More bankruptcy - Tribune Co, General Motors Corp., Lehman Brothers and 6 other companies

Tribune Co: DIP loan freeze may cause preemptive bankruptcies
Published: Fri, Dec 12 2008 14:02

...Corp reflect the increasing difficulty of accessing loans in bankruptcy , which may cause companies to preemptively file for protection, Morgan Stanley said. Tribune filed for Chapter 11 bankruptcy protection on Monday, less than a year after the company was taken private in a deal led by real estate mogul Sam Zell. Instead of securing a debtor-in-possession (DIP) loan, which has traditionally been made to fund a company as it reorganizes in bankruptcy , the company reached an alternative...

See: Tribune Co, Sam Zell, Morgan Stanley


General Motors Corp.: Asia stocks drop as Senate rejects US auto bailout
Published: Thu, Dec 11 2008 22:45

...deal another major blow to the American economy, already in recession, and ripple through export-dependent Asia, as well as global financial markets. ``If a company such as General Motors filed for Chapter 11 bankruptcy protection it could strike the Dow below 8,000 again,'' said Jackson Wong, investment manager at Tanrich Securities in Hong Kong. ``Even though China's government has been announcing plans to support the markets and the economy, Asia would follow Wall Street down,'' he said. Hopes...

See: General Motors Corp., Asia, Dow, Jackson Wong, Senate, Tanrich Securities, Wall Street, Hong Kong, US, China


Lehman Brothers: What Happened to Lehman Brothers Employee Pensions?
Published: Fri, Dec 12 2008 12:39

...Permanent Link | Print Lehman Brothers , a New York-based financial services firm, filed for the largest Chapter 11 bankruptcy protection in U.S. history in September. The capital markets and investment banking operations were then sold to Barclays Capital Inc. for $1.75 billion. More than 26,500 Lehman workers and retirees are eligible for some...

See: Lehman Brothers, Barclays Capital Inc., New York, U.S.


Chrysler / GM: No Bailout
Published: Thu, Dec 11 2008 22:32

...seems to me to be an extraordinarily irresponsible thing to do. The Senate Republicans were not, as far as I can tell, so much as trying to do things responsibly. They did not, for instance, seem to consider extending the kind of financing that would allow GM and Chrysler to go through Chapter 11 bankruptcy rather than liquidation. That financing would have involved loans, not gifts. It would have allowed an orderly reorganization....

See: Chrysler, GM


KB Toys: Santa's Not Coming: All KB Toys Stores To Be Liquidated And Closed [Bankruptcy]
Published: Thu, Dec 11 2008 11:16

...Gift Card Rules [ KB Toys] KB Toys Succumbs to Holiday Slump [NYT] KB Toys Files Bankruptcy , Citing 'Sudden' Sales Drop (Update2) [Bloomberg] Read More: bankruptcy, kb toys , toys, recession watch, economy, money meltdown, holidays, retail, liquidation, top Loading comments ......

See: KB Toys, Bloomberg


General Motors: The Real Failure of the Auto Bailout That Wasn't
Published: Fri, Dec 12 2008 07:26

...failed to sell a revised plan to the GOP caucus. Now, read that excerpt again. On the one hand, Corker's proposal - "to beef up the administration bill by setting out specific steps for bondholders and labor to take to slash General Motors ' debt and operating costs by the end of March or see the company go into bankruptcy " - seems damn smart; one of those million-and-one alternatives between blank-check or nothing. But then, we learn that: McConnell "waited until Thursday to announce his opposition...

See: General Motors, GOP, McConnell


Tribune Co.: Top Ten: MarketWatch's top stories of the week, Dec. 8-12
Published: Fri, Dec 12 2008 13:45

...Find out what happened. Troubles at Tribune Storied media franchise Tribune Co. said Monday that it filed for Chapter 11 bankruptcy protection to restructure its nearly $12 billion debt load, one of the most dramatic steps yet to underscore the dire state of the newspaper industry. The parent company of the Chicago Tribune, founded in 1847, said that its operations would continue during the restructuring, allowing...

See: Tribune Co., MarketWatch, Chicago Tribune


Nortel: How Worrisome is Nortel's Exploration of Bankruptcy Protection?
Published: Thu, Dec 11 2008 02:33

...Print Email Nortel (NT) has no plans to file bankruptcy protection but it wants to be prepared just in case it needs to pull the trigger. According to the Wall St. Journal, Nortel has sought legal advice to explore bankruptcy protection if its restructuring plans don't work. Nortel spokesman Ronald Alepian said there is "no...

See: Nortel, Ronald Alepian, Wall St. Journal


Chrysler: Payne: UAW Is Driving Detroit Off a Cliff
Published: Fri, Dec 12 2008 10:00

...immediately go out to companies but they must achieve a reduction in debt load by March 15, 2009 and then additional funding for UAW agreements in place by no later than March 31, 2009. Failure to adhere to any one of these conditions by any such date will result in the requirement that the company file bankruptcy under Chapter 11. " "They like it," Corker said after meeting with Detroit Three representatives late Thursday....

See: Chrysler, UAW, Detroit, Payne