NEW YORK -- A judge says New York City can keep the "Tavern on the Green" name for the famed restaurant building in Central Park that's been forced to close because of financial problems.

Federal Judge Miriam Goldman Cedarbaum (SEE-der-balm) ruled Wednesday in the city's favor.

The debt holders of the bankrupt restaurant had sought to stop the city from using the name in the future. The city wanted the court to declare it the rightful owner of the name, which is valued at $19 million.

NEW YORK (Reuters) - Bank of America's credit losses may remain at high levels for the rest of this year, warned credit rating agency Standard & Poor's on Tuesday.

Hot Stocks | Crisis in Credit

The agency also remains "unconvinced" of a turn in the cycle for U.S. banks, S&P analysts said in a conference call.

Earlier on Tuesday, S&P revised its rating outlooks on Bank of America Corp (BAC.N) and Citigroup Inc (C.N) to negative from stable, saying there is uncertainty that the government will provide more extraordinary support that benefits debt holders.

General Motors Corp., the industrial behemoth that once defined the American corporation, plans to file for bankruptcy reorganization Monday, the Free Press learned today.

Crippled by the worst U.S. economy since the Great Depression after years of decline, the Detroit automaker will try to restructure itself in Chapter 11 with more government financing.

Reporting from Washington -- General Motors Corp. cleared a major obstacle today when it reached a tentative agreement with the United Auto Workers union to modify its labor contract, but the road to avoiding bankruptcy is anything but clear.

GM is careening toward the government's June 1 restructuring deadline. The next step -- persuading holders of $27 billion in bonds to exchange nearly all of it for company stock -- must happen by Tuesday. Bondholders, many of them small investors, are balking at the terms of that swap, which are significantly worse than those given to the UAW.

May 12 (Bloomberg) -- Advanta Corp., the credit-card issuerfor small businesses, may leave 1 million customers scroungingto find new lenders and debt holders facing losses of 35 percentafter the company shut down accounts to preserve capital.

Advanta will cease lending June 10 after uncollectible debtreached 20 percent as of March 31, according to a statement andfilings yesterday by the Spring House, Pennsylvania-based firm.The lender earmarked $1.4 billion to buy back securitized cardloans with offers of 65 cents to 75 cents on the dollar.

NEW YORK -- Chrysler LLC can start the clock ticking on its sale to a partnership with Fiat SpA after a bankruptcy judge approved the first major step Tuesday to craft a viable automaker on life support from the U.S. government.

The process, approved by U.S. Bankruptcy Judge Arthur Gonzalez, would give any bidder until May 20 to step forward with a bid worth at least $2.1 billion. The court is to consider confirming the sale May 27.

NEW YORK -- Even as the first objections from lenders to Chrysler LLC's plan for a quick sale to a Fiat SpA partnership cropped up Monday, a bankruptcy judge approved several requests to keep the company alive in bankruptcy.

LONDON (MarketWatch) -- A committee of General Motors bondholders announced a plan Thursday that would see them relieve their $27 billion of debt in return for a majority stake in the U.S. automaker.

The move comes as similar talks between Chrysler and its debt holders reportedly were on the verge of collapse. See Chrysler story.

The ad hoc committee of General Motors bondholders said their plan would see them get 58% of the new GM in return for debt forgiveness.

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 to win the concessions needed from debt holders and auto worker unions by Apr. 30 to merit additional loans from the U.S. Treasury. On Wednesday, Apr. 22, Michael Robinet, head of global forecasting for CSM Worldwide, said he placed a "95% likelihood" on a Chrysler bankruptcy filing.