The Treasury Department and a committee of major bondholders at General Motors have reached a deal that could give creditors a larger stake in GM than previously offered. But bankruptcy is still likely in the next few days despite the deal.
The agreement, revealed in a Securities and Exchange Commission filing by GM (GM, Fortune 500) early Thursday, would essentially give the bondholders 10% of the company but also give them the rights to buy an additional 15% of the company’s stock at a low price.
Continue reading GM Bankruptcy
Dennis Kneale: Macke let’s start with you…Patty Daum is talking about how the credit markets tonight are really thawing tonight…and her sources tell her it’s going to be helping the stock market. What do you think of that?
Continue reading Has Jeff Macke gone nuts?
WASHINGTON (CNN) — Six life insurance companies have qualified to receive billions of dollars in bailout money under the government’s Troubled Asset Relief Program, a Treasury Department spokesman said Thursday.
Continue reading Insurance Companies that are qualified for Tarp
In turn, Obama said, the government would offer a tax cut to companies that do their research and development in the United States. And that will “jump-start job creation,” he said.
Among the changes Obama wants is to require U.S.-based multinationals to defer taking deductions on expenses related to their foreign operations until they bring back the profits to the United States and pay U.S. income tax on them.
Continue reading Obama tax plan for U.S. multinationals
WASHINGTON(AP) – Chrysler will file for bankruptcy after talks with a small group of creditors crumbled just a day before a government deadline for the automaker to come up with a restructuring plan, two administration officials said Thursday.
The Obama administration had long hoped to stave off bankruptcy for Chrysler LLC, but it became clear that a holdout group wouldn’t budge on proposals to reduce Chrysler’s $6.9 billion in secured debt, according to the officials, who spoke on condition of anonymity because the filing plans are not public. Clearing those debts was a needed step for Chrysler restructure by the Thursday night deadline.
Continue reading Chrysler to file for bankruptcy
Have you heard of NCO Financial Systems Incorporated? If not, you definitely need to know about them. This is a collection agency that is known for their dirty tactics.
NCO Financial Systems sends voicemails simply stated that so-and-so was calling from NCO, that it is an attempt to collect a debt, and to call a certain phone number with the specified confirmation code.
Continue reading NCO Financial Systems – playing dirty ball
NEW YORK (CNNMoney.com) — Oil ended just shy of $50 a barrel Thursday as investors weighed a glut in supply amid dour sentiment about the economy. Crude oil for June delivery added 77 cents to finish the day at $49.62 a barrel.
Continue reading Still thinking of investing in oil?
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