods’ compensation was not disclosed in the release.

Wilmington fintechs nCino, Apiture announce new strategic partnerships

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nCino has partnered with Lamina to streamline syndicated loan workflows, while Apiture released a new data management report developed with Cornerstone Advisors. Both Wilmington firms aim to help financial institutions improve operations and decision-making.