Highlights
A collection of news and information related to Financially Distressed Companies published by Tribune Company sources.
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JPMorgan cutting 9,200 jobs at Washington Mutual
Associated PressNEW YORK -- JPMorgan Chase & Co. said today that it would cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis. Of the 9,200 jobs...Tags: Wells Fargo & Co., Seattle, Bankruptcy, Lehman Brothers Holdings Incorporated, J.P. Morgan Chase & Co.
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Delphi wins court motion access loan proceeds
AP Business WriterA bankruptcy judge said Monday that auto supplier Delphi can continue to access the proceeds of $4.35 billion in loans after the Dec. 31 expiration date. The ruling effectively allows Delphi to default on the loans when they mature Dec. 31, and lets the...Tags: General Motors Corp., Bankruptcy, Delphi Corp, Loans, Contracts
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JPMorgan Chase cutting 9,200 jobs at recently acquired Washington Mutual by end of 2009
AP Business WriterNEW YORK (AP) _ JPMorgan Chase & Co. said Monday it will cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis. Of the 9,200 jobs being...Tags: Wells Fargo & Co., Seattle, Bankruptcy, Lehman Brothers Holdings Incorporated, J.P. Morgan Chase & Co.
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Detroit Three preparing cuts for Congress, but debt may be obstacle to federal loans
AP Auto WriterDETROIT (AP) _ They'll park some corporate jets, cut executive pay and serve up concessions from the United Auto Workers, but Ford Motor Co., General Motors Corp. and perhaps Chrysler LLC also will have to address massive debts to persuade a skeptical...Tags: Chevrolet, Bankruptcy, Fuel-efficient Vehicles, Saturn, Saab
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Chicken producer Pilgrim's Pride files for Chapter 11 bankruptcy protection
AP Food Industry WriterMILWAUKEE (AP) _ Pilgrim's Pride Corp. filed for Chapter 11 bankruptcy protection on Monday, hurt like other meat producers by volatile feed prices and slumping demand but also hobbled by an unmanageable debt load. The Pittsburg, Texas-based company, the...Tags: New York Stock Exchange, Bankruptcy, Prices, Mergers, Acquisitions and Takeovers, Petroleum Industry
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Hawaiian Telcom Communications files for Chapter 11 bankruptcy protection
Associated Press WriterHONOLULU (AP) _ Hawaiian Telcom Communications Inc., the largest telephone company in Hawaii, said Monday that it had filed for Chapter 11 bankruptcy protection. The company had been working with creditors since October on a debt-restructuring...Tags: Bankruptcy, Satellite and Cable Service, Securities, Regulatory Policy and Organizations
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Feds arrest Birmingham, Ala., mayor on bribery, fraud, other charges linked to sour bonds
Associated Press WriterBIRMINGHAM, Ala. (AP) _ The mayor of Alabama's largest city was arrested Monday on charges of steering millions of dollars of bond work to a friend in exchange for more than $230,000 in bribes to pay for an expensive wardrobe and flashy jewelry. The bond...Tags: Orange County (California), Bankruptcy, Personal Service, Government, Lehman Brothers Holdings Incorporated
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German memory chip maker Qimonda in talks with potential investors, bankruptcy possible
AP Business WriterFRANKFURT, Germany (AP) _ Qimonda AG, the memory chip company majority owned by Infineon Technologies AG, said Monday it may face bankruptcy if it fails to find new investors or the cash needed to operate in the coming weeks. Ralph Heinrich, a Qimonda...Tags: Sales, Bankruptcy, Computing and Information Technology, Micron Technology Incorporated, Infineon Technologies AG
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Pilgrim's Pride files for bankruptcy protection
Associated PressMILWAUKEE -- Pilgrim's Pride Corp., the nation's largest chicken producer, filed for Chapter 11 bankruptcy protection today, hobbled by its debt load and volatile feed prices. The Pittsburg, Texas-based company sought bankruptcy protection in a filing...Tags: Petroleum Industry, Bankruptcy, Tyson Foods Incorporated, Bank of Montreal, Court Administration
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Lehigh Coal gets OK for new management
Of The Morning CallA historic Schuylkill County coal company has reached a settlement with the state Department of Environmental Protection to let it replace a management team the state imposed two years ago because of regulatory violations. The settlement calls for Lehigh...Tags: Montgomery (Montgomery, Alabama), Coal, Bankruptcy, Government, National Government
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Nonprofits in a faltering economy
I am a social worker, not an economist, and what I know is this: The stock market is in free fall, financial organizations are being bailed out and the Detroit automakers may yet get financial help from Washington. But what about those of us in the...Tags: Social Services, Automotive Equipment, Arnold Schwarzenegger, Bankruptcy, State Budgets
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Japan stocks fall as investors await key U.S. data
Japan stocks lost ground today, as cautious investors awaited key U.S. data this week amid ongoing nervousness about the health of the global economy. The benchmark Nikkei 225 stock average fell 115.05 points, or 1.45 percent, to 8,397.22 in thin...Tags: Automotive Equipment, Bankruptcy, Honda Motor Co., Nissan Motor Co., Foreign Exchange Market
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