NEW YORK — The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. Mark Shapiro, the New York-based company's chief executive officer, says the move won't affect the ...Read More
“This is a terrible thing,” said Breyfogle, whose company runs a total of nine dealerships in Arizona and Chicago. “I’m hearing though friends of friends that some of the smaller dealerships are expecting to get the ax. I think we ...Read More
Chrysler will drop at least 800 dealers and renegotiate franchise agreements with many of the remaining 2,400 dealers who will be identified Thursday in a bankruptcy filing, according to dealers who took part in a conference call with a lawyer. The ...Read More
Berkshire Posts First Loss Since 2001 Warren E. Buffett's Berkshire Hathaway said it lost $1.53 billion in the first quarter, compared with a $940 million profit in the corresponding period a year earlier, as unrealized derivative losses and a write-down of ...Read More
May 7 (Bloomberg) -- General Motors Corp. posted a $5.9billion adjusted loss as sales fell by almost half, ratchetingup the prospect of a bankruptcy filing by a U.S.-imposed June 1deadline. Excluding some costs, the first-quarter loss was $9.66 ashare, GM said ...Read More
As of early Tuesday evening, according to a report by Liz Moyer at Forbes, the latest news on the Chrysler bankruptcy filing is that: The recalcitrant non-TARP lenders who would not agree to the deal the government attempted to force on ...Read More
| Reprints [-] Text [+] DETROIT, May 6 (Reuters) - United Auto Workers VicePresident Bob King criticized General Motors Corp (GM.N: Quote, Profile, Research) onWednesday for a restructuring that would eliminate more than20,000 union factory jobs while adding production overseas. King, ...Read More
SAN FRANCISCO (MarketWatch) - Chrysler LLC late Tuesday won approval from a federal judge that could allow the automaker, despite objections from some creditors, to move quickly toward a partnership with Fiat SpA and speed its trip through bankruptcy. The dissident ...Read More
May 5 (Bloomberg) -- Chrysler LLC secured lenders who seekto block an auction of most company assets to an entity managedby Fiat SpA, have dwindled in number and now hold only half theportion of a $6.9 billion loan they did, ...Read More
DETROIT — Chrysler's bankruptcy filing may have an unintended consequence: It could bump cross-town competitor General Motors (GM) into Chapter 11. After the government proved it's willing to let an automaker go into bankruptcy - and suffer the supply-chain and customer ...Read More
Discount retail chain Filene’s Basement has filed for Chapter 11 bankruptcy protection. Burlington, Mass.-based Filene’s Basement sought protection from creditors Monday in Delaware bankruptcy court, listing assets of between $50 million and $100 million and liabilities of between $100 million and ...Read More
Less than two weeks after Retail Ventures unloaded its Filene’s Basement division, the discount apparel chain has filed for Chapter 11 bankruptcy protection and sold 17 stores. Burlington, Mass.-based Filene’s Basement sought protection from creditors Monday in Delaware bankruptcy court, citing ...Read More
DETROIT -- General Motors Corp. is expected this week to accelerate talks with the United Auto Workers union and move toward closing about 2,600 dealerships. The giant auto maker also is likely this month to approach banks holding secured debt, hoping ...Read More
NEW YORK--Chrysler LLC commended employees and "responsible lenders" Friday for taking steps to restructure the auto maker, a direct shot at hedge funds and others that balked at a deal aimed at keeping Chrysler out of bankruptcy court. Corinne Ball, Chrysler's ...Read More
NEW YORK (CNNMoney.com) -- Thursday afternoon, Chrysler filed for Chapter 11 bankruptcy. So what does that mean for you if you've got a Chrysler parked out in the driveway? The first thing Chrysler owners need to know here is that this ...Read More
LONDON (Reuters) - Oil prices rose on Friday, bouncing from losses earlier in the day, on support from equity markets and as traders sifted through evidence for hints of economic recovery. U.S. crude was trading 31 cents higher at $51.43 a ...Read More
(Updated to add that Perella Weinberg has accepted Chrysler settlement in the eighth paragraph.) NEW YORK (Dow Jones)--President Barack Obama's scolding of hedge funds sparked an immediate backlash from fund managers who resent what they see as an increasingly heavy-handed approach ...Read More
NEW YORK (Dow Jones)--The fate of Chrysler Financial lenders still remained up in the air Thursday, after Chrysler LLC filed for Chapter 11 bankruptcy protection in New York. In a statement, Chrysler Financial said it will assess the impact of Chrysler ...Read More
In a zero-hour bid to stay out of bankruptcy, General Motors Corp. said today it would fold the Pontiac brand, cut 42% of its U.S. dealers and 28% of its plants by the end of 2010, and offer holders of ...Read More
NEW YORK (CNNMoney.com) -- The United Auto Workers announced Sunday that it has reached a settlement agreement on concessions in its contract with Chrysler LLC necessary to keep the automaker in business. The union, in a statement, said the agreement was ...Read More
It's looking more and more like there's a bankruptcy filing in Chrysler's future—maybe as soon as next week. White House officials, Chrysler executives, and the banks holding the struggling automaker's debt all point to a strong likelihood that Chrysler will fail ...Read More
