OCEANSIDE: Transit district faces more painful cuts Nov 21, 2008
"It's no secret our transit bus system -- the Breeze -- is in trouble. The increasing cost of operation has caused fare increases and service cutbacks, forcing riders to choose alternate means of transportation. This reduction in passengers leads to another round of fare increases and service cutbacks, which causes yet another decline in the number of riders. As more and more people are ejected from the system, ticket prices continue to rise and even more routes are cut. "In the private sector,... (North County Times)
Prosecutors: Agriprocessors manager a flight risk Nov 21, 2008
The plant recently closed and is seeking bankruptcy protection. Defense attorney Baruch Weiss told Scoles that unnamed investors are closing in on a sale of Agriprocessors. (Waterloo-Cedar Falls Courier)
Travelers take advantage of Iceland's troubles Nov 21, 2008
On Oct. 9, Iceland declared its banks were unable to finance about $61 billion worth of debt, 12 times the size of the economy, putting it dangerously close to bankruptcy. Luckily for the country's 300,000 citizens, however, Iceland has not lost its picturesque landscapes and tourist attractions. (International Herald Tribune -- Business)
Japanese banks cut back on lending Nov 21, 2008
"At that time, Japanese banks were facing the threat of bankruptcy themselves, so they were trying to reduce loans sharply. That is not the case today," said Takumi Tsunoda, senior economist at Shinkin Central Bank. . (International Herald Tribune -- Business)
Bah humbug on gift cards? Nov 21, 2008
This shopping season, gift cards are getting a bad rap, fueled by a spate of bankruptcy filings by chain stores ... Besides the bankruptcy concerns, they cite a preference by gift-givers to find bargains on the shelves rather than buy a card which, of course, cannot be reduced in price ... If the recipients elect to let them expire or wait until a store enters bankruptcy, that s their prob. (Atlanta Journal-Constitution)
Martin-Chambliss debate off Nov 21, 2008
Bush and Saxby Chambliss voted to make the heart break of bankruptcy relief even harder for all of you to use ... CME are you proud to know that you live in the ONLY CIVILIZED COUNTRY IN THE WORLD in which all of us,save the wealthiest one percent, are ONE ILLNESS AWAY FROM BANKRUPTCY regardless of whether or not you have insurance As one who sees this tragedy every day in my job I am ashamed that we as a people continue to allow this cruelty to continue ... CME are you proud to know that you... (Atlanta Journal-Constitution)
Letter: Ski resorts promote economic opportunity Nov 21, 2008
JJJJJJJ wrote on Nov 20, 2008 3:07 PM:" Here is a good idea, let the Bitterroot resort develop a ski area, of which most of the lower mountain is incapable of holding snow, that employ mostly seasonal low paying jobs and is nothing more than a real estate development project. Please take a look at what is going on with the Yellowstone Club, Tamarack Resort, Moonlight Basin, Intrawest Resorts, Marshall Mountain - all are having financial troubles, laying off workers or are in bankruptcy. We have... (Missoulian, MT)
U.S. stocks drop sharply and credit markets seize up Nov 21, 2008
But investor confidence, which has been shaky since the bankruptcy of Lehman Brothers, was dealt a severe blow when the Treasury Department announced last week that it would not buy troubled mortgage assets using the $700 billion that Congress approved in October. Economic reports showing rising unemployment, falling consumer prices and disastrous retail sales compounded the damage. (International Herald Tribune)
Hazard Signs at Circuit City Nov 21, 2008
Circuit City (NYSE: CC) has filed for bankruptcy protection, and I'm certain that many shareholders are shocked and outraged ... Just a week or so before filing for bankruptcy protection, Circuit City said it would close some 155 stores, shrink its workforce by 17%, and work to renegotiate leases with landlords. (MSNBC -- Business)
Eller Maritime battles creditors Nov 21, 2008
a long-time Stevedore at Port Everglades, is disputing creditors who want the company to liquidate its assets under Chapter 7 bankruptcy ... At a Thursday hearing in bankruptcy court, lawyers for Eller and Carnival discussed the status of an ongoing forensic accounting that is trying to establish the value of Eller's assets. (South Florida Business Journal, FL)
Press Release: IMF Executive Board Approves US$2.1 Billion Stand-By Arrangement for Iceland Nov 21, 2008
At the same time, Iceland's long-term growth prospects remain favorable, buttressed by its very strong fundamentals of a highly educated labor force, a favorable investment climate, and a rich natural resource endowment," Mr. Lipsky said. ANNEX Recent Economic Developments Iceland's highly leveraged economy was unprepared to withstand the global financial turmoil. Over the past several years, a number of underlying imbalances built up, making the economy vulnerable to adverse external shocks. A... (IMF News)
Italy: 2008 Article IV Consultation?Concluding Statement of the Mission Nov 21, 2008
Introducing a personal bankruptcy law would important given the weak growth outlook. With banks increasingly reliant on bond issuance to retail investors, efforts to ensure transparency and consumer protection are particularly pressing. (IMF News)
Teachers union deal comes home to roost Nov 21, 2008
When Schwarzenegger took office in 2003, after Davis was recalled by voters and with the state facing virtual bankruptcy, one of his first moves was seeking a school aid reduction. CTA's leaders, during a personal meeting with the new governor, agreed to a $2 billion cut although the precise dimensions of the agreement are still being debated. (Fresno Bee -- Local)
Bright spot: Travel costs falling Nov 21, 2008
Skyrocketing oil prices in the first half of this year pushed several smaller airlines to file for bankruptcy protection or go out of business altogether. This time, it could be a sharp drop in passengers that grounds some airlines. (Corvallis Gazette Times, OR)
When the wheels fell off Nov 21, 2008
Her point is that if the Government lets GM slide into bankruptcy, then the flow-on costs, including the Government taking on most of the health-care and pension costs of the company's retirees and their spouses, will exceed the cost of a prospective rescue. Dziczek does not believe the rescue will necessarily work, but it might contain the damage. (Sydney Morning Herald -- Business)
Spending drops, luxury takes a back seat Nov 21, 2008
Spending drop, luxury takes a back seat. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Beggars banquet Nov 21, 2008
And when this city of 120,000, one of the few places in the Bay Area where someone with a middle income could live well, filed for bankruptcy earlier this year, it became little more than a talking point in the debate over bloated public employee unions. Today in Opinion. (International Herald Tribune -- Ed/Op)
Industrial Policy: Limit Damage With Loan Guarantees Nov 21, 2008
We've said before that bankruptcy would be the best solution to the Big Three's woes ... We agree with former Massachusetts Gov. Mitt Romney: What General Motors, Ford and Chrysler really need, he said Thursday, is a "managed bankruptcy." "There's no question but that if you just write a check," he said, "you're going to see these companies go out of business ultimately." ... True, Chrysler was never the same after that, but there's no doubt the money did what was intended it staved off... (Investors Business Daily)
Fannie, Freddie declare foreclosure moratorium Nov 21, 2008
Borrowers who have missed three months or more of payments are eligible, as long as they have not declared bankruptcy and are living in the homes. Fannie Mae President and Chief Executive Officer Herb Allison said in a statement: Until the streamlined modification program is fully implemented, we felt it was in the best interest of both borrowers and Fannie Mae to take this extra step to ensure that homeowners with the desire and ability to prevent a foreclosure have an opportunity to stay in... (San Jose Business Journal, CA)
Is Greenberg Making A Play For AIG? Nov 21, 2008
"I do not know whether or not it is now too late to save AIG (nyse: - - )," Greenberg wrote in a letter today to AIG Chief Executive Robert Willumstad, as the firm teetered on the edge of bankruptcy, pleading with Fed bankers for a lifeline ... Central banks around the globe pumped cash into the banking system Tuesday, including a $50 billion injection from the Fed, to keep banks lending to one another in the wake of Lehman Brothers' (nyse: - - ) bankruptcy filing Monday. (Forbes -- Business)
Australia, Japan Money Costs Rise as Banks Hoard Funds, Credit Risk Climbs Nov 21, 2008
The cost of protecting corporate bonds from default jumped to records around the world as the prospect of U.S. automakers filing for bankruptcy protection fueled concern of more bank losses. Interest-rate swaps dropped as Switzerland unexpectedly cut borrowing costs, intensifying speculation central banks will slash benchmark lending rates costs to revive economic growth. (Bloomberg -- Australia & New Zealand)
The Herald Times' View: Bailing out the Big 3? Nov 21, 2008
Brian Morgan wrote on Nov 19, 2008 9:43 PM:" This whole "bail out" phenomenon is bringing clarity to the issue of governmental intervention in the marketplace. The experience of the past six weeks is teaching all of us a lesson in the difference between good intentions and reality. The major rationale for the bank bailout was that the banking community needed more capital and liquidity so that it could reverse the "credit crunch" and begin loaning money to consumers again and thereby lift our... (Gaylord Herald Times, MI)
Car suppliers bracing for bailout news Nov 21, 2008
Spokesman Bryan Johnson wouldn t speculate on what impact a Big Three bankruptcy filing might have ... R.J. Kuhn, president of employee-owned in Camp Washington, said a GM bankruptcy by itself wouldn t have a major impact on his company because he shifted focus to other carmakers five years ago ... Because they are diversified, something like a GM bankruptcy would likely not be catastrophic, but they re all hurting nonetheless from a global slump in vehicles sales. (Cincinnati Business Courier, OH)
Local stocks slammed again Nov 21, 2008
Macy s rebounded after it hit a point earlier in the day that marked its lowest level since it came out of bankruptcy in 1992. Reader Comments. (Cincinnati Business Courier, OH)
* World Business Quick Take Nov 21, 2008
The regional parliament in the German state of Hesse voted unanimously to provide Opel with up to 500 million euros (US$626 million) in loan guarantees in the event that GM declared bankruptcy. SINGAPORE. (Taipei Times, Taiwan -- World Business)
Abandoned Van der Horst property poses big problem for city, feds (682) Nov 21, 2008
Van der Horst USA vacated its premises at 419 E. Grove St. several years ago after filing bankruptcy. The more than 41,000 square foot building has since become a serious concern for the Environmental Protection Agency. (Terrell Tribune, TX)
Cheap oil's victims Nov 21, 2008
On Wednesday, the New Yorker's James Surowiecki by arguing that the financial markets were freaking out over the possibility of a Big Three bankruptcy ... They're telling us both figuratively -- just look at the massive sell-off we've seen in the past week and a half -- and literally, since, day in and day out, traders and money managers are talking about how the fear of a G.M./Ford bankruptcy is dragging the market down ... People have been speculating about bankruptcy and predicting share... (Salon)
OUR VIEW: Job gains, losses affect us all Nov 20, 2008
CTM has filed for bankruptcy protection with a plan to restructure the business. While the Charleston facility is not expected to re-open, CTM officials will work to keep the Casey plant in operation. (Mattoon Journal-Gazette, IL)
LETTER: 'We just witnessed a hostile takeover of US' Nov 20, 2008
Just a Soldier wrote on Nov 19, 2008 7:54 PM:" Well, Locke, if we can't call him a socialist, can we at least call him a facist, which Meriam-Webster defines as "a political philosophy, movement, or regime (as that of the Fascisti) that exalts nation and often race above the individual(spread the wealth around) and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation [again,spreading the wealth around and taxing coal... (Mattoon Journal-Gazette, IL)
Renewable energy may end up scarred, but stronger Nov 20, 2008
And the nation s second-largest ethanol company is under bankruptcy protection. The alternative energy sector has run smack into a credit crisis, probably a recession as well, and almost all industry experts think the fourth quarter is going to be worse. (Helena Independent Record, MT)
Common Sense Nov 20, 2008
You can't say bankruptcy isn't an option because people don't buy cars from bankrupt companies, when you know full well they quite happily fly bankrupt airlines. You can't inflate your case, stating 3 million will lose their jobs at factories, when you include car wash operators and food vendors, simply because they're near those factories. (Fox News)
FOXBusiness: Dow Plummets Below 8,000 Nov 20, 2008
I dont see anything great on the horizon, but I dont see things getting much worse," NYSE trader Jason Weisberg of Seaport Securities told FOX Business. Led by a steep decline from Yahoo! (YHOO), the Nasdaq Composite ended at its lowest level since April 2003. The index has now lost more than half of its value since its multi-year high of 2859 hit in October 2007. There was no shortage of bearish headlines pulling the markets down: a prediction by the Fed for economic contraction through... (Fox News)
Elk Grove mall site a magnet for development Nov 20, 2008
The company is considering selling some properties and said Tuesday it might face bankruptcy. In all, 295 acres make up what is known as the Lent Ranch Special Planning Area. (Sacramento Business Journal, CA)
BRIDGE LOAN TO NOWHERE Nov 20, 2008
In the event of a bankruptcy, the factories, computers, office space, intellectual property and so forth that are now owned by GM wouldn't vanish. What would happen is a change in ownership and a renegotiation of contracts. (New York Post -- Opinions)
'EXPERIMENTAL' GOVERNING? NO THANKS Nov 20, 2008
Yes, letting GM go into bankruptcy would be scary ... Besides, bankruptcy isn't the end of the world. (New York Post -- Opinions)
Economist sees slow climb out of recession Nov 20, 2008
He noted that Congress does not want to see the Big 3 file for bankruptcy, but that threat should be sufficient to get the unions to play ball. The automakers have been poorly managed for years, he noted. (Marblehead Reporter, MA)
PC MAG dropping print for online... Nov 20, 2008
PC Magazine publisher Ziff Davis Media, which recently exited Chapter 11 bankruptcy, said in a statement that the final edition of the iconic magazine would be the January 2009 issue. Ziff Davis said PC Magazine, which has suffered a steep drop in advertising as scores of competing publications cropped up on the Internet, will go "all-digital" at PCMag. (The Drudge Report)
Rise in job loss forecast Nov 20, 2008
"Given the expectations of a recession in the U.S. and increasing numbers of job losses and bankruptcy filings in Georgia, combined with the closing of GM's (Doraville plant) and the merger of two of the state's largest employers, Delta (with Northwest) and Wachovia (with Wells Fargo), we expect significant layoffs in the state," he said. Mr. Dhawan said it could be 2011 before substantial recovery returns. (The Augusta Chronicle)
What will media be like under Obama presidency? Nov 20, 2008
hetfield wrote on Nov 16, 2008 7:01 PM:" cross and the mindless minions are attacking clayson(again) simply because clayson does not share their ideology. claysons points are very easy to understand, if you arent a liberal. one, clayson is reiterating what has already been reported(amazingly) and that is that news organizations favor, pander, and pushed for b hussein and any liberal running for election this year. This is not disputed and can not be argued. the mainstream media will be the next... (Waterloo-Cedar Falls Courier)
Educated Homeowners Surviving Housing Crisis Nov 20, 2008
It's no surprise new mortgage modification programs, foreclosure assistance and bankruptcy laws come with mandated homeownership counseling. When you get schooled on the issues of homeownership, you have much greater chance to continue as a homeowner -- even when the economy crashes down around you. (RealtyTimes)
Pinehurst owner files bankruptcy Nov 20, 2008
LOADING Nov 20, 2008 - 04:06:12 CST By CRYSTAL R. REID Bismarck Tribune The company that owns Pinehurst Square Shopping center is filing for bankruptcy protection. DBSI Inc., the national real estate firm and parent company to DDRS, which purchased Pinehurst in March of this year, filed for voluntary Chapter 11 bankruptcy Nov. 10 in Delaware, and is working through the courts, a news release said. (Bismarck Tribune, ND)
Peugeot cuts more jobs as Sarkozy vows to help carmakers Nov 20, 2008
Failure to craft a deal carries the risk that one or more of the U.S. automakers -- General Motors, Ford or Chrysler -- could be forced into bankruptcy ... The Dow dropped below 9,000 for the first time since March 2003 as the threat of bankruptcy in the auto sector. (International Herald Tribune -- Business)
I'm with Mitt on bailout Nov 20, 2008
At the very least, it was clear that we had to demand some serious concessions from both the United Auto Workers and industry management if we were to rescue them from bankruptcy ... Clarity came in reading , in which he argued against a bailout and in favor of a managed bankruptcy ... Bankruptcy is the appropriate course of action. (Atlanta Journal-Constitution)
And then there were two... Nov 20, 2008
A managed bankruptcy may be the only path to the fundamental restructuring the industry needs ... The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk ... In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check. (Atlanta Journal-Constitution)
Prospect for auto bailout dims Nov 20, 2008
Failure to craft a deal carries the risk that one or more of the U.S. automakers -- General Motors Corp, Ford Motor Co or Chrysler LLC -- could be forced into bankruptcy ... In addition, other opponents of the bailout have argued that reorganization under bankruptcy would be the best solution to the carmakers' problems. (Yahoo News -- Top Stories)
Glitzy Greenwich feels hedge fund pain Nov 20, 2008
Now, two months after the bankruptcy of Lehman Brothers and the near collapse of American International Group, financial markets are still reeling and government bailouts of banks and other financial companies continue at a breathtaking pace. After the worst back-to-back months in a decade, some expect one third of hedge funds will be forced to shut down and others will become much smaller than they were. (Yahoo News -- Top Stories)
Auto industry bailout bombs in TBJ poll Nov 20, 2008
Let them file bankruptcy and restructure their debt while offloading their pension obligations. It will allow them to renegotiate labor and supplier contracts and maybe offer lower priced cars in the long run. (Raleigh Triangle Business Journal, NC)
Intrex's business shift paid off Nov 20, 2008
Still, the brutal economy remains a challenge, and s bankruptcy filing is enough to give any electronics retailer pause. It s not a good sign, Ziade says of Circuit City s bankruptcy. (Raleigh Triangle Business Journal, NC)
Report: Bankruptcy reform didn't help Nov 20, 2008
A study by a UI law associate professor has found that the 3-year-old federal bankruptcy reform hasn't met expectations, officials said Wednesday. The study reported that the 2005 bankruptcy law has neither protected those with low incomes nor required that the wealthy pay off their debts as the reform intended ... "Over the past 25 years, household debt loads have been rising, but families now wait until they are in much more trouble before they file bankruptcy," Katherine Porter, a coauthor of... (Daily Iowan, IA)
Flashback: Position of Ghana on the Arrangements with Valco Nov 20, 2008
The Bankruptcy Proceedings of Kaiser, the primary shareholder of Valco with 90% shares is a matter of critical concern for the Government ... Valco has failed to respond to requests by Government to provide complete disclosure on the bankruptcy and its impact on Valco ... Government fails to see how such a huge debt could have accumulated and is very concerned that the bankruptcy process may compromise Valco's recovery of the amount. (Ghana Web, Ghana)
Global crisis ripples ashore to douse tourism Nov 20, 2008
High fuel prices earlier in the year, the bankruptcy filings of Aloha Airgroup Inc. and ATA Airlines Inc., which previously served the region, and the nationwide slump in consumer confidence has slammed Hawaii's tourism industry. It welcomed 9. (AZCentral -- Business)
Crisis in paradise: Meltdown leaves ghost resorts Nov 20, 2008
Cap Cana fired 500 workers last month after Lehman Brothers declared bankruptcy and a $250 million loan fell through. Talks to re-negotiate a $100 million short-term loan collapsed last week, and more layoffs are expected. (Yahoo News)
A road map for Detroit Nov 20, 2008
Customers will initially be leery of purchasing anything as significant as a car under the stigma of bankruptcy. But revitalizing board and executive leadership and funding and guaranteeing warranty service through recognized national service chains will send the right signal while they reorganize. (Yahoo News)
Chamber hosts Quick Market Intelligence Nov 20, 2008
Goodall said several things went wrong this year, including a rough winter, the Regency Homes bankruptcy, widespread flooding, gas prices and the election. But above all, she blamed the media for the condition of the local housing market. (Dallas County News, IA)
Casino profits freefall Nov 20, 2008
And analysts are predicting bankruptcy filings and even the closure of a casino are all possibilities. In addition, as casino revenue declines, so does the tax revenue for senior citizen programs. (NJ.com -- Times)
Bright spot: Travel costs falling Nov 20, 2008
Skyrocketing oil prices in the first half of this year pushed several smaller airlines to file for bankruptcy protection or go out of business altogether. This time, it could be a sharp drop in passengers that grounds some airlines. (Corvallis Gazette Times, OR)
Prosecutors: Keep slaughterhouse manager jailed Nov 20, 2008
The plant recently closed and is seeking bankruptcy protection. Defense attorney Baruch Weiss told Scoles that unnamed investors are closing in on a sale of Agriprocessors. (Muscatine Journal, IO)
Special report: How to escape if you're struggling with debt Nov 20, 2008
Of course, there's always the last resort if you absolutely need to and that is bankruptcy because there's no other way out. As for Farrell-Pace, she is working with her credit card companies, trying to get them to reduce her rates. (KGW Northwest NewsChannel 8, OR)
Indiabulls Is Anything But as Profit Erodes With Hedge Funds Taking Losses Nov 20, 2008
The failure of Lehman in the largest bankruptcy in U.S. history sparked an exodus of foreign from India, created a shortage of dollars and caused the group's market value to drop 88 percent this year. If the U.S. government had bailed out Lehman then the credit markets would not have frozen up the way they did,'' Banga said. (Bloomberg)
Vallejo's neighbors try to stay afloat Nov 20, 2008
Rio Vista is talking to bankruptcy attorneys while a 750-home development sits virtually abandoned ... Vallejo's fire and police unions are fighting the city's bankruptcy filing, saying the city's financial troubles are the result of long-term fiscal mismanagement and not public safety costs ... The City Council will meet Thursday to discuss its options, including bankruptcy. (San Francisco Chronicle)
Our sharemarket leads race to the bottom, but don't worry, be happy Nov 20, 2008
Some think the industry should be left to either stand or go into bankruptcy, opening the way for mergers and industry-wide reconstruction. send photos, videos & tip-offs to 0424 SMS SMH (+61 424 767 764), or us. (Sydney Morning Herald -- Business)
Credit crisis counselors Nov 20, 2008
They are an amalgamation of existing senior attorneys from various areas, including banking, bankruptcy, regulatory, litigation, government contracts, real estate, tax and securities. It is nothing new for law firms to work across practice areas, and some lawyers wonder if the new task forces and practice groups are more hype than substance. (Washington Business Journal, DC)
The U.S. Economy Doesn't Need GM Nov 20, 2008
Bankruptcy would allow the companies to reset the clock, so to speak, as some airline companies did when they recognized their folly in agreeing to contracts that made them uncompetitive and unsustainable. Of course, we may wish for unlimited funds to cover all the commitments of the Detroit Three. (Forbes -- Business)
Moving on (VIDEO) Nov 20, 2008
- March 3: Company announces plans to lay off 192 workers - Sept. 29: Company files for bankruptcy protection. - Nov. 17: Erie Plastics is sold in bankruptcy court to Berry Plastics ... That loss would lead to layoffs and eventually bankruptcy court. (Erie Times-News, PA)
PC Magazine Is Rebooting Online Nov 20, 2008
The once dominant tech publisher had suffocated on debt and entered into a voluntary Chapter 11 bankruptcy filing in March 2008. It emerged in July, with bondholders in control of 90 percent of the company's stock. (New York Post -- Business)
