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US Judge Holds Argentina in Contempt of Court

Country's lawyers call finding 'completely absurd'

(Newser) - A New York judge has found Argentina in contempt of court for its open defiance of his orders regarding US hedge funds that hold Argentina bonds. Judge Thomas Griesa made the finding today at a Manhattan hearing. He reserved decision on sanctions pending further proceedings. Lawyers for the US hedge... More »

Bank of America Slashing 16K Jobs

Cost-cutting program hitting retail banking hardest

(Newser) - Bank of America is the biggest banking employer in the US, but it has accelerated plans that will see it lose that title to rivals, reports the Wall Street Journal . The bank aims to cut 16,000 jobs by the end of the year, allowing it to reach chief executive... More »

AOL Laying Off 1,200

European offices shut down in latest round of restructuring

(Newser) - The ax will fall on 1,200 AOL workers this week in the last stage of the company's goal to shed a total of 2,500 jobs, about a third of its workforce. Many European offices will be closed as part of the company's plan to restructure as a Web... More »

Johnson & Johnson to Slash 8,700 Jobs

Company says moves will save up to $900M annually

(Newser) - Johnson & Johnson will cut 7% of its workforce—some 8,400 jobs—and make other other restructuring moves in order to save up to $900 million next year. The New Brunswick, NJ, company says it will also simplify its business structure in order to achieve savings that will add... More »

Rattner: Why I Fired GM's Wagoner

Former car czar calls deficiencies 'appalling'

(Newser) - Barack Obama's former car czar says he had no choice but to fire GM's Rick Wagoner. "Everyone knew Detroit's reputation for insular, slow-moving cultures," Steven Rattner writes in an essay for Fortune. "Even by that low standard, I was shocked by the stunningly poor management that we... More »

Ford Shocks Street With $2.3B Profit

(Newser) - Ford surprised the markets today by posting a $2.3 billion quarterly profit, thanks mostly to debt restructuring actions, Reuters reports. The result beat estimates and represents Ford's first good quarter in more than a year; this time in 2008, the automaker lost $2.7 billion. But the global downturn... More »

Judge Greenlights GM Asset Sale

Firm will transform into leaner car maker owned by US, Canada, UAW

(Newser) - GM has won approval for a restructuring plan in which the car maker will sell its most valuable assets to a new firm—also called GM—owned by the US and Canadian governments and a UAW health care trust, the New York Times reports. Judge Robert Gerber agreed with GM... More »

GM Borrows Another $4B From Feds

Company to cut 3,400 more white-collar jobs amid restructuring

(Newser) - General Motors has borrowed another $4 billion from the Treasury ahead of its June 1 deadline to restructure or face bankruptcy, the Wall Street Journal reports. A statement from the automakers said the loan, which brings the total borrowed to nearly $20 billion, is "to maintain adequate liquidity" during... More »

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.... More »

GM Aims for Fastest Possible Bankruptcy

Treasury directed GM to prep for Chapter 11 as options dwindle

(Newser) - General Motors is in high gear, the New York Times reports, prepping for a possible bankruptcy that would allow the company to reorganize and emerge from protection in as little as 2 weeks. Since the Treasury Department instructed the automaker to prepare for a bankruptcy filing by June 1, in... More »

GM Will Drive Obama Off Cliff: Brooks

Company can't be saved; political costs of bankruptcy are huge

(Newser) - For decades, General Motors hasn’t been so much in the automaking business, David Brooks writes in the New York Times, as “in the restructuring business.” And for just as long, presidents have sought to push bankruptcy into the future. By getting serious, though, “the Obama administration... More »

GM to Miss Restructuring Deadline, Win Extension

Seeks one month extension to allow negotiations with UAW, bondholders

(Newser) - General Motors, about to miss its March 31 deadline for completing the cost-cutting restructuring plan it submitted to the government, is expected to get a 30-day extension, reports the Wall Street Journal. Though the UAW has agreed to shed 7,600 jobs at GM next week, and another 10,000... More »

Gaffes Aside, Steele Is 'Radically' Transforming RNC

(Newser) - Things aren’t going well for Michael Steele in the media, but behind the scenes he’s undertaken a sweeping restructuring of the Republican National Committee, Marc Ambinder writes in the Atlantic. “He’s become clownish. And that judgment could endure until the end of his tenure,” Ambinder... More »

Disney to Slash Theme Park Jobs

Company announces layoffs, major restructuring of park operations

(Newser) - Tomorrowland holds unemployment for an undisclosed number of Disney employees, reports the Orlando Sentinel. The company is restructuring its theme park division—which employs 80,000 people—and plans to cut jobs by consolidating its East and West Coast operations. Analysts believe Disney can make substantial savings this way but... More »

With Car Czar Delayed, Automakers Spin Wheels

GM and Chrysler find no one behind the wheel of auto restructuring

(Newser) - Amid the federal appointment frenzy, the lack of a "car czar" has received little attention, but the vacancy is holding up automakers trying to meet restructuring deadlines included in their $17.4 billion federal loan, the Wall Street Journal reports. The loans require General Motors and Chrysler to submit... More »

Wall Street's Hottest Jobs? Lehman Bros

Bankruptcy experience is the skill set of the future, execs say

(Newser) - Wall Street's hottest jobs in 2009 are coming from its biggest disaster of 2008—Lehman Brothers, the Wall Street Journal reports. Lehman still has billions of dollars in assets and contracts to untangle and restructure, and Wall Street's legions of laid-off execs are keen to get a piece of the... More »

Borders Cans Top Brass After Dismal Holiday Season

Bookseller reports 12% drop over '07, replaces CEO, others

(Newser) - Borders will immediately restructure top management to counter a steep slide in sales, the Ann Arbor News reports. CEO George Jones has been replaced with Ron Marshall, a turnaround expert with book experience. Other top spots were shuffled to veterans of the Michigan-based company. The bookseller announced today that its... More »

Detroit's Not the Only Place That Needs 'Restructuring'

DC should streamline many useless layers

(Newser) - Lawmakers want to restructure Detroit’s auto industry—but Congress could use a little makeover, too, writes Philip K. Howard in the Wall Street Journal. He offers a prescription to streamline the government as one would a corporation:
  • Dump “legacy obligations.” Like Detroit, Congress must ditch old promises
... More »

As NBC Falters, Real Drama Is Behind the Scenes

Network moves to consolidate amid executive shakeup, poor ratings

(Newser) - When NBC announced a sweeping shakeup last week, it confirmed just how bad things are at the network, the Los Angeles Times reports. Ratings are down 14% this season, just as companies are dramatically slashing advertising budgets in the face of recession. “This is not a good time to... More »

Ford Unveils Plan, Seeks $9B

Promises to be profitable by 2011

(Newser) - Ford unveiled a new plan to restructure its operations today and predicted a return to profitability—or at least break-even—by 2011, the Wall Street Journal reports. The plan calls for aggressive cost cutting and an increased focus on fuel efficiency. One of the costs on the chopping block? CEO... More »

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