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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: bankruptcy protection

bankruptcy protection stories: 7 news summaries

 Mega-Lender CIT 
 Files Chapter 11 

Bailed-out firm's move will cost government $2.3B

Nov 1, 09 4:43 PM CST
(Newser) - CIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71... More »

MORE ABOUT:
Carl Icahn • bankruptcy • bailout • Chapter 11 • Troubled Asset Relief Program • Wall Street bailout • TARP • Jeffrey Peek • bankruptcy protection • CIT Group

 Court Clears Path 
 to 'New' GM 

Court ordered stay on asset sale expires

Jul 9, 09 1:55 PM CDT
(Newser) - General Motors is set to complete its bankruptcy reorganization, the Detroit Free Press reports. The sale of certain GM divisions to the “new” GM—largely owned by the US Treasury—is expected to happen tomorrow, at the expiration of a holding period for opponents of the deal to make... More »

MORE ABOUT:
bankruptcy • General Motors • Detroit • auto industry • Big Three • bankruptcy protection • bankruptcy reorganization

(Newser) - Theme park operator Six Flags has declared bankruptcy, Bloomberg reports. The company has not had a profitable year since 1998 and is burdened with $2.4 billion in debt. Six Flags underwent a wide-ranging reorganization starting in 2005 when Washington Redskins owner Daniel Snyder became chairman. The company, whose 20... More »

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Washington Redskins • debt • amusement parks • theme park • Daniel Snyder • Six Flags • bankruptcy protection • obligations

(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 “... More »

MORE ABOUT:
Chrysler • General Motors • debt • recession • Treasury Department • Chevrolet • auto industry • Cadillac • bankruptcy protection • bondholder

(Newser) - If General Motors goes into bankruptcy next Monday—as is widely expected—the US government will own 70% of the automaker, the New York Times reports. Under a plan that GM officials detailed today to union members, the UAW would take a 17.5% stake though its health care... More »

MORE ABOUT:
United Auto Workers • General Motors • Treasury Department • Chevrolet • auto industry • Obama administration • President Obama • bankruptcy protection • UAW

 Chrysler Woos 
 Current Owners 
 With $1K Coupons  

Company hopes to help sales

May 15, 09 10:04 AM CDT
(Newser) - In an effort to boost sales, bankrupt Chrysler is planning to send $1,000 coupons to all its current customers, the Wall Street Journal reports. The certificates, good toward the purchase of any new Chrysler vehicle, will be mailed in the next month or so with a letter from CEO... More »

MORE ABOUT:
Chrysler • Robert Nardelli • auto industry • coupons • bankruptcy protection • Jay-ZTV

GM Seeks Ways Around $1B Debt Payment

Automaker will swap
for equity or seek
court protection

Apr 22, 09 1:03 PM CDT
(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... More »

MORE ABOUT:
General Motors • debt • equity • Ray Young • Obama administration • bankruptcy protection

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