Press Briefing by Senior Administration Officials on Summit on Financial Markets and the World Economy Nov 16, 2008
And in the case of the IMF, as I think we've said publicly before, they have a $200 billion credit line; they've drawn down on less than a fourth of it, but there's a recognition that we're in the middle of a situation where its resource needs may grow quite quickly ... SENIOR ADMINISTRATION OFFICIAL: No, I think what I said last week was consistent with what I just said, which is that they have a $200 billion credit line; they've drawn on less than a fourth of it, but in the midst of a crisis... (White House News Releases)
Drought in lending chokes small businesses in Arizona Nov 16, 2008
Of respondents, 60 percent reported tightening the maximum size of credit lines for small firms ... Even with rock-solid financials, J-Curve spent nearly five months trying to obtain the credit line ... In many cases, personal credit is hurting owners' chances of qualifying for loans and business credit lines. (AZCentral -- Business)
Credit is tight, but loans are out there Nov 15, 2008
The credit line could easily be refinanced into a longer-term loan before then, her banker had told her ... The financial condition of Quality Mobile X-Ray was key, but Styers said Moreland helped to ease her own way through the process by being proactive during the term of her initial credit line ... A credit line made more sense than a loan at first, Styers said, because of the structure of her payments on the business she was buying, but she didn t just take Southern Community s money and... (Business Journal of the Greater Triad Area)
Dexia to Sell U.S. Bond Insurance Business to Assured Guaranty; Posts Loss Nov 15, 2008
The bank had already pledged a $5 billion credit line to FSA in June, after injecting $500 million into the unit in February. The lender said the financial crisis cost 2. (Bloomberg -- Europe)
Is Harvest Energy the next Teck? Nov 15, 2008
6-billion credit line that comes due in 2010, $250-million (U.S.) of bonds that must be repaid in 2011 and $916-million (Canadian) of convertible debentures. With Harvest units changing hands at $12. (Globe and Mail)
Media Sciences Reports First Quarter Financial Results Nov 14, 2008
Media Sciences International is the leading independent manufacturer of color workgroup printer supplies. (PRNewsFoto/Media Sciences International, Inc.) OAKLAND, NJ UNITED STATES. (PR Newswire)
Lennar Corp. key credit line trimmed Nov 14, 2008
A key credit line for has been trimmed to $1 ... The credit line is known as Lennar's senior unsecured revolving credit facility. (South Florida Business Journal, FL)
DirectCash Income Fund announces results of operations for the nine months ended September 30, 2008 Nov 13, 2008
QUICK SEARCH BY ORGANIZATION. FREE SUBSCRIPTION SERVICES. (Canada Newswire)
WIRE: Failure of auto industry could set off catastrophe... Nov 13, 2008
Ford said it could last through 2009, but only because it arranged a hefty credit line last year. All this comes after tight credit and economic uncertainty in October reduced U.S. auto sales to their lowest level in 25 years -- with no rebound in sight. (The Drudge Report)
Economy may face catastrophe if GM collapses Nov 13, 2008
Ford said it could last through 2009, but only because it arranged a hefty credit line last year. All this comes after October's tight credit and economic uncertainty reduced U.S. auto sales to their lowest level in 25 years, with no rebound in sight. (Pittsburgh Post-Gazette, PA)
Store-branded cards help swipe chains' profits in sour economy Nov 13, 2008
Target is also responding to loan losses by changing terms, "aggressively" reducing credit lines and tightening underwriting, Scovanner said ... "You always run the risk that when you tighten the credit line, you could limit the purchase capability of the consumer," says Chris Theoharides, president of Advantage Consulting Group, which consults with retailers and card issuers. (USA Today -- Money)
Best Buy Blues Nov 13, 2008
5 billion credit line was hit when Lehman Brothers - one of the key lenders for the facility - went bankrupt in September ... "Borrowings against it will be costly," Carol Levenson, an analyst at bond-research firm Gimme Credit, warned of the new credit line, which was arranged by JPMorgan Chase. (New York Post -- Business)
* Eastern Europe needs support to survive Nov 13, 2008
The IMF provided an emergency credit line to support the currency, the World Bank coordinated the relief effort (much of it financed by the US and the EU), and the European Bank for Reconstruction and Development used its knowledge and resources to lead the effort to save the financial system. The Georgia package is not a done deal and circumstances elsewhere are different, but it shows that standard instruments can go a long way. (Taipei Times, Taiwan -- World Business)
Stillwater losing money Nov 12, 2008
The company still has 129 million in cash reserves, but McAllister said there is no credit line to borrow against now. And negotiating affordable financing during these troubled economic times is unlikely, he said. (Montana Standard, MT)
Details emerge in proposed Cobb EMC settlement Nov 12, 2008
Cobb EMC would also assume Cobb Energy s debt, including an $18 million credit line. Customers can comment on Dec. 2 in Cobb County Superior Court, but must tell the court and legal firms in writing. (Atlanta Journal-Constitution)
The $700b bailout Nov 11, 2008
The government had hoped federal loans and a credit line worth $123 billion would save the massive insurer. The administration now says AIG, deemed too vital to the economy to be allowed to fail, needs $150 billion and more time to repay its debt. (Boston Globe)
...US to assume toxic mortgage assets Nov 11, 2008
It will also reduce a previously announced credit line to $60 billion from $85 billion, and lower interest rates on borrowings ... The $60 billion credit line will mature in five years, while the $85 billion line was set to mature in two years ... The Fed slashed the interest rate on the credit line by 5. (The Drudge Report)
Tribune Posts Quarterly Loss, Revenue Falls Nov 11, 2008
Tribune paid $888 million in debt during the quarter, with $218 million of that money coming from another credit line. For the balance, it used money from the Newsday and Careerbuilder deals. (ABC News -- Wire)
Rupee reacts downward by 12 paise Nov 11, 2008
Banks seek dollar credit line from RBI. 00000771. (Livemint)
The next AIGs Nov 11, 2008
In October, $38 billion was added to AIG's credit line. This week, the Bush administration announced the federal government had purchased $40 billion in AIG stock and modified several of the provisions of the original bailout, including reductions in the credit line. (San Diego Union-Tribune -- Opinion)
NutraCea loses $4.5M, gets $10M in credit Nov 11, 2008
NutraCea still bleeding red ink, secures $10M credit line - Phoenix Business Journal ... NutraCea still bleeding red ink, secures $10M credit line. (Phoenix Business Journal, AZ)
Magna, American Axle, Lear Face `Serious Risks' on Auto Cuts, Lache Says Nov 11, 2008
The agreement cut the size of the company's revolving credit line to $476 ... The company said on Oct. 31 that it would renegotiate the credit line. (Bloomberg -- Canada)
AIG bailout balloons to $222b Nov 11, 2008
8 billion credit line on Oct. 8 to shore up its securities-lending program and then another $US20 ... 8 billion credit line from the Fed will be shut down, AIG said ... The interest rate on the $US60 billion credit line will be reduced to the three-month London interbank offered rate plus 3%age points, from a previous spread of 8. (Sydney Morning Herald -- Business)
GIANT LI WHOLESALER IS GETTING CRUNCHED Nov 11, 2008
The cutoff came despite efforts in recent months to renegotiate the credit line, sources said. "The reason [GE] gave us was the environment outside was so bad that they are trying to protect themselves," National Wholesale Liquidators 00004000 told its suppliers in a recent letter. (New York Post -- Business)
Rebuilding of economy will take time PPC Nov 11, 2008
This would require a World Bank or International Monetary Fund credit line to underpin the currency, because the country had no foreign currency reserves. A new Zimbabwean currency linked to either the rand or the dollar would also have to be introduced, he said. (Business Report, South Africa)
KKR Cuts Dividend, Might Become Bank Nov 11, 2008
The company does not expect to borrow against the $100 million standby credit line initially as it has sufficient liquidity to bridge the gap between its previous and new borrowing facilities, Fanlo said. He said the standby facility was an "insurance policy". (Newsmax)
AIG, US May Expand Bailout to $150 Billion, Cut Interest Rate Nov 10, 2008
In addition to the $85 billion loan on Sept. 16, AIG got two more government credit lines totaling $58 ... 8 billion credit line that the Fed gave AIG last month to support this operation will be terminated, the person said. (Bloomberg)
France not certain Big 3 can continue in NASCAR Nov 10, 2008
"Can we establish lines of credit? They're individual businesses, there's literally hundreds of them that could be affected depending on how far they'd go,'' France said. "We're not talking about 20-25 traditional sports teams where some halo credit line could be established for them. That's not practical. (MSNBC -- Sports)
France uncertain Big 3 can continue in NASCAR Nov 10, 2008
"We're not talking about 20-25 traditional sports teams where some halo credit line could be established for them. That's not practical. "We understand team owners are in dire straits, but the entire country is in dire straits in one form or another. I wish we could have a safety net for everyone in our industry, but it's not practical. (SportsIllustrated.CNN -- Racing)
NASCAR doesn't plan bailout Nov 10, 2008
"We're not talking about 20 to 25 teams where some halo credit line could be established for them."France said he and NASCAR president Mike Helton have met in recent months with top executives of all the auto manufacturers involved in the sport. "We are trying very carefully to understand what they're going through and how it relates back to team owners," France said. (News & Observer -- Sports)
U.S. overhauls rescue of AIG Nov 10, 2008
The government created an $85 billion emergency credit line in September to keep AIG from toppling and added $38 billion more in early October when it became clear that the original amount was not enough. As part of the revised bailout, the Federal Reserve said it would now reduce that credit line to $60 billion ... AIG negotiated the original $85 billion revolving credit line with the Federal Reserve after its efforts to raise money from private lenders failed in the panic of mid-September. (International Herald Tribune -- Business)
AIG may get billions more in bailout Nov 10, 2008
The Bush administration was overhauling its rescue of American International Group on Sunday, according to people involved in the transaction, amid signs that its initial credit line of more than $100 billion and the interest that came with it were putting too much strain on the ailing insurance giant. The Treasury Department and the Federal Reserve Board were near a deal to invest another $40 billion into the insurance giant, these people said. (International Herald Tribune)
I Will Follow You Nov 10, 2008
This is a striking admission that the initial $85 billion emergency credit line, which has since grown to $143 billion, failed to stabilize the. The new deal would give AIG not only more money but more time to repay the loan at a lower interest rate. (Slate)
US weighs buying AIG equity, insured bonds Nov 10, 2008
The initial credit line has a two-year term and an onerous interest rate, currently above 10. AIG also granted the government warrants for a nearly 80% stake. (The Star Online, Malaysia -- Business)
Surviving - and thriving Nov 9, 2008
Carl Stjernfeldt of Castile Ventures in Waltham advises companies that can get loans to "line up debt now, even if you may not need it. It's like any other credit line, where it's good to have it ready to go, even if you don't need it.". Venture capitalists will have the upper hand. (Boston Globe)
Election should ease consumers' 'uncertainty' Nov 9, 2008
And, in part through the sale of 27 percent of its stores, Lithia raised $100 million that went to reducing its credit line to $84 million. He expects Obama to make cuts, too, instead of relying exclusively on taxes. (OregonLive, OR -- Business)
AIG in Talks to Rework Terms of Federal Bailout Nov 8, 2008
Options under discussion include lowering the interest rate or lengthening the credit line's two-year term, sources familiar with the discussions said, speaking on condition of anonymity because the negotiations are private ... To make payments on the $85 billion credit line, including charges he estimated at $22 billion over two years, AIG would be forced to sell pieces of itself at a fraction of their value, Greenberg said. (Washington Post)
Battered builders cope Nov 8, 2008
It also acknowledged in its annual report that its debt load along with renegotiated terms of its credit line may hinder it from seizing on distressed opportunities. Some of our competitors may be in better position to take advantage of such favorable acquisition opportunities that should likely become available in the future, it said. (Philadelphia Business Journal, PA)
Managing Your Credit Scores Nov 8, 2008
It takes at least 6 months of reporting a credit line s history before it is considered for scoring ... It s pushing credit lines to the limit that brings your score down ... Speaking of big and little ticket items, credit histories for big ticket installment loans affect your credit more than the little ticket revolving credit lines. (Suite101.com)
AIG, U.S. in Talks to Restructure Loan: Source Nov 8, 2008
The initial credit line has a two-year term, carrying a steep interest rate. AIG also had to grant the government warrants for a nearly 80 percent stake in the company. (ABC News -- Wire)
Neiman Marcus feeling the sting Nov 8, 2008
98 billion credit line. Neiman s operations include a specialty retail segment made up of Neiman Marcus and Bergdorf Goodman stores, and a direct marketing segment that conducts print catalog and online operations. (Dallas Business Journal, TX)
Hokulia developer remains optimistic Nov 8, 2008
Anderson said he was not caught totally off-guard when the Bank of Scotland decided earlier this year to terminate its credit line with the Scottsdale, Ariz. -based Lyle Anderson Cos. (Pacific Business News, HI)
US Weighs Options to Ease Strain on AIG Nov 7, 2008
The Problem: AIG is trying to sell assets to pay back a massive $85 billion credit line in a down market. Pressure Point: The loan carries a stiff interest rate, including 8. (Wall Street Journal)
Celesio Plots Assault on German Pharmacies as EU Considers Opening Market Nov 7, 2008
Celesio, based in Stuttgart, has arranged a 600 million-euro ($763 million) credit line to buy more of the country's 21,500 pharmacies. The financing, set up before the global credit squeeze, is in ```no danger,'' said spokesman. (Bloomberg -- Germany)
Sara Lee share buybacks back on Nov 7, 2008
8-billion credit line it has with 17 banks. Sara Lee spent $315 million buying back its shares in fiscal 2008. (Crain's Chicago Business)
U.S. opposes global crisis regulator Nov 7, 2008
The White House, officials said, does not support proposals for a giant increase in financing for the International Monetary Fund, which is lending money to Iceland, Hungary and Ukraine and recently set up a credit line for countries with liquidity shortages. Noting that the IMF had $200 billion on hand to lend, another official said, "The IMF seems quite well-funded.". (International Herald Tribune -- Money Report)
Sprint alters loan terms, cuts debt by $1B Nov 7, 2008
5 billion will remain available until it matures in 2010 and that the company can use as much as $3 billion of the credit line to secure letters of credit. The amended credit agreement includes. (Washington Business Journal, DC)
Buyers With Great Credit Scores in Driver's Seat Nov 6, 2008
REALTOR Magazine Online: The real estate professional's business support tool. YOUR INTERACTIVE MAGAZINE REALTOR.ORG/realtormag. (Realtor Magazine Online)
U.S. won't back proposal for global crisis regulator Nov 6, 2008
The White House, officials said, does not support proposals for a giant increase in financing for the International Monetary Fund, which is lending money to Iceland, Hungary and Ukraine and recently set up a credit line for countries with liquidity shortages. Noting that the fund had $200 billion on hand to lend, another senior official said, "The IMF seems quite well-funded.". (International Herald Tribune -- Business)
Victims of the crash: 7 dead brands Nov 6, 2008
Instead, the financier lined up by the investors, Wells Fargo, reduced the Domain's credit line twice in 2007. Frustrated by payment delays, Domain's overseas vendors started to curtail their shipments. (CNN -- Money)
Obama's Change You Can Believe in Meets Reality Nov 6, 2008
For example, American International Group Inc., which received an $85 billion credit line from the Federal Reserve on Sept. 16 to keep it afloat and an additional $38 billion three weeks later, is burning through cash at an alarming pace. No Road Map. (Bloomberg -- Columnists)
Angle Announces 2008 Third Quarter Results Nov 5, 2008
We exited the period with working capital deficiency of $10,680,000 ($10,863,000 excluding the unrealized derivative asset and related future tax liability) compared to available credit lines of $70,000,000. Our annual bank review was completed in June 2008 and our credit line was increased by $20,000,000 from the previous credit line of $50,000,000. (CCNMatthews Press Releases)
Brazilian Banks Propose Merger Nov 4, 2008
5 billion credit line from the government's stabilization fund. The government will also guarantee up to $19. (Washington Post)
Remember 2004? It ain't over. Nov 4, 2008
9B in additional Fed credit line Friday October 31, 6:07 pm ET By Ieva M. Augstums, AP Business Writer. In total, the government has put about $144 billion at AIGs disposal. (Atlanta Journal-Constitution -- Opinion)
Another View: Intervention Nov 4, 2008
Offering a bigger credit line to Fannie Mae and Freddie Mac in July didn't avert a complete government takeover in September. And so it has gone, on down the list of interventions. (Hanford Sentinal, CA)
Need to know: Diageo's 25m campaign ... GMAC sale ... Centrica gains Nov 4, 2008
2 billion credit line from the Government s stabili-sation fund. The deal, called a silent participation , does not give the State a stake in the bank. (Times Online)
Treasurys edge up after manufacturing contraction Nov 4, 2008
Of those affected, almost 45 percent said they saw a decrease in the availability of credit; nearly 41 percent saw an increase in the cost of credit; nearly 25 percent experienced difficulty in initiating or renewing a bank credit line; and nearly 79 percent reduced spending or hiring. Circuit City Stores Inc. said Monday it is closing about 20 percent of its U.S. stores and laying off about 17 percent of its domestic work force. (San Diego Union-Tribune -- Business)
Britain prods oil producers to aid IMF Nov 3, 2008
In Lisbon, the authorities said they were setting up a credit line for Portugal's banks and were moving to nationalize one of the smaller lenders in the country, Banco Portugues de Negocios. In Russia, officials announced new measures to halt capital flight. (Boston Globe)
Credit crunch trickle-down effect Nov 3, 2008
New Suzuki dealership closes due to inability to expand $10M credit line ... Richard Arledge closed down his Denton Suzuki dealership earlier this month because he couldn t expand his credit line ... Arledge, a longtime used car lot owner, provided financing for those customers via a $10 million credit line he had arranged with a hedge fund. (Dallas Business Journal, TX)
Leaders tackle economic brush fires around the globe Nov 3, 2008
In Lisbon, the authorities said they were setting up a credit line of 4 billion for Portugal's banks, and were moving to nationalize one of the smaller lenders in the country, Banco Portugu. s de Neg. (International Herald Tribune -- Business)
To The Point Nov 3, 2008
2 bil credit line with JPMorgan. Dillard's () was responding to attacks by activist investors who derided its management and weak performance. (Investors Business Daily)
Portugal says it will nationalize troubled bank Nov 3, 2008
"The government has taken this decision, above all, to ensure that account-holder savings are safe,'' Teixeira dos Santos told a news conference Sunday. BPN, which posted profits of euro56.7 million euros last year, made no immediate comment. No other Portuguese bank has reported problems stemming from the financial crisis. Teixeira dos Santos said two administrators from the central bank would oversee BPN's activities from Monday. At a later stage, BPN will be placed under the management of... (The Star Online, Malaysia -- Business)
Malaysia's measures to restore confidence Nov 3, 2008
They said the Government should ensure the countrys banking system remains strong; and funding and credit lines remained open to small businesses and manufacturers ... We need to ensure that the local financial system will continue to provide credit line and lending activities, he said. (The Star Online, Malaysia -- Business)
Referendum chatter Nov 1, 2008
If we dont tap this source of financing now, the district loses the credit line and our chance to build for the future will be lost. Please join me in voting YES on both Referendum Questions on Nov. 4. (Forest Republican, WI)
Carnival Cruising For A Brui$ing Nov 1, 2008
Had the company not suspended the 1 billion dividend, Carnival would have had to tap an emergency credit line, which would have wrecked its balance sheet and hiked interest costs. Carnival said it expects 2009 profit will drop about 11 percent, to between 2. (New York Post -- Business)
