debt

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GM Bondholders OK Debt-for-Equity Plan in Vote

Vote paves way to bankruptcy filing tomorrow morning

(Newser) - GM bondholders voted yesterday to forgive $27 million in debt for equity in the restructured automaker, the Wall Street Journal reports. The move opens the door for a bankruptcy filing tomorrow morning, the New York Times notes. The Treasury Department was in charge of deciding whether enough bondholders backed the...

GM Will Declare Bankruptcy June 1: Insiders

(Newser) - General Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “...

No Recovery In Sight for Small Business

(Newser) - Wall Street and Washington financial gurus may be seeing “green shoots” of economic recovery, but small businesses are still stuck in the mud, Kevin Kelly writes in Newsweek. Kelly, the CEO of a bag manufacturing company, says too many colleagues' businesses are losing sales, laying off workers, or shutting...

Chrysler Creditors Strike Deal to Avoid Bankruptcy

(Newser) - The Treasury Department struck a deal with Chrysler’s creditors last night to avoid what had looked like a probable bankruptcy, the Washington Post reports. The creditors, a disparate group of 45 financial firms, agreed to write down all but $2 billion of the $6.9 billion Chrysler owes them,...

GM to Cut 21K US Factory Jobs
 GM to Cut 21K US Factory Jobs 
Apr 27, 2009 8:53 AM CDT

GM to Cut 21K US Factory Jobs

Firm restructuring in bid for more government aid

(Newser) - General Motors will cut 21,000 US factory jobs by next year, phase out its Pontiac brand, and ask the government to take company stock in exchange for half of GM's government debt as part of a major restructuring effort needed to get more government aid, the firm said today....

GM Seeks Ways Around $1B Debt Payment

Automaker will swap for equity or seek court protection

(Newser) - General Motors won’t make a $1 billion payment on its debt June 1, an exec told the Wall Street Journal today, and will instead try to swap it for stake in the company—or turn to courts for protection. “They want us to be a viable entity when...

As Biz Fizzles, UK Pubs Hit Last Call

Cash-strapped Brits hit up supermarkets for cheaper booze

(Newser) - A proud British tradition is going down the drain as debt squeezes the two chains that own one-third of UK pubs, the Wall Street Journal reports. Instead of heading to their local establishments, many British drinkers pick up booze with their groceries for about half the price they'd pay at...

Shopping Mall Giant Goes Bankrupt

Second-largest U.S. mall owner can't refinance billions in debt

(Newser) - Chicago-based General Growth Properties, the second-largest US shopping mall owner, filed for Chapter 11 bankruptcy today after attempts to refinance more than $27 billion in debt failed, Bloomberg reports. The owner of more than 200 shopping malls owes a unit of Germany’s Commerzbank $2.6 billion, while bondholders are...

As Bank Moratoriums End, Foreclosures Surge

(Newser) - As internal bank moratoriums on foreclosure imposed last year expire, many more Americans are losing their homes, the Wall Street Journal reports. Foreclosure proceedings were up 6% in February over January, and up 30% from March 2008. Just as the Obama administration's rescue plan kicks in, delinquents who don’t...

Cash-Poor MGM Mirage May Sell Casinos

(Newser) - MGM Mirage, the gambling conglomerate, is considering the sale of casino properties in Michigan and Mississippi to pay down debt and save an underfunded Las Vegas development, the Wall Street Journal reports. The Vegas-based company has retained Morgan Stanley to shepherd the sales of the MGM Grand Detroit and Biloxi’...

Don't Let Debt Outweigh Your Marriage

Money rifts are leading cause of early marriage troubles

(Newser) - Debt can be a major source of strife for newlyweds—and in today’s economy, that trouble may be magnified. But it need not cause a rift, writes Jeff D. Opdyke in the Wall Street Journal. Some tips:
  • Firm up your money goals in a joint “financial mission statement.
...

Palin May Create Fund to Pay $500K in Legal Bills

Guv may start a legal fund to handle costs

(Newser) - Sarah Palin has racked up more than $500,000 in lawyers' bills defending herself against ethics complaints and may create a legal fund to help pay them off, the Anchorage Daily News reports. The Alaska governor calls the complaints “baseless” and chalks them up to "political blood sport....

China 'Worried' About US Debt
 China 'Worried' 
 About US Debt 
UPDATED
Mar 13, 2009 7:45 AM CDT

China 'Worried' About US Debt

Dollar, Treasurys fall as Wen voices concern

(Newser) - The dollar and US Treasury bonds fell today after Wen Jiabao, the Chinese premier, voiced concern about the safety of US debt. As the American government's largest creditor, China has asked for reassurances that the US government demonstrate the safety of China's assets. "To be honest," said Wen,...

Calm Down, Government Debt Won't Kill Us
Calm Down, Government Debt Won't Kill Us
OPINION
Mar 4, 2009 12:11 PM CST

Calm Down, Government Debt Won't Kill Us

(Newser) - Republicans have become born-again deficit hawks, decrying the debt President Obama is handing America’s grandkids. “What’s missing,” writes Steven Pearlstein in the Washington Post, “is any sense of perspective.” The added $2 trillion pales before the $66 trillion spent annually on Social Security and...

Clinton to China: Economy Trumps Human Rights

Other issues 'can't interfere' with economic crisis, she says

(Newser) - The US still cares about human rights in China, but "those issues can't interfere on the global economic crisis, the global climate change crisis, and the security crisis," Hillary Clinton said today in Beijing. In fact, it's the economic mess that makes strengthening ties with China a priority,...

Sirius Creditors Ready to Go After CEO

If company files for bankruptcy, they could ask judge to remove him

(Newser) - Sirius XM Radio's creditors want the company to make a deal with an investor rather than file for bankruptcy, and they're prepared to go after CEO Mel Karmazin's job if things don't go their way, the Wall Street Journal reports. "The board of directors should carefully consider the ramifications"...

Krugman: We've All Been Madoffed
 Krugman: We've All 
 Been Madoffed 
OPINION
Feb 16, 2009 8:38 AM CST

Krugman: We've All Been Madoffed

(Newser) - Bernie Madoff’s investors thought they were getting richer every quarter. Then, one day, they discovered their wealth “was a figment of someone else’s imagination,” writes Paul Krugman in the New York Times. And sadly, that’s a pretty good metaphor for America’s experience this decade....

LiLo's Mom Has Tax Trouble
 LiLo's Mom Has Tax Trouble 
Feb 13, 2009 10:20 AM CST

LiLo's Mom Has Tax Trouble

Celeb mom's tax lien will go up for auction

(Newser) - Dina Lohan is a busy woman, what with all those kids to pimp out. Too busy to pay her taxes, apparently—she owes Nassau County, NY, $11,485.74 in back taxes, TMZ reports. If LiLo and Ali's infamous mother doesn't pony up, her tax lien will go up for...

America's Biggest Banks Are Zombies
America's Biggest Banks Are Zombies
ANALYSIS
Feb 13, 2009 8:30 AM CST

America's Biggest Banks Are Zombies

Many are already insolvent, and feds will need a bolder plan

(Newser) - In the corridors of Wall Street and Washington, a worrying consensus is growing: Some of the nation's largest banks are in fact insolvent. If banks reassessed the value of the complex mortgage-backed securities that taint their balance sheets, they would outweigh all assets on hand, writes Steve Lohr of the...

30 Years of Bail Jumpers Owe Philly $1B

Outstanding payments date back to the 1970s

(Newser) - Criminal defendants who skipped court dates in Philadelphia owe the city a total of $1 billion, the Philadelphia Inquirer reports. For decades, the city has done little to try to collect full bail payments from those who don’t show. Critics say the system is farcical. “Bail judgments just...

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