Published November 16, 2009
GM said today the company is turning the business around after posting only a $1.2B loss after emerging from bankruptcy
General Motors announced today that it has lost $1.2 billion since emerging from bankruptcy protection through September 30, 2009.
The company says the number is far better than expected and that it is making progress towards change.
GM chief executive Fritz Henderson said today in a statement, “today’s results provide evidence of the solid foundation we are building for the new GM,”
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Published October 01, 2009
The bankrupt Canadian-based telecommunications equipment-maker is continuing to liquidate its assets by announcing the company would sell its entire GSM and GSM-R business units.
Nortel has filed motions in both Canadian and U.S. courts to begin initial phases to sell the businesses.
Potential buyers will have to file offers by November 5, 2009, with an option auction starting a few days later on Nov 9.
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Published March 31, 2009
Media publications are being hit hard during this tuff economic time from falling advertising revenues.
The Sun-Times, owner of 58 newspapers, including the Chicago Sun-Times, has just filed for Chapter 11 bankruptcy protection as the company reorganizes its cost structure.
The company says it will continue to operate its newspapers and websites normally why it restructures. It also says to remain viable it will consider new investments and the sale some of its assets.
Published February 17, 2009
Sirius XP Radio was close to filing for Chapter 11 bankruptcy as a $172 million debt deadline was approaching. Today, Liberty Media struck a $430 million with Sirius. Under the deal, Sirius XM will receive $280 million, $250 million of which today, at 15% with a December 2012 maturity. In the second and final phase of the plan, Sirius will receive $150 million, in exchange for 12.5 million preferred convertible 40% common stock shares. Liberty Media has also agreed to purchase up to $100 million of existing Sirius outstanding debt. Liberty Media will get two seats on the Sirius board part of the deal. The newly raised capital will be used to pay the current $172 million debt and to support continuing operations.
Published February 11, 2009
Reports indicate Sirius satellite radio is preparing to file for chapter 11 bankruptcy as the company has hired bankruptcy advisors. Sirius currently holds more than $3 billion of debt and a bankruptcy could see heavyweight partners like Howard Stern off the air as the company would be unable to pay them. The company’s biggest customer base comes from automobile partnerships such as with Ford, which represents more than 20 million listeners and continues to decline thanks to poor car sales. Charles Ergen, founder of EchoStar and Dish Network, has previously offered to give Sirius XM enough capital to meet debt obligations, and also expressed interest in buying out the company. There is no word if a deal could be reached, but it is unlikely given Ergen’s previous offer was turned down.
Published February 10, 2009
New numbers released by the Canadian federal Office of the Superintendent of Bankruptcy show there were 8,299 bankruptcies in December 2008 across Canada, up from December 2007 where there were 5,659 bankruptcies. Most significantly in 2008, consumer bankruptcy was up materially by more than 50% to 7,821. Some good news, 5.5% less businesses failed compared from November 2008 to December 2008. In January 2009, Canada experienced one of the biggest job losses in any month with 129,000 lost jobs, on top of the 35,000 lost jobs in December 2008.
Published January 14, 2009
The largest telephone equipment maker based in Toronto has just filed for Chapter 11 bankruptcy today. The strategic move comes just in time as a $107 million interest payment was due. One of the biggest outstanding Nortel loans is originated by the Bank of New York Mellon and is valued at just under $4 billion. Nortel reported a Q3 loss of $3.4 billion in Nov, and also announced 1,300 job cuts. The Nortel stock is down more than 60% on the TSE down to $0.14.
Published December 24, 2008
A few months ago, the source that made more than 60,000 people sick and killed at least six infants was found to be from Hong Kong dairy producer Sanlu Group Corp (among other producers) as it was adding a harmful chemical called autumn into its milk products. Now, Sanlu Corp has just been declared bankrupt by a Chinese court. The company now has a full six months to dissolve by paying creditors and selling all assets. A second company involved in the scandal, China Mengniu Corp. Said today it was expecting to post $130 million loss this fiscal year because of its use of the dangerous chemical.
