Subway has come up with a debt financing plan that it hopes will make the company more attractive to private equity buyers. It has also made changes to make the company more attractive to customers, including replacing outdated decors, launching a new menu, and no longer using jailed sex offender Jared Fogle to sell its sandwiches. The Hamburglar is the only convicted criminal that I will buy fast food from.

The lowdown

• 🥖 Subway bankers offer debt plan to potential buyers in order to reach $10 million asking price.

• 🏦 JP Morgan buys First Republic’s assets after the bank is seized by regulators.

• 💸 US Treasury chief Janet Yellen says that US may default on its debt as soon as June.

Featured stories

Getir to acquire Flink

Grocery delivery app pioneer Getir may acquire its loss-making rival Flink ($). This would be the second such acquisition Getir has made in six months after acquiring rival Gorillas for $1.2 billion in a deal that valued the combined group at $10 billion.

At the same time, Flink is reportedly in talks to raise $100 million at a $1 billion valuation. In 2021, it raised $750 million at a $2.1 billion valuation which gives you an idea of how efficiently that capital was used.

Grocery delivery was once a crowded sector but only a handful of apps remain. Consolidation is one reason for the decline in numbers, but some have also failed to find a profitable business model ($). If these apps can’t turn a profit on a whole basket of groceries, it makes you wonder how milkmen were ever able to deliver single bottles of milk.

The content we're consuming today

• Bloomberg: Good Luck Paying for Those $10,000 Obesity Drugs Everyone’s Talking About ($).

• Odd Lots podcast: The White Oak Shortage That Could Ruin the Bourbon Industry.

• Morgan Stanley: Stock-Based Compensation: Unpacking the Issues.

Off-balance sheet items

• ‘Next Goal Wins’ tells the story of the American Samoa soccer team, infamous for their brutal 31-0 FIFA loss to a merciless Australia. Taika Waititi is directing so you know it will be good. Here is the trailer.

The bottom line