Kinross Says Received $125M Credit Guarantee Nov 12, 2009
The company expects to use the credit line to cover reclamation liabilities at several mining sites. It expires in November 2012. (ABC News -- Wire)
Cross my palm with euros? Nov 12, 2009
Other alternatives include precautionary lines of credit, such as the American Federal Reserve s with the central banks of Brazil and Mexico, or the IMF s flexible credit line. But what are the alternatives to relying on the dollar. (The Economist)
Phoenix poll shows some optimism for 2010 Nov 12, 2009
Are you finding it difficult to get business loan or credit line. Yes: 73 percent. (Phoenix Business Journal, AZ)
Belo offers notes to pay down credit line Nov 12, 2009
for free extra services. Wednesday, November 11, 2009, 9:32am CST. (Dallas Business Journal, TX)
AIG CEO Benmosche Tells Board He Is Prepared to Quit Insurer, WSJ Reports Nov 11, 2009
Moodys Investors Service said Nov. 9 that AIG will be able to repay its Fed credit line and much or all of the Treasurys investment if financial markets stabilize. To contact the reporters on this story: in Hong Kong at. (Bloomberg -- US)
Tribune to pay down $170M in DIP financing Nov 11, 2009
It said the company will close out a $150 million term loan from Barclays Bank PLC and will also pay back the $20 million it has drawn down on a $75 million credit line. Both were financed by the company's accounts receivables. (Crain's Chicago Business)
A Look at Some Checking Account Terms Nov 11, 2009
Set up automatic bill pay to a Wells Fargo credit line. Maintain a $1,000 minimum balance. (ABC News -- Wire)
* Financial MOU to be inked soon: Wu Nov 11, 2009
Wu said the government needed to go through two procedures before inking the deal with China X first, the FSC, the Mainland Affairs Council and the Ministry of Economic Affairs have to brief the legislature on the draft MOU; and second, related administrative measures, including on banks credit lines, have to be revised ... However, Wu seems to have misstated the current regulation, which states that a banks credit line should be determined by the net worth of its main branch X not its... (Taipei Times, Taiwan)
AIG May Be Able to Pay Back $44 Billion on U.S. Credit Line, Moody's Says Nov 10, 2009
Nov. 10 (Bloomberg) -- , the insurer bailed out by the U.S., will be able to repay its Federal Reserve credit line and much or all of the Treasury Departments investment if financial markets stabilize, Moodys Investors Service said ... AIG owed more than $44 billion on the credit line as of last week and has tapped more than $40 billion from Treasury facilities ... 3 billion rescue includes a $60 billion Federal Reserve credit line, a Treasury Department investment of as much as $69.... (Bloomberg -- US)
Public enemy A few weeks ago, when San Diego was on the national television stage, there appeared the customary footage devoted to the home teams town. Nov 9, 2009
And that look is unfortunately reinforced by the collective credit line of the artists awarded this commission: Nature Works Inc.. Go to their Web site (the partners are Nancy Moran and Valerie Salatino) and you find that they are skilled artisans in what they call the scenic industry: They make fake trees, bark, moss, rock walls, skeletons and other sights and they make them look exceedingly real. (San Diego Union-Tribune)
Banks in Ga., Mich., Minn., Mo., Calif. closed Nov 8, 2009
It can also tap a Treasury Department credit line of up to $500 billion. Last week, regulators shut nine banks owned by holding company FBOP Corp. It was a new milestone: nine was the highest number of banks closed in a day since the financial crisis began taking down banks last year. (WCAX.com, VT)
More banks closed Nov 7, 2009
It can also tap a Treasury Department credit line of up to $500 billion. (2 of 2). (The Clarion-Ledger)
FDIC shuts four more banks as failures reach 119 for the year Nov 7, 2009
It can also tap a Treasury Department credit line of up to $500 billion. Last week, regulators shut nine banks including California National Bank of Los Angeles, the fourth-largest failure this year with $7. (USA Today -- Money)
Opening Remarks by Dominique Strauss-Kahn, Managing Director, International Monetary Fund, Given at the 10th Jacques Polak Annual Research Conference Nov 6, 2009
In particular, we will assess in the coming months how to build on the success of the Flexible Credit Line facility and provide insurance to countries in need as the global lender of last resort. Research is one of the most critical activities we undertake in the Fund. (IMF News)
Norwegian to sell $450M in notes Nov 6, 2009
75 million in net proceeds from the offering and some money from the new credit line will be used to retire some existing debt and for transaction fees and expenses. The company expects to retire its 10. (South Florida Business Journal, FL)
Slash Your Medical Bills: 7 Ways to Haggle Nov 5, 2009
Knowing shed need to tap a home equity credit line to pay for her $19,000-a-week chemotherapy and Herceptin shots, Pappas negotiated with the hospital before beginning treatment. I said, Im paying for my own health care and cant afford to pay you these charges. (CBS News)
Mexico's Peso Slides to Almost One-Month Low on Rating Downgrade Concern Nov 4, 2009
5892 against the dollar on March 9 of this year amid the global credit crisis, prompting Calderon to turn to the International Monetary Fund for a $47 billion credit line. The income portion of the budget approved by congress has an estimated deficit excluding investment by state-owned oil company Petroleos Mexicanos, known as Pemex, of 0. (Bloomberg -- Latin America)
Goldman got cozy with loan star that crashed and burned Nov 4, 2009
Goldman Sachs' mortgage subsidiary gave the firm a $450 million credit line ... In late 2006, however, Goldman Sachs and other Wall Street firms cut off the lender's credit lines. (Anchorage Daily News)
Pacer in Deal With UP Railroad; Makes 3Q Profit Nov 4, 2009
Pacer said Union Pacific paid it $30 million under the new agreement, which Pacer will use to pay down a credit line by about 50 percent. Pacer also reported that its third-quarter profit dropped to $600,000, or 2 cents per share, for the quarter ended Sept. 30, from year-ago earnings of $20. (ABC News -- Wire)
Ford to Raise $3.3 Billion in Stock, Debt Sales Nov 3, 2009
Ford said it will pay down 25 percent of the revolving credit line and is offering higher interest and fees on its remaining debt if lenders would agree to push back the date the credit line is due by two years to Nov. 30, 2013. In a filing with the Securities and Exchange Commission earlier this year, Ford listed borrowings under its secured revolving loan due in 2011 at about $10. (ABC News -- Wire)
Mexico Peso Declines as Fitch Says Tax Rise Is `Less Optimal Solution' Nov 3, 2009
5892 against the dollar amid the global credit crisis in March, prompting Calderon to turn to the International Monetary Fund for a $47 billion credit line. Positive News. (Bloomberg -- Latin America)
AIG to Skip Conference Call for Second Time After Nov. 6 Earnings Release Nov 3, 2009
The rescue includes a $60 billion Federal Reserve credit line, a Treasury Department investment of as much as $69. 8 billion, and up to $52. (Bloomberg -- US)
CIT Files for Bankruptcy; U.S. Is Unlikely to Recoup $2.3 Billion Bailout Nov 2, 2009
The credit line, to be drawn on until Dec. 31, will be a so-called debtor-in-possession loan. It also expanded its $3 billion credit facility by another $4. (Bloomberg -- US)
Denbury to Buy Oil Developer Encore for $2.64B Nov 2, 2009
The latter will be used to fund the cash portion of the purchase price, and replace $825 million worth of outstanding subordinated notes as well as replace a bank credit line which has about $180 million outstanding. 1. (ABC News -- Wire)
Kate Moss No Guarantee Topshop Billionaire Beats U.S. Hex on U.K. Chains Nov 2, 2009
Green pledged as much as 20 million pounds of his own cash, while Edinburgh-based Bank of Scotland Plc helped organize a credit line for the 548 million pound deal completed in January 1999. As Sears CEO, Green sold off all of the companys holdings to competitors, including then-rival Arcadia, for about 800 million pounds. (Bloomberg)
Inland Western defaults on loans, warns of more Nov 2, 2009
The company renegotiated the credit line last month with a group of lenders led by KeyBank N.A. As part of the deal, Inland Western agreed to pay a higher interest rate and lower the maximum loan amount to $200 million, from $225 million previously. The REIT also agreed to slash its dividend. (Crain's Chicago Business)
Mexico Has `Long Way to Go' After Nafta Stunted Reform Push, Garza Says Nov 2, 2009
5892 amid the global credit crisis in March, prompting Calderon to turn to the International Monetary Fund for a $47 billion credit line. Both , an S&P analyst in New York, and , an analyst at Fitch Ratings in New York, said in interviews last week that the companies are waiting to see the final budget before deciding whether to cut the rating. (Bloomberg -- Latin America)
HUD acts to punish Financial Mortgage Nov 1, 2009
Financial Mortgage USA failed to discuss the options for receiving reverse mortgage proceeds or simply ignored borrowers' stated preferences in disbursing the reverse mortgage proceeds," HUD said."FMUSA and its affiliate Estate Planners of America then duped the borrowers into purchasing annuities from Estate Planners of America, which borrowers did not request and did not understand what had been purchased," according to the HUD release.HUD's Mortgagee Review Board said it was particularly... (Honolulu Advertiser)
Is a New Credit File Under an EIN L... Nov 1, 2009
All credit accounts linked to that number will form a credit report which the lender may then review in order to make an educated decision about whether or not the consumer in question should be extended the loan or credit line. If a consumer provides the lender with an EIN rather than a SSN, this leaves the lender unable to pull a credit report on the consumer. (Suite101.com)
Regulators Close 9 Banks, Mostly in West Nov 1, 2009
It can also tap a Treasury Department credit line of up to $500 billion - $100 billion of which does not require Treasury's approval. The Obama administration recently proposed a plan to provide infusions of money to small banks at low interest rates, provided they agree to increase lending to small businesses. (CBS News)
CIT Group Bankruptcy Approaches After Striking Icahn, Goldman Sachs Deals Oct 31, 2009
CIT also said it reached an agreement with Goldman Sachs to keep a credit line open should the lender file for court protection ... Under the terms of the two companies original agreement, Goldman Sachs would have been due a $1 billion termination payment to close the credit line after a CIT bankruptcy. (Bloomberg -- US)
Brazilian Currency's Appreciation May Drive Away Tourists, Barretto Says Oct 31, 2009
Barretto said state-development bank BNDES hoped to have ready by November a 1 billion-real credit line to finance the construction of hotels for the two major sporting events. Rio, as part of its winning bid, promised to double current hotel space to 50,000 rooms. (Bloomberg -- Latin America)
Georgia Bank & Trust owner reports lower income Oct 31, 2009
Billionaire gives CIT $1 billion credit line. NEW YORK --- Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan amid reports CIT might soon file for bankruptcy protection. (The Augusta Chronicle)
CIT Moves Closer to Pre-Packaged Bankruptcy Approval Oct 31, 2009
CIT also announced an agreement with Goldman Sachs Group that would reduce a $3 billion credit line to $2. 125 billion but, critically, keep the line open during a bankruptcy. (ABC News -- Business)
Africa: International Monetary Fund Has 'Long Way to Go' Oct 30, 2009
The proposed reforms include assessing how to extend instruments like the flexible credit line - a no-strings-attached credit line available to countries that meet certain criteria - and determining whether such instruments could work as a form of insurance for countries that feel the need to stockpile reserves against speculative attacks ... Weisbrot regards the flexible credit line as possibly beneficial, but is sceptical about the way in which it is implemented ... "The flexible credit line... (allAfrica.com)
Calderon Bonds Sink Most in Nine Months as Mexico Rating Downgrade Looms Oct 30, 2009
5892 amid the global credit crisis in March, prompting Calderon to turn to the International Monetary Fund for a $47 billion credit line. The economic slump and downgrade concerns also are eroding demand for corporate debt. (Bloomberg -- Latin America)
AIG's Draw on Federal Reserve Line Reaches $44.8 Billion, Five-Month High Oct 30, 2009
AIGs bailout includes access to a $60 billion Fed credit line through 2013. The rescue also includes an investment of as much as $69. (Bloomberg -- US)
An uncelebrated century Oct 30, 2009
A cash-strapped FDIC may yet be forced to tap a $500 billion credit line with America s Treasury. For big banks, there is the threat that the agency will levy an emergency round of premiums. (The Economist)
Max & Ermas owner seeks Chapter 11 Oct 27, 2009
He declined to specify the size of the credit line or identify its provider, but said that with the monthly cash flow from the restaurants, the chain could comfortably handle a $25 million loan. Reinert previously sought a $35 million loan from LLC. He now is suing the Chicago firm, trying to recover a $1. (Columbus Business First, OH)
Bank failures top 100, only part of industry woes Oct 26, 2009
It can tap a credit line from the Treasury of up to a half-trillion dollars to cover the gap. The list of banks in trouble is getting longer. (Columbus Telegram, NE)
Bank closings hit 100 for year; most since 1992 Oct 24, 2009
It can also tap a Treasury credit line of up to $500 billion - $100 billion of which does not require Treasury's approval. Copyright 2009 The Associated Press. (WCAX.com, VT)
GM's subsidiary raises $412 mn Oct 23, 2009
GM Daewoo, hit by falling demand amid the global downturn, has already used up a $2 billion credit line. "GM's decision to increase its equity in GM Daewoo signifies the importance of the Korean business unit to GM's global operations," Nick Reilly, president of GM International Operations, said in the statement. (India Times)
For Entrepreneurs, Credit Eases—a Bit Oct 23, 2009
Two banks turned Carson down before she landed a $250,000 Small Business Administration-backed credit line from Susquehanna Bank. Now things look quite different. (BusinessWeek)
Credit costs drive Fifth Thirds 3Q loss Oct 23, 2009
(Credit line) utilization is down significantly, and it is at the lowest levels we can remember seeing. Customers are still being careful and we haven t seen much in the way of increased capital investment or working capital needs. (Tampa Bay Business Journal, FL)
Electric vehicle incubator in San Jose may be non-starter Oct 23, 2009
The credit line opened in 1999 was collateralized with Garzee s Los Gatos home, and to cover the repayment the bank wants to foreclose on the collateral ... Garzee and his attorney, Ted Phillips of the San Francisco law firm Phillips, Greenberg and , acknowledge the bank has the right to decline the renewal of the credit line, but what s puzzling to them is the lack of effort to try to work it out. (San Jose Business Journal, CA)
Transcript of a Press Briefing by Caroline Atkinson, Director, External Relations, IMF Oct 23, 2009
Secondly, to look at our financing role and to build on the innovative flexible credit line that was introduced earlier this year, to think how we can help with the issue of excessive reserve buildup or reserve buildup for insurance purposes ... Of course, they were severely hit, have been severely hit, by the global crisis, and, as you know, they have access to our flexible credit line ... QUESTIONER: You mentioned the flexible credit line. (IMF News)
Pepco amends $400M credit line Oct 23, 2009
Pepco Holdings Inc. has amended a $400 million credit line that was set to expire next month. The parent company of the electric utility said the new expiration date for the amended credit line is Oct. 15, 2010. (Washington Business Journal, DC)
Asia, the Financial Crisis, and Global Economic Governance, Speech by John Lipsky, First Deputy Managing Director of the International Monetary Fund at the Federal Reserve Bank of San Francisco Conference, Santa Barbara, California Oct 22, 2009
Importantly, with the introduction of the Flexible Credit Line (FCL), the IMF now offers a pre-emptive insurance facility for members with strong policies. Mexico, Poland and Colombia have used this facility, and their decision to do so was well-received by international markets. (IMF News)
Macerich lowers outlook, plans stock sale Oct 22, 2009
5 billion credit line. and will lead the sale. (Phoenix Business Journal, AZ)
IMF defends lending policies Oct 21, 2009
The center argues that restoring confidence and deterring capital flight can be best accomplished through the fund's new Flexible Credit Line which provides large amounts of credit with no conditions - but is only available to Poland, Colombia and Mexico - instead of by encouraging pro-cyclical policies at a time of economic crisis. The IMF has asserted that the CEPR report has numerous factual inaccuracies in its case studies - particularly those in Hungary, Latvia and Ukraine - and "[i]n... (Asia Times Online)
7,000 jobs go as Quelle goes bust Oct 21, 2009
German authorities later granted Quelle a 50m-euro ($75m; 46m) credit line to keep the business afloat. Quelle tried to restructure its activities but its 2007/08 sales of nearly 2bn euros came in far behind the market leader Otto. (BBC News -- Business)
SBA loans dwindle as economy suffers Oct 20, 2009
Back during the credit crisis in the early 1990s, he had a similar experience when his bank at the time, , canceled his credit line and called his loan. That time, too, it was the bank having a problem and not his business. (Sacramento Business Journal, CA)
The Perils Of A Debtor Nation Oct 20, 2009
Britain had spent blood and treasure to beat the Nazis, and was hoping or a gift of $3 billion, a credit line of $5 billion, and other generosities. As Robert Skidelsky points out in his magnificent biography of Keynes, "The Americans had never accepted that they owed Britain a moral debt" for its disproportionately large sacrifices. (CBS News)
Finance and Economic Growth, Remarks by First Deputy Managing Director John Lipsky Oct 20, 2009
In particular, the new Flexible Credit Line (FCL) and High Access Precautionary Arrangements (HAPA) represent new tools that can be effective in crisis prevention. The Fund is analyzing whether it can devise additional insurance-like facilities that would reduce risks. (IMF News)
Stereotaxis pumps up Oct 18, 2009
The new funding, along with the extension of Stereotaxis credit line with from $25 million to $30 million, will allow the company to expand both its applications for heart problems and its marketing, Kaminski said. Stereotaxis has borrowed $13 million on the line of credit to date. (St. Louis Business Journal, MO)
Press Release: IMF Executive Board Completes Review of Mexico's Performance Under the Flexible Credit Line Oct 17, 2009
Press Release: IMF Executive Board Completes Review of Mexico's Performance Under the Flexible Credit Line ... IMF Executive Board Completes Review of Mexico s Performance Under the Flexible Credit Line ... The Executive Board of the International Monetary Fund (IMF) today completed its six-month review of Mexico s qualification for the arrangement under the Flexible Credit Line (FCL) and reaffirmed Mexico s continued qualification to access FCL resources. (IMF News)
GM Reiterates Joining GM Daewoo Rights Offer: CEO Oct 15, 2009
GM Daewoo has requested additional loans from banks, including KDB, after using up a $2 billion credit line. The South Korean unit is a critical hub in Asia for GM, responsible for small car design and engineering. (ABC News -- Wire)
Talecris launches $550M debt offering Oct 14, 2009
The company, which employs 2,000 people in the Raleigh-Durham area, also has amended the terms of that credit line, according to a filing Tuesday with the U.S. Securities and Exchange Commission. In the filing, Talecris says that Wachovia has agreed to increase the amount the company may draw from the facility and spend on acquisitions this year to $250 million. (Triangle Business Journal)
Security summit ends in China with little to show Oct 14, 2009
In June, Hu offered a $10 billion credit line to Central Asian states, but no details have been released and it remains unclear whether any funds have been disbursed. Also in Beijing, as observers, were Pakistani Prime Minister Yusuf Raza Gilani, Iran's First Vice-President Mohammad Reza Rahimi, and ministers from India, Mongolia and Afghanistan. (The Star Online, Malaysia -- News)
GM chief seeks fresh loans from SKorean bank Oct 14, 2009
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GM seeks loans from S Korean bank Oct 14, 2009
GM Daewoo is seeking a one trillion won (855 million dollar) loan after using up a two billion dollar credit line from creditors. It is also reportedly planning a 491. (India Times)
U.S. Treasury Didn't Watch `Controversial' AIG Bonuses, TARP Report Finds Oct 14, 2009
AIG got a $30 billion credit line from Treasury a week earlier, part of its third revised rescue. a spokeswoman for Treasury, didnt immediately return a call made after business hours. (Bloomberg -- US)
GOP uses ACORN to fight bank redlining law... Oct 13, 2009
5 million of the JPMorgan Chase credit line to build 25 homes and has repaid most of it, Chadwick said ... Loaiza didn't act as a loan officer for any Beverly homebuyers, nor did he have anything to do on JPMorgan's end with the project's multimillion-dollar credit line, Chadwick said. (The Drudge Report)
Your Money: Farmers don't plan to fail, they often fail to plan (2) Oct 11, 2009
In other words, the farming children are close to 40-years-old, but don't have a credit line in their names. This is a small issue, but correctable. (Sioux Falls Tri-State Neighbor, SD)
Matters of size Oct 11, 2009
But now that Conforti wants to expand the wholesale business, he s had trouble getting the financing: He said his credit line has been slashed from $90,000 to $50,000, even though he makes payments on time, and he s been turned down in bids to equipment financing companies to get $75,000 for equipment ranging from a walk-in freezer to a steam kettle. Finale, Conforti said, has maintained strong relationships his lenders. (Boston Globe)
