bankruptcy

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GM, Chrysler May Win Loan Deal as Soon as Today

Talks on Thursday brought automakers nearer to bailout, sources say

(Newser) - In a round of talks running into the night, GM and Chrysler made headway in securing emergency loans from the federal government yesterday, Reuters reports; the package, expected as soon as this morning, would demand wholesale restructuring of the automakers, including more concessions from unions and creditors. The talks continued...

White House Mulls Automaker Bankruptcies

Feds would offer support in giving automakers 'soft landing'

(Newser) - The Bush administration is considering “orderly” bankruptcies as one way to help General Motors and Chrysler, the New York Times reports. The government could support the companies while working on the terms of federal protection, providing what the White House calls a “soft landing.” With the possibility...

Tribune Bankrupt One Day, Engulfed by News the Next

Chicago institution breaks Blagojevich news, and is a player in corruption allegations

(Newser) - What a difference a day makes for the Chicago Tribune, which yesterday broke the story of Illinois Gov. Rod Blagojevich’s arrest, and was itself an object of his alleged corrupting intentions—just a day after its parent company declared bankruptcy, the Wall Street Journal notes. “It’s pretty...

Tribune Company Files for Bankruptcy

Financing billions in debt becomes too onerous in down economy

(Newser) - The Tribune Company filed today for Chapter 11 bankruptcy protection, due to mounting debt and an inability to pay interest in the floundering economy, the Wall Street Journal reports. Tribune’s profits declined 83% in the third quarter, making it difficult to finance $12 billion in debt. The company has...

Tribune May File for Bankruptcy This Week

Saddled with debt, media company looks at Chapter 11

(Newser) - The Tribune Co. has hired a financial adviser to help it file for bankruptcy as early as this week, the Wall Street Journal reports. Facing $12 billion in debt and shrinking profits, the owner of the Chicago Cubs and several newspapers has also brought in legal counsel to guide it...

Chrysler Hires Bankruptcy Firm
 Chrysler Hires Bankruptcy Firm 
Dec 5, 2008 3:00 PM CST

Chrysler Hires Bankruptcy Firm

Privately owned automaker preparing for Chapter 11 should feds not help out

(Newser) - Chrysler has contracted a law firm to help it prepare for bankruptcy, the Wall Street Journal reports. The hiring of Jones Day suggests the automaker faces immediate failure if Congress decides to deny financial assistance to Detroit automakers. Jones Day has experience in automotive matters and has represented the United...

Automaker Bankruptcy Would Be 'a Disaster': Frank

Debate rages on auto bailout

(Newser) - The CEOs of the Big Three are back on Capital Hill this morning testifying before the House Financial Services Committee, and Barney Frank at least seems sympathetic. The chairman said bankruptcy “would be a disaster,” given the current credit markets and today’s dire job report, adding that...

GM, Chrysler Mull 'Packaged' Bankruptcy to Get Bailout

Execs say that's 'way down the list,' but Detroit desperate for federal bailout

(Newser) - Bankruptcy is officially on the table for General Motors and Chrysler, a source tells Bloomberg. The companies may accept a pre-packaged bankruptcy, which would force the union and creditors to make concessions, in order to get government help. At least three congressmen have had their staffs explore the possibility. GM...

Scrambling, GM Offers Equity for Debt

Wagoner needs strategy to win federal aid by Tuesday

(Newser) - GM officials are pushing bondholders to swap out the debt they hold for equity in the troubled corporation, reports the Wall Street Journal. The unique strategy represents a last-ditch attempt to stave off creditors and obtain federal aid to survive. A debt swap could leave unsecured debtholders with major losses....

Vick's Finances Have Gone to the Dogs

Bankruptcy filing reveals former highest-paid NFL star's financial mess

(Newser) - Michael Vick is millions of dollars in debt, with his main hope of solvency hinging on the uncertain prospect of returning to the NFL, the AP reports. The former QB's bankruptcy filing puts his assets at $16 million but his debts at $20.4 million. Friends and family drive around...

GM Board Would Consider Bankruptcy
GM Board
Would Consider Bankruptcy
Nov 22, 2008 8:11 AM CST

GM Board Would Consider Bankruptcy

Directors differ with CEO Wagoner as automaker struggles

(Newser) - Some General Motors’ directors are willing to consider bankruptcy protection as an option for the failing automaker, the Wall Street Journal reports, marking an unusual disagreement with CEO Rick Wagoner. Wagoner told Congress repeatedly this week, in seeking an immediate financial bailout, that reorganizing through a Ch. 11 bankruptcy is...

Bailout Wait 'Nerve-Wracking'
 Bailout Wait 'Nerve-Wracking' 
Nov 21, 2008 1:50 AM CST

Bailout Wait 'Nerve-Wracking'

Hearings 'more hostile than expected,' says Wagoner

(Newser) - Two grueling days of congressional hearings on a bailout for the auto industry were "hostile" and the wait for an answer is "nerve-wracking," General Motors CEO Rick Wagoner told the Detroit News yesterday. GM is ready now to show Congress detailed restructuring plans to convince lawmakers to...

Hey, Mitt, Your Naked Opportunism Is Showing
Hey, Mitt, Your Naked Opportunism Is Showing
OPINION
Nov 20, 2008 3:43 PM CST

Hey, Mitt, Your Naked Opportunism Is Showing

Flip-flop on Detroit shows McCain was right not to pick Romney as running mate

(Newser) - Mitt Romney is speaking sideways when he talks about Detroit these days, Joan Vennochi writes in the Boston Globe. The man who promised he would “not rest until Michigan is back” in the Republican primary is now urging bankruptcy for Detroit automakers. “If the auto industry could reinvent...

Romney: Let Detroit Go Bust
 Romney: Let Detroit Go Bust 
OPINION
Nov 19, 2008 7:26 AM CST

Romney: Let Detroit Go Bust

Bankruptcy, not bailout, will save the American motor industry

(Newser) - If you want to maintain an automotive industry in the US, writes Mitt Romney, giving the Big Three a bailout is the last thing you should do. In an op-ed for the New York Times, the former Massachusetts governor (and Michigan native) says that GM, Chrysler, and Ford need a...

Save GM With Guided Bankruptcy
 Save GM With 
 Guided Bankruptcy 
OPINION
Nov 18, 2008 8:07 AM CST

Save GM With Guided Bankruptcy

Let's make this a Chapter 11 affair, not a Chapter 7

(Newser) - GM is claiming all it needs is a “bridge loan,” but the automaker is losing money so fast that bridge would be burned by February, writes Andrew Ross Sorkin in the New York Times. What GM really needs is bankruptcy—but one guided by the government. “Taxpayers...

Let Detroit Go Bankrupt: Brooks, Krauthammer
Let Detroit Go Bankrupt:
Brooks, Krauthammer
OPINION
Nov 14, 2008 12:31 PM CST

Let Detroit Go Bankrupt: Brooks, Krauthammer

Auto bailout throws good money after bad, goes against US capitalism itself

(Newser) - American prosperity relies on creative destruction—the failure of nonviable companies and their replacement by defter rivals. The government endeavors to protect the worker in periods of transition, writes David Brooks in the New York Times, but not the firms themselves. That’s why the auto-industry bailout is a bad...

Kosher Meat Supply Crippled After Iowa Immigration Raid

Packing plant, now bankrupt, accounted 60% of US market

(Newser) - Kosher meat prices are skyrocketing after the Iowa packing plant that supplied about 60% of the US market declared bankruptcy, USA Today reports, in the wake of a May immigration raid. Agriprocessors, in trouble even before the raid, stopped operating last week. “Stores like mine are struggling all over,...

The Big Debate: Bailout or Bankruptcy?
 The Big Debate: 
 Bailout or Bankruptcy?
Analysis
Nov 13, 2008 8:24 AM CST

The Big Debate: Bailout or Bankruptcy?

Should the government pay for GM's surgery

(Newser) - The water is coming in fast at General Motors, and Washington is readying its bailing buckets. But simply giving GM money won’t keep America’s biggest automaker afloat. GM needs massive restructuring, and many believe bankruptcy court is the place to do it, says the New York Times, reviewing...

Circuit City Files for Bankruptcy
Circuit City Files for Bankruptcy
Nov 10, 2008 8:21 AM CST

Circuit City Files for Bankruptcy

Dropping consumer spending, tightening credit hurt the electronics giant

(Newser) - Circuit City Stores has filed for bankruptcy protection today, about a week after it said it would close 20% of its stores. The electronics retailer, based in Richmond, Va., has struggled as nervous consumers spend less and credit tightens.

Staggering Slowdown Hits Retail Sales

Ominous sign of dismal holiday season

(Newser) - Retail sales plummeted last month ahead of the holiday shopping season—which threatens to be the worst in decades, the New York Times reports. The downturn ran the gamut from upscale department stores to shops like the Gap. Neiman Marcus saw a 28% drop compared with the same month last...

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