MGM On The Edge of Bankruptcy

One of the biggest and most well-known movie studios out there is Metro-Goldwyn-Mayer, or MGM, known for its classic logo with the lion roaring during the opening credits - an almost expected introduction to many of our movies from the last 85 years. Well, we may have to get used to some movies without that logo at some point in the near future (at least for a while), as today we get word of very complex financial problems occurring at MGM, which basically boils down to the studio, “teetering [more...]

Date: 2009-09-25 20:09:06

Blog posts (154) | Videos (38)
 

Fears have been raised over the future of Aston Martin

Aston Martin’s future is blurry after it had been reported that Kuwait’s Investment Dar, which owns half the company, confirmed that it had problems refinancing its debt. Affected by the economic downturn, Investment Dar said that it has signed an agreement with investors and creditors to freeze claims, allowing it to have more time for restructuring.In 2007, a consortium led by Dave Richards bought Aston Martin from Ford for £480 million to get the majority stake. [more...]

Date: 2009-09-29 16:39:02

MGM Preparing For Restructuring Or Bankruptcy; TPG, Providence To Eat $875 Million Equity Loss

Zero Hedge Even as market optimism rages unabated despite the occasional dip in the market (where everyone on the sidelines is buying, buying, buying GE stock), the economic fundamentals continue souring. The latest casualty – legendary movie studio, Metro-Goldwyn-Mayer, Inc. Well, not so legendary these days, with the only consistently profitable venture to come from the studio being the James Bond series, and alas that’s the problem. [more...]

Date: 2009-09-26 20:24:50

No bailout Needed: Good News from The Rags

It has been a long time since we had good news from the newspaper industry. But thanks to today’s upbeat figures from Gannett (NYSE: GCI ), the industry is surging. Lee Enterprises (NYSE: LEE ) has taken the lead. There is a rare bit of good news for the newspaper industry this morning – and it’s a whopper! Share prices across the downtrodden sector are soaring today thanks to word from Gannett (NYSE: GCI ) that the company expects to handily beat its third-quarter earnings projections. [more...]

Date: 2009-09-29 20:09:26

Carney says G20 must stay the course on stimulus

Those reading the transcript of the interview may be surprised to discover that, for all the lip service Carney gives the US dollar, Canada holds 40% of its reserve currency stocks in Euros. Holding Euros is not recent - government reports online dating back to 1999 indicate at the time 24 million in Euro reserves were held. there was a coordinated attempt to prop up the Euro in 2000, an effort in which Canada was a player. In 2008, the figure was 238 million . Just a little history. [more...]

Date: 2009-09-25 15:36:08

African News Update – Dialing for Answers Where Web Can’t Reach

Dialing for Answers Where Web Can’t Reach In remote areas of Africa, Question Box answers callers’ questions about crop prices, planting techniques or the best soccer team.Ivory Coast,London Club Sign Preliminary Debt Restructure Deal (Nasdaq) LONDON -(Dow Jones)- Ivory Coast has signed a preliminary agreement with the London Club on restructuring EUR2.2 billion worth of debt owed to the group of informal private creditors, in a move which could reduce the targeted portion of debt by up to 20%. [more...]

Date: 2009-09-28 23:10:09

Words from the (investment) wise 9.27.09

Words from the (investment) wise for the week that was (September 21 – 27, 2009) After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 12:05:27

Japan Seems Reluctant as Airline Seeks a Bailout

Japan Airlines pleaded on Thursday for a government bailout, but the new transport minister withheld support on concerns that the carrier’s cost-cutting plans would not go far enough.Reuters reported that the request by the chief executive of Japan Airlines, Haruka Nishimatsu, for a capital injection from the state came as the carrier’s shares tumbled 16 percent to a record, hit by news media reports that lenders might seek to break up the company and that it had asked for a bailout.Japan Airlines, [more...]

Date: 2009-09-25 06:59:39

MGM on the verge of bankruptcy

It’s hard out there for an 85 year old studio. MGM, one of the most iconic Hollywood studios is nearing bankruptcy and is asking for help. The struggling studio has asked its bondholders for about $20 million in short term cash for overhead costs and another $150 million to see them through the year and to begin production on THE HOBBIT. First Showing reports that bondholders are planning to let the failing studio, which has over $3.5 billion dollars in debt, go bankrupt. [more...]

Date: 2009-09-25 22:28:16

Heinz Downgraded to Neutral – Analyst Blog

The H. J. Heinz Company ( HNZ ) did not meet the net sales target for fiscal 2009. Net sales were flat year-over-year due to a 7% unfavorable currency translation, commodity inflation, and the global economic slowdown. The company had targeted sales growth of 6% for fiscal 2009. Moreover, both gross and operating margins were also down for the year. Raw materials and packaging used in the company's business include tomato paste, grains, beef, poultry, vegetables, steel, glass, paper and resin. [more...]

Date: 2009-09-25 17:55:00

Geely is the leading contender to takeover Volvo

Chinese manufacturer Geely is inching its way to take over Volvo from Ford and a report in the Wall Street Journal is saying that in fact, it has emerged as the leading contender. Geely’s bid is estimated to be worth $2.5 billion, a bid that Ford and outsiders consider much higher than was expected for Volvo.In the past few years, Volvo was reported to have lost more than $1bn. While it seems that the proposal is too good to be true, there is one sticking point. [more...]

Date: 2009-09-25 19:22:28

What Are The Top Tips For Saving Money On Food?

by Asem Eltaher Saving money is a hot issue that is on the minds of many people these days. Thanks to the troubled times that we have, it is imperative that we do not wasted any resources, be it money or otherwise. Everyone wants to save money regardless of what they are doing. They want to ensure that every penny counts and control their household finances in a way that would encourage money to be saved. Therefore, reveal here some golden tips for saving money on food and household. [more...]

Date: 2009-09-27 15:14:20

Investment Dar’s financial concerns create fear over Aston Martin’s future

Kuwaiti Investment Dar has admitted to problems with refinancing its debt, creating fears about Aston Martin’s future. According to AutoCar , Investment Dar has been hit hard by the global economic downturn and says that it has signed an agreement with investors and creditors to freeze claims, allowing it more time to restructure. Investment Dar purchased a 51 percent stake in 2007 in a consortium led by Dave Richards. [more...]

Date: 2009-09-28 23:55:17

Words from the (Investment) Wise (Sept. 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 14:33:29

Will Your Credit Score Be Ruined By Credit Card Debt Consolidation Negotiators?

Amazon.de Widgets Credit card debt negotiators claim that they can help you pay less than you owe. Read the truth about credit debt negotiation scams. Protect your credit history.There are different reasons why people fall into debt. All of a sudden you may realize that you just can not make your regular payments. All of your bills and credit card statements drive you to the point of insanity and it seems that you will be unable to get out of this pit without help. [more...]

Date: 2009-09-29 11:50:50

Words from the (investment) wise for the week that was (September 21 – 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 07:51:48

Words from the (investment) wise for the week that was (September 21 – 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 07:51:48

Is Bush Tanking Stocks to Grab the Remaining $350 Billion TARP? Remember the much decried end-of-Clinton- era pardons, the most controversial of which involved tax cheat and storied trader Marc Rich? Well, if I am reading the tea leaves right, those shenanigans pales compared to the nonsense Bush is trying to pull in his last week in office [more...]

Date: 2009-01-13 21:43:00

Media Release: Constellation Selling its Value Spirits Brands for $334 Million

·         Increases focus on higher-margin mid-premium spirits brands·         Leverages existing infrastructure to improve efficiencies·         ... . , the world’s largest wine company and a leading international producer and marketer of beverage alcohol ... Sazerac Company, Inc. for $334 million, subject to closing adjustments. The transaction is subject [more...]

Date: 2009-01-12 15:19:54

MGM on the Verge of Bankruptcy, Asks for Emergency Funds

Back in 1924, Metro Pictures, Goldwyn Pictures Corporation and Louis B. Mayer Pictures merged together to form Metro-Goldwyn-Mayer , or MGM , with the motto, " Ars Gratia Artis ", a Latin phrase meaning " Art for art's sake ." Over the last 85 years, the studio has become one of the most powerful and recognized studios ever, probably because of their iconic logo (seen above) and roaring lion at the start of all of their films. [more...]

Date: 2009-09-25 09:00:14

Updated: Nortel Is Bankrupt, More Layoffs Coming

Updated with confirmation, comment from Nortel: In a sign of just how deep the troubles of the troubled telecommunications industry currently run, ... in the last few weeks. Tomorrow it has to make a $107 million interest payment on its debt — ... in debt, and faces declining sales for its gear as operators pause network deployments. To further [more...]

Date: 2009-01-14 13:58:08

Debt Management, Debt Settlement And Debt Consolidation For Dummies

By Michael Redbourn If you've tried different get out of debt systems, and none of them helped, then it may simply be that you owe too much money relative to your income, and that nothing is going to help much except either reducing the interest and fees, or restructuring your debts completely, meaning not just the fees and interest, but getting the lender to reduce the total amount owed, and therein lies the difference between Debt Management and Debt Settlement. [more...]

Date: 2009-09-26 18:02:21

What’s next for Lee?

Although its stock has been pummeled to pennies per share and its auditors have stated the company is in danger of defaulting on $1.4 billion in debt, Lee Enterprises still produces a larger operating profit, percentage-wise, than ... to make a $142.5 million debt payment due this spring.Because Lee is unlikely to have the cash to pay [more...]

Date: 2009-01-05 04:15:00

Feds Looking at Richardson’s ‘Most Senior and Trusted Aide’

Federal prosecutors are asking whether David Contarino, a man Gov. Bill Richardson once described as the “strategic mind” of his administration and “my most senior and trusted aide,” was involved in the alleged pay-to-play scheme that derailed the governor’s nomination for commerce secretary days ago, writers at Bloomberg are reporting [more...]

Date: 2009-01-07 16:44:08

Denver Bankruptcy Lawyers Can Quickly Answer All of Your Bankruptcy Questions

There are a lot of questions to be answered when it comes to filing for bankruptcy: which kind should I file – Chapter 7 or Chapter 13?; will I get to keep my home, my car and my belongings?; will the bill collectors stop calling me?; how long will my credit be affected?…  The list can go on and on and if you don’t have the necessary help you may never get the right answers to some of these questions. [more...]

Date: 2009-09-27 13:15:07

Chain Of Fools

The Denver Post reports from Colorado. “Mike Kraft, a Realtor in Loveland, said first-time buyers have an edge in the current marketplace. The property they buy won’t have inflated equity, Kraft said, and many sellers are willing to help with closing costs. ‘It’s a buyer’s market. There’s a lot of inventory out there,’ he said [more...]

Date: 2009-01-04 18:13:27

Charter Gets Closer To Reorganization - Changes executive pay on road to prepackaged bankruptcy plan

It may not be a very good year for industry black sheep Charter Communications, who is rumored to be eying bankruptcy and reorganization this year, as the carrier continues to struggle with a huge debt load. The company recently laid off 75 employees, and announced they'd be consolidating its west, east and central divisions into just west [more...]

Date: 2009-01-15 12:57:39

Kremlin Declares its Sphere of Influence in Business

It is rational and logical for some governments to declare certain sectors of the economy as sensitive to national security, ... companies cut jobs, salaries and investment plans, forced consolidation in Russia's 1,000-plus banking sector and prompted a rise in corporate debt defaults. "The inclusion of a company in the list does [more...]

Date: 2008-12-26 15:20:56

Here Are Some M&A Stalwarts With Something to Prove in 2009

The market turmoil has reshaped the financial landscape. Financial News, a Dow Jones publication and a contributor to Deal Journal, looks at some individuals entering a make-or-break period following the maelstrom of 2008: Mark Aedy The acquisition of Merrill Lynch by Bank of America will put its commitment to European investment banking to the [more...]

Date: 2009-01-05 15:45:58

Here Are Some M&A Stalwarts With Something to Prove in 2009

The market turmoil has reshaped the financial landscape. Financial News, a Dow Jones publication and a contributor to Deal Journal, looks at some individuals entering a make-or-break period following the maelstrom of 2008: Mark Aedy The acquisition of Merrill Lynch by Bank of America will put its commitment to European investment banking to the [more...]

Date: 2009-01-05 18:44:00

Boom! Nortel Files for Bankruptcy Protection

While not surprising given the speculation, it is still a stunning development that Nortel has, in fact, filed or bankruptcy protection ... of its Board of Directors after thorough consultation with its advisors and extensive consideration of all other alternatives. This process will allow Nortel to deal decisively with its cost and debt [more...]

Date: 2009-01-14 14:14:52

MGM needs money more than fame

What's more important, fame or money? For debt-ridden MGM, the answer is money. Today, as the struggling studio opens in theaters a remake of the 1980 movie musical "Fame" — its first release in nine months and the only one for the remainder of the year — reports surfaced that MGM is begging its lenders to waive interest payments on its $3.7-billion debt until early next year. [more...]

Date: 2009-09-25 23:48:20

Despite Reports, Nortel Operates as Usual

Reports are circulating that Nortel has declared bankruptcy and pieces will be sold off to foreign firms. Company sources say this is untrue ... from encouraging companies and individuals to take on as much debt as they can to abruptly stopping all financing and debt renegotiation. During the dotcom/telecom bubble, VCs poured money into companies [more...]

Date: 2009-01-14 22:14:40

Bankruptcy Rules Thwart the Recovery

As seen in the Wall Street Journal The epic financial crisis afflicting the banking industry in the last 18 months is largely the result of ... in this bear market, the prospect of a bankruptcy puts a huge damper on investor appetite for debt ... debt issued for scores of leveraged buyouts in recent years. This sorry state of affairs could [more...]

Date: 2009-01-13 17:44:29

Will the GMAC Deal Spell Relief for GM?

“Consumer credit is the jet fuel of the auto business,” said Michael J. Jackson, chief executive of AutoNation Inc ... has to meet a certain quota for financing GM cars. Also, falling auto sales aren’t the only problem ... it is burning through cash to a punishing level of debt that couldn’t be funded through the markets once [more...]

Date: 2008-12-30 09:57:00

Surprise, Nortel Files for Bankruptcy. Not really!

Well, it’s been some hectic years for our trusted friend from the north - Nortel, but as we all know there’s been more downs than ups ... before Nortel was due to make a debt payment of $107 million. Facing a sharp drop in orders ... . As of its last quarterly filing, Nortel had $4.5 billion in debt and $2.4 billion in cash. Nortel said Wednesday [more...]

Date: 2009-01-14 22:41:58

Citigroup, MS, AMAT, FRP, BOBE, CF, TRA, CRBC Popular Stocks

U.S. stocks were trading higher Monday, with the Dow Jones Industrial Average rising 134 points to 9799, the S&P 500 gaining 18 points to 1063 and the Nasdaq Composite increasing 42 points to 2133.Citigroup (NYSE:C, $4.53, +$0.15, 3.42%) filed a suit against Morgan Stanley Inc. (NYSE:MS, $30.94, +$0.39, 1.28%) on Friday for allegedly breaching an agreement related to credit-default swaps. The suit contends that Morgan Stanley owes more than $245 million to Citi.Applied Materials Inc. [more...]

Date: 2009-09-28 18:56:25

Whither the newspaper, Part 2

In early December, I wrote a post about the financial troubles facing the newspaper industry as it faces a recession and a transition to a more digital-centric world. In the post, I mentioned reports that the New York Times was facing crippling debt at a time when they couldn’t pay it off, and conditions were unfavorable for them to borrow [more...]

Date: 2009-01-15 15:42:22

Government Intervention in Foreclosure

This is Part Four of a series of articles on foreclosures. This article does not constitute legal advice. Foreclosure laws vary from state to state. Homeowners in financial distress should always hire legal counsel. Call your local state bar association for a referral.  Reduced or free legal aid may be available in some states [more...]

Date: 2009-01-07 07:00:13

Iran's Revolutionary Guard buys 50 per cent stake in Iran telecom

September 27th, 2009 Goto commentsLeave a comment <p>The Canadian Press - TEHRAN, Iran - A consortium affiliated with Iran's Revolutionary Guard has purchased a majority stake in the country's telecommunications company for $7.8 billion.</p><br clear=all>Similar Posts:Iran state telecoms firm privatised in eight-bln-dollar dealReport: Iran shifts foreign currency reserve to Euros instead of US dollarsReport: Iran shifts foreign currency reserve to Euros instead of US [more...]

Date: 2009-09-27 20:23:24

Battle of the Titans

For those of you that prepare yourselves, the OPPORTUNITIES will be abundant and limitless; for those that don't it could be a very difficult period ... as they BELIEVE they have the ability to print money and create credit out of thin air endlessly. In reality ... to print wealth through monetary and asset inflation for decades. The first law the G7 is [more...]

Date: 2009-01-15 00:00:37

Sometimes it’s better to be lucky

With Nortel’s bankruptcy protection announcement yesterday there is a sickening scenario for some very unlucky folks (many I know personally) ... payment (lump sum) on September 30th or I could take some then and delay some until January 2nd of this year. I did split the lump sum payment and received part in September and part in January. I also [more...]

Date: 2009-01-15 06:52:13

The collusion of church and state

Americans United for Separation of Church and State has responded to the newest press blast (pdf here) by the Bush White House about their lovely faith-based initiatives. In short, they are trash. Bush et al are still trying to spin these things as if they are much better than Christian platforms endorsed by the government in one of the grossest [more...]

Date: 2009-01-12 16:33:00

"World Economy in 2009: Three priorities for recovery"

Wolfgang Munchau has a good piece in todays' Financial Times delineating his economic policy wish list for 2009. It has the merit of being to the point and pragmatic. His preamble contains some some striking tidbits. Munchau considers himself relatively optimistic about US housing, despite anticipating a 40 to 50% peak to trough decline, [more...]

Date: 2008-12-29 06:41:34

Will the GMAC Deal Spell Relief for GM?

“Consumer credit is the jet fuel of the auto business,” said Michael J. Jackson, chief executive of AutoNation Inc ... . Also, falling auto sales aren’t the only problem facing GM. The auto maker is dealing with myriad issues, ranging from the speedy rate at which it is burning through cash to a punishing level of debt [more...]

Date: 2008-12-30 09:57:00

When The Chips Are Down, Chipmakers Resort To Other Means

Economic pain that has been hitting the financial economy and the brick and mortar retailers is hitting Silicon Valley as well ... shareholders will provide 500 billion won in fresh loans and extend the maturity of Hynix's debt ... in cash as of Sept. 30, Daiwa Institute of Research Ltd. estimated this month. Still, Hynix had net debt [more...]

Date: 2008-12-26 21:04:00

Wall Street Breakfast: Must-Know News

Tax breaks on the horizon. Obama wants tax cuts to make up 40% of his much-heralded stimulus package, ... pulling out all the stops." Pfizer open to mega-merger. Pfizer (PFE) CEO Jeff Kindler says his company ... acquisition could drive a new wave of industry consolidation. Fighting deflation any way [more...]

Date: 2009-01-05 12:14:52

Nortel files for bankruptcy

Nortel Networks, once a high-flying telecommunications equipment maker, filed for Chapter 11 bankruptcy protection overnight ... has also put some of its assets up for sale in an attempt to survive. But mounting debt payments ... for the Toronto, Ontario-based company is paying the interest on its US$3.8 billion in bond debt. Nortel faced [more...]

Date: 2009-01-14 22:39:02

Nuclear warning to taxpayers, investors, part 2

By Joseph Romm Part 1 presented a new study that puts the generation costs for power from new nuclear plants at from 25 to 30 cents per kilowatt-hour -- triple current U.S. electricity rates! Nuclear plants with such incredibly expensive electricity and "out of control" capital costs, as Time put it, obviously create large risks for utilities, [more...]

Date: 2009-01-10 12:44:19

Ssangyong may face liquidation without aid!

The pretty decent-looking Ssangyong C200 Concept may not see the light of day if things go the way they are The first ... of all, a huge amount of debt is goin to mature early this year, and Ssangyong needs a cash injection from its Chinese parent SAIC to be able to settle these debts. Things aren’t going that well [more...]

Date: 2009-01-01 00:11:53

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