Detroit warns it teeters on edge Dec 3, 2008
Only Ford Motor Co. offered a brighter outlook, requesting a $9 billion government credit line that it said it would tap should the economy weaken further. "We think we're going to be able to get through this and get back to profitability, and be a very viable company in 2011," said Ford Chief Executive Alan Mulally, who pledged to accept a $1-a-year salary only if Ford took the loan. (Pittsburgh Post-Gazette, PA)
GM, Chrysler Seek Billions in Immediate Aid Dec 3, 2008
In its 33-page presentation, Ford said it doesn't need federal funds immediately but asked for the $9 billion credit line in case the recession is longer and deeper than expected. It estimated it will break even or return to profitability by 2011 and added it would accelerate the development of hybrid and battery-powered vehicles, cut the number of dealers selling its products, and retool plants to make small cars in the U.S. it can sell profitably. (SmartMoney)
GM, Ford, Chrysler ask Congress for billions in help Dec 3, 2008
GM painted a grim picture for Congress, pleading for a total of $12 billion by the end of 2009 and another $6 billion credit line to tap if the car market doesn't improve $18 billion in all. "Absent such assistance, the company will default in the near term, very likely precipitating a total collapse of the domestic industry and its extensive supply chain, with a ripple effect that will have severe, long-term consequences to the U.S. economy," GM said in its 37-page filing. (USA Today -- Autos)
GM pleads for $28b to survive Dec 3, 2008
GM asked for $US12 billion in loans and an additional credit line of $US6 billion, as it tries to shrink US employment by 34%, close plants and emphasize only four of eight current US brands, according to a statement today on its website ... Ford earlier today asked Congress for a credit line of as much as $US9 billion, saying it expects to break even or be profitable before taxes in 2011 and may not need to use the aid. (Sydney Morning Herald -- Business)
Babcock & Brown Gets $96 Million Temporary Credit Line, Australian Says Dec 3, 2008
Babcock & Brown Gets A$150 Million Credit Line, Australian Says ... Dec. 3 (Bloomberg) -- has received a A$150 million ($97 million) credit line enabling its shares to resume trading tomorrow, the Australian newspaper reported ... The German banks have now agreed to the credit line and are expected to sign supporting documents tonight, the newspaper said. (Bloomberg -- Australia & New Zealand)
Pilgrim's Pride files Chapter 11 Dec 2, 2008
It has had to extend its temporary credit line three times since September - most recently last week. Its third extension was set to expire yesterday. (Boston Globe)
Big Three to Pitch Plans Dec 2, 2008
4 billion credit line shortly after taking over the company in 2006 and he has said Ford can last at least until 2010. Cash stockpiles at GM and Chrysler are dangerously close to the minimum amount required to run the companies, meaning they could have trouble paying all their bills by the end of the year. (Fox News)
Greenberg Says AIG Needs Federal Guaranty: Report Dec 2, 2008
Last month the government reduced a previously announced credit line for AIG to $60 billion from $85 billion, and lowered interest rates on borrowings. But interest payments are still eating up too much of AIG's capital, forcing the company into "effective liquidation," making jobs impossible to keep and decreasing the likelihood taxpayers will be repaid, Greenberg wrote. (ABC News -- Wire)
Pilgrims Pride Files For Bankruptcy Dec 2, 2008
The company has been saddled by debt because of the acquisition of its rival Gold Kist Inc. and has had to extend its temporary credit line three times since September ... The company got a Thanksgiving reprieve Wednesday that allowed it to avoid filing last week, as the company said it had reached an agreement with lenders to extend its credit lines until noon on Monday. (KWTX.com, TX)
Legg Mason gets breather on loans Dec 2, 2008
Legg has a bank loan and credit line that require the firm to keep debt levels lower than 2 ... FBR said the drop in Legg s assets under management could put Legg at risk of exceeding that ratio, which would require the firm to repay a $500 million credit line and $550 million loan. (Baltimore Business Journal, MD)
Fed Commercial Paper Holdings Rise to $295.1 Billion (Update2) Nov 30, 2008
The Feds credit lines to AIG stood at $71 ... Those loans are being replaced by a $60 billion credit line and two special units, Maiden Lane II LLC and Maiden Lane III LLC, getting up to $52. (Bloomberg)
Bargain Stocks for Black Friday: Halliburton Nov 29, 2008
But with a strong cash position and a large untapped credit line, the company is well-positioned to complete meaningful acquisitions during the slowdown. If, like me, you believe that, for a host of reasons -- some relating to supply and demand and others to geopolitics -- the four-month plunge in energy prices could be surprisingly short-lived, then Halliburtons stock could be rendered stock awfully cheap at current levels. (MSNBC -- Business)
Store credit tightening Nov 28, 2008
"Consumers probably are not yet fully realizing what's being done to them in terms of interest rates, in terms of narrowing the grace period and in terms of their total credit line," said George Rosenbaum, founder of Leo J. Shapiro iates, a consumer research firm based in Chicago ... Terry Scully, president of Target Financial Services, told investors in a Webcast last month that the company is "continuing tight credit line management that focuses on high-risk behaviors and high-risk... (San Francisco Chronicle -- Business)
Chesapeake Energy May Sell $1.8B Stock to Get Cash Nov 28, 2008
5 billion bank credit facility and only $251 million is left of another $460 million credit line. Credit markets remain tight with financial institutions under duress. (ABC News -- Wire)
South Korea to inject billions into banks through U.S. credit line Nov 28, 2008
The central bank announced it would tap its $30 billion credit line, supplied by the U.S. Federal Reserve in October, to inject $4 billion into the banking system via an auction on Tuesday. The Bank of Korea has spent $10. (International Herald Tribune)
Credit tight for hospitals, colleges Nov 28, 2008
The health care system is proceeding with the projects using reserve funds and a bank credit line until it can arrange $105 million or more in long-term bond financing, he said ... However, president William Bertha said the bank has seen double-digit percentage growth in providing credit lines to customers that value the bank s strong credit ratings. (Milwaukee Business Journal, WI)
Franklin wants $1 billion credit in case of run Nov 27, 2008
The credit line would apply to Franklin's 140 domestic funds and 75 international funds ... Spokesman Matt Walsh said the costs of getting the credit line would be fairly small and would not have a material impact on any fund. (San Francisco Chronicle -- Business)
Pilgrim's Pride Receives Third Waiver From Lenders Nov 27, 2008
Troubled chicken processor Pilgrim's Pride Corp. said Wednesday it reached an agreement with its lenders to extend its credit lines until Monday ... The Pittsburg, Texas-based company has been saddled by debt and has already extended its temporary credit line twice since September when it first said it wouldn't meet debt obligations for current loans ... Barclays Capital analyst Christopher Bledsoe said investors should not read too much into the latest credit line extension, saying it could... (ABC News -- Wire)
Taxing traffic congestion Nov 27, 2008
Eventually the credit line runs out, which is happening now. Our roads and highways have been one of the biggest experiments in socialism and has had the typical bad result. (Atlanta Journal-Constitution)
Pilgrim's Pride wins reprieve on debt Nov 27, 2008
Pilgrim's Pride Corp. dodged bankruptcy Wednesday when the poultry company reached an agreement with its lenders to extend its credit lines through Monday ... Pilgrim's Pride, based in Pittsburg, Texas, has been saddled with debt and has already extended its temporary credit line twice since September when it first said it wouldn't meet debt obligations for current loans. (Athens Banner-Herald)
Gov. Gibbons calls for a two-day special session Nov 27, 2008
While the credit line is less than half of the latest shortage estimate, Gibbons says lawmakers can deal with that in the upcoming 2009 regular legislative session. The announcement comes on the heels of a closed-door meeting Gibbons had with state leaders where initiating the line of credit from the was discussed, that according to , has up to $780 million to extend. (KRNV.com, NV)
Porsche sales fall as recession shatters demand Nov 27, 2008
49 euros after Reuters cited chief financial officer Holger Haerter as saying Porsche would extend a 10 billion-euro credit line, giving it financial muscle to carry on building the Volkswagen stake. VW rose 15% to 294. (Sydney Morning Herald -- Business)
Business Briefs Nov 27, 2008
Ford Motor Co., rack ing up 24 billion in losses since 2005, is "likely to fall below minimum cash levels" in the second half of next year and will then have to either tap a re volving credit line or request US loans, a Bar clays Capital analyst said. Chrysler. (New York Post -- Business)
IMF's double-edged rescue for Pakistan Nov 26, 2008
Another analyst, Ashraf Zakaria, said: "Although the IMF credit line has allayed fears of a possible default on foreign debt repayments, its fallout on the economy amid further increases in the discount rate and taxes could well prove a double-edged weapon. both for the financial and the corporate sector.". Syed Fazl-e-Haideem sfazlehaider05@yahoo. (Asia Times Online)
U.S. shrugs as Russian ships, president visit Venezuela Nov 26, 2008
Deputy Prime Minister Igor Sechin visited Cuba this month, using the 10-hour visit to seal a series of deals, including granting Cuba a $335 million credit line. The two countries reached other agreements in nickel, automotive, military and communications. (Anchorage Daily News)
Analyst rates Legg Mason 'underperform' on money-fund worries Nov 26, 2008
At the same time, Legg s bank loan and credit line require the firm to keep its debt levels lower than 2 ... The dip in Legg s assets under management could put Legg (NYSE: LM) at risk of exceeding that ratio, which would require it to repay a $500 million credit line and $550 million loan, FBR wrote ... Legg has a strong cash cushion and has not triggered any requirements to repay loans or credit lines, spokeswoman Mary Athridge said in an e-mail. (Baltimore Business Journal, MD)
Security: Russia's Challenge On The High Seas Nov 26, 2008
Russia has also signed deals to sell some $4 billion in arms to Venezuela, and has extended it a billion-dollar credit line this year. Along with its cozier Russian ties to Cuba, Russia's burgeoning Venezuelan relationship lets it express its anger at the U.S. over America's growing trade and security ties to Georgia and Ukraine. (Investors Business Daily)
Uncle Sam Pumps Up Citi Nov 26, 2008
AIG is also getting a $60 billion credit line from the government. Paulson's $700 billion TARP was initially supposed to go to buying toxic assets from financial institutions. (Forbes -- Business)
Potential Laterals Taking a Closer Look at Law Firm Finances Nov 25, 2008
Fontaine said that her firm, Seltzer Fontaine Beckwith, has always asked clients to provide finance details and counseled candidates to ask whether and how retirement is funded, what the leases are and what the credit line is used for ... The firm has zero debt, he said, and no credit line. (Law.com)
Xpicor dodges credit bullet, plans expansions Nov 25, 2008
For one thing, he said his company could have been put out of business not long ago when a major national bank canceled Xpicor s credit line, part of the fallout from the crisis in financial services nationwide. That credit line is critical to Xpicor, Poole said, because it may go through four payroll cycles between the time employees complete a job to the time a client pays the invoice for the work. (Business Journal of the Greater Triad Area)
China eyes underground lenders to help small firms Nov 25, 2008
He got a five million yuan credit line from Ruifeng on the day it opened to run his tea and potato processing firm. The authorities are treading gingerly to control the risks of the new finance companies. (The Star Online, Malaysia -- Business)
Is Citi Finally Safe? Hardly. Nov 25, 2008
AIG is also getting a $60 billion credit line from the government. The rescue could also complicate efforts by the big three automakers to get noticed. (Forbes -- Business)
50m to Philippines to fight climate change Nov 25, 2008
The EIB, the lending arm of the European Union, will extend the facility to the state-owned Land Bank of the Philippines "which will manage a credit line for projects linked with climate change mitigation," said EIB vice-president Carlos Da Silva Costa. This credit line will be open to "local enterprises, local cooperatives and local governments" that have projects that could slow down global warming and climate change, he said in Manila. (India Times, India)
Online fraudsters 'steal billions' Nov 24, 2008
Hi-tech thieves who specialise in card fraud have a credit line in excess of $5bn (3. 35bn), research suggests. (BBC News)
Bomb suspect's partner stands by him Nov 23, 2008
He too is willing to put up something over $8,000 in savings plus a $15,000 credit line to get Prof. Diab out of jail. (Globe and Mail)
McRae Industries, Inc. Reports Earnings for Fiscal 2008 Nov 22, 2008
One credit line totaling $1 ... We believe that our current cash and cash equivalents, cash generated from operations, and available credit lines will be sufficient to meet our capital requirements for fiscal 2009. (PR Newswire)
Foreign buyers of palm oil having difficulty getting LCs Nov 22, 2008
Hence, some importers of Malaysian commodities faced difficulties obtaining credit line from their banks. Radwan told StarBiz that if banks did not extend credit facilities to buyers, they could not open LCs. (The Star Online, Malaysia)
Beg, Steal, or eBay Nov 22, 2008
In a gutsy (if not desperate) move, eBay's PayPal will begin testing a service today that extends credit lines to some of its members ... Now PayPal will reach out to credit-worthy active members, giving them a chance to tap a pre-determined credit line to spend through partner merchants (including eBay, of course). (MSNBC -- Business)
King Arts secures final OK for state grant Nov 21, 2008
The 400-seat theater is the site of improvements that Nicholson put into motion by securing a credit line of about $200,000 after learning the funding was lined up. The goal: Bringing the theater, the first building designed by a black architect in Columbus, back to the way it was when it opened 82 years ago. (Columbus Business First, OH)
Credit-card users face higher fees, rates Nov 21, 2008
Home Depot Inc. reduced credit lines on its in-store cards, which are issued by Citibank, for customers with delinquent accounts or those whose credit scores have dropped dramatically ... says American Express notified him last month that it was slashing the credit line on his personal credit card to $500 from $12,000. (AZCentral -- Business)
Iceland gets its IMF loan, Turkey awaits its own Nov 21, 2008
In addition to Iceland, the IMF has recently announced bailout programs for Hungary, Ukraine, Serbia and Pakistan, and created a credit line of as much as $100 billion for healthy countries with liquidity shortages. The Latvian finance minister, Atis Slakteris, said Thursday that Latvia would seek help from the fund to ensure the stability of its financial sector. (International Herald Tribune -- Money Report)
Doubt greets IMF bailout offers Nov 21, 2008
The IMF says it has $200 billion in reserves and can tap an additional $50 billion credit line ... While such conventional programs are being rolled out in Hungary and elsewhere, countries can now also apply for a short-term credit line that has far fewer rules, known as conditionality. (Christian Science Monitor -- World)
Nordic Countries Add $2.5 Billion to Iceland's Bailout Nov 20, 2008
In addition to Iceland, the monetary fund has recently announced bailout programs for Hungary, Pakistan and Ukraine, and created a credit line of as much as $100 billion for countries with liquidity shortages. Japan has pledged $100 billion to replenish the fund s resources, and other governments are expected to follow suit. (Atlanta Journal-Constitution -- Business)
GMAC Seeks Bank Charter in Hunt for Funds Nov 20, 2008
5 billion credit line that GMAC extended to the mortgage lender, which ResCap fully used by the end of the second quarter. -- Mike Barris, Dow Jones Newswires. (SmartMoney)
Agnico to Sell at Least $252 Million in New Shares to Fund Expansion Plans Nov 20, 2008
In August, Boyd doubled the company's credit line to $600 million. The group of banks underwriting the share sale announced today has the option to buy an additional 1. (Bloomberg -- Canada)
Telvent Announces Third Quarter 2008 Financial Results Nov 20, 2008
5 million of net credit line due to related parties) amounted to EUR 200. 3 million, resulting in a net debt position of EUR 128. (Primezone Releases)
Vale taps Korea for $1.6b loan Nov 20, 2008
Vale will ship metals to South Korea as part of the credit line agreed with state-owned Export-Import Bank of Korea, Vale chief executive Roger Agnelli said today after meeting with the presidents of Brazil and South Korea in Brasilia. The global credit crisis and lower metals prices is leading competitors to cut jobs and defer projects. (Sydney Morning Herald -- Business)
Kobra: Deal in works to sell half of holdings by end of year Nov 18, 2008
Developer faces default on $140M credit line; sale could let work continue ... The heat on Alizadeh intensified late last month when , his largest lender, filed a notice of default over eight properties in Placer and Sacramento counties that were financed through a credit line totaling more than $143 million (see map, right). (Sacramento Business Journal, CA)
As GM Goes, So Goes the GOP Nov 18, 2008
Seems to me if the government wants to 'bail' out the US auto industry, they could provide a credit line for operations and appoint a trustee to control and audit the uses for the money allocated. No loan money for retirees and union benefits. (Townhall.com)
Techology for Tough Times Nov 18, 2008
If a customer wants you to increase their credit line which is fairly common and even more common in this kind of economy you want a little history on that customer, Woyzbun said. If you only have two customers altogether, maybe it s not so important. (SmallBusinessComputing)
ABCPMMMFLF Spells Fed Relief for Citigroup, JPMorgan Off-the-Books Banking Nov 18, 2008
8 trillion of short-term debt from U.S. companies means they don't have to tap backup credit lines provided by banks, which would have forced , and other financial institutions to record the loans on their balance sheets and raise more capital ... Doing so minimized draws from the $16 billion of bank credit lines backing up the commercial paper, the filing said ... The credit lines are provided by 42 banks, including JPMorgan ($3 billion), BNP Paribas SA ($1. (Bloomberg)
Banks Freezing Home Equity Loans Nov 18, 2008
WASHINGTON, DC (WUSA)--With the tight economy, many of us are leaning on revolving credit lines, such as home equity loans, for a little extra help to get us through. But here's a heads up: you may find your extra credit line frozen by the lender, or you could be asked to pay back all the debt at once ... Lenders are looking at their own risk and cuttinb back on authorized credit lines. (W-USA News, DC)
Globe shows red ink; NYT faces cash crunch Nov 17, 2008
In a down economy plagued by frozen credit markets, a cash-strapped newspaper may find securing a large credit line to be a challenge. Times Chief Financial Officer James Follo said in an interview that the Times is negotiating with bankers to address its liquidity needs. (Boston Business Journal, MA)
Fulton wasted HUD's money Nov 17, 2008
He said his firm s credit line is maxed out, he s laid off employees and lawyers for unpaid subcontractors are circling. I m not going down. (Atlanta Journal-Constitution)
Brazil's middle-class dreams on hold Nov 17, 2008
7-billion U.S.) credit line to the auto industry, following the federal government's move to make the same amount available for credit through a state-run bank. The help came too late for Claudia Ferreira Ambrosia, who said she was one of several hundred people laid off by a group of dealerships for Peugeot and Ford cars in Rio this month. (Globe and Mail -- Business)
Press Briefing by Senior Administration Officials on Summit on Financial Markets and the World Economy Nov 16, 2008
And in the case of the IMF, as I think we've said publicly before, they have a $200 billion credit line; they've drawn down on less than a fourth of it, but there's a recognition that we're in the middle of a situation where its resource needs may grow quite quickly ... SENIOR ADMINISTRATION OFFICIAL: No, I think what I said last week was consistent with what I just said, which is that they have a $200 billion credit line; they've drawn on less than a fourth of it, but in the midst of a crisis... (White House News Releases)
Drought in lending chokes small businesses in Arizona Nov 16, 2008
Of respondents, 60 percent reported tightening the maximum size of credit lines for small firms ... Even with rock-solid financials, J-Curve spent nearly five months trying to obtain the credit line ... In many cases, personal credit is hurting owners' chances of qualifying for loans and business credit lines. (AZCentral -- Business)
Credit is tight, but loans are out there Nov 15, 2008
The credit line could easily be refinanced into a longer-term loan before then, her banker had told her ... The financial condition of Quality Mobile X-Ray was key, but Styers said Moreland helped to ease her own way through the process by being proactive during the term of her initial credit line ... A credit line made more sense than a loan at first, Styers said, because of the structure of her payments on the business she was buying, but she didn t just take Southern Community s money and... (Business Journal of the Greater Triad Area)
Dexia to Sell U.S. Bond Insurance Business to Assured Guaranty; Posts Loss Nov 15, 2008
The bank had already pledged a $5 billion credit line to FSA in June, after injecting $500 million into the unit in February. The lender said the financial crisis cost 2. (Bloomberg -- Europe)
Is Harvest Energy the next Teck? Nov 15, 2008
6-billion credit line that comes due in 2010, $250-million (U.S.) of bonds that must be repaid in 2011 and $916-million (Canadian) of convertible debentures. With Harvest units changing hands at $12. (Globe and Mail)
Media Sciences Reports First Quarter Financial Results Nov 14, 2008
Media Sciences International is the leading independent manufacturer of color workgroup printer supplies. (PRNewsFoto/Media Sciences International, Inc.) OAKLAND, NJ UNITED STATES. (PR Newswire)
Lennar Corp. key credit line trimmed Nov 14, 2008
A key credit line for has been trimmed to $1 ... The credit line is known as Lennar's senior unsecured revolving credit facility. (South Florida Business Journal, FL)
DirectCash Income Fund announces results of operations for the nine months ended September 30, 2008 Nov 13, 2008
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
WIRE: Failure of auto industry could set off catastrophe... Nov 13, 2008
Ford said it could last through 2009, but only because it arranged a hefty credit line last year. All this comes after tight credit and economic uncertainty in October reduced U.S. auto sales to their lowest level in 25 years -- with no rebound in sight. (The Drudge Report)
Economy may face catastrophe if GM collapses Nov 13, 2008
Ford said it could last through 2009, but only because it arranged a hefty credit line last year. All this comes after October's tight credit and economic uncertainty reduced U.S. auto sales to their lowest level in 25 years, with no rebound in sight. (Pittsburgh Post-Gazette, PA)
