Georgia Bank & Trust owner reports lower income Oct 31, 2009
Billionaire gives CIT $1 billion credit line. NEW YORK --- Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company's restructuring plan amid reports CIT might soon file for bankruptcy protection. (The Augusta Chronicle)
Brazilian Currency's Appreciation May Drive Away Tourists, Barretto Says Oct 31, 2009
Barretto said state-development bank BNDES hoped to have ready by November a 1 billion-real credit line to finance the construction of hotels for the two major sporting events. Rio, as part of its winning bid, promised to double current hotel space to 50,000 rooms. (Bloomberg -- Latin America)
CIT Moves Closer to Pre-Packaged Bankruptcy Approval Oct 31, 2009
CIT also announced an agreement with Goldman Sachs Group that would reduce a $3 billion credit line to $2. 125 billion but, critically, keep the line open during a bankruptcy. (ABC News -- Business)
Calderon Bonds Sink Most in Nine Months as Mexico Rating Downgrade Looms Oct 30, 2009
5892 amid the global credit crisis in March, prompting Calderon to turn to the International Monetary Fund for a $47 billion credit line. The economic slump and downgrade concerns also are eroding demand for corporate debt. (Bloomberg -- Latin America)
AIG's Draw on Federal Reserve Line Reaches $44.8 Billion, Five-Month High Oct 30, 2009
AIGs bailout includes access to a $60 billion Fed credit line through 2013. The rescue also includes an investment of as much as $69. (Bloomberg -- US)
Africa: International Monetary Fund Has 'Long Way to Go' Oct 30, 2009
The proposed reforms include assessing how to extend instruments like the flexible credit line - a no-strings-attached credit line available to countries that meet certain criteria - and determining whether such instruments could work as a form of insurance for countries that feel the need to stockpile reserves against speculative attacks ... Weisbrot regards the flexible credit line as possibly beneficial, but is sceptical about the way in which it is implemented ... "The flexible credit line... (allAfrica.com)
An uncelebrated century Oct 30, 2009
A cash-strapped FDIC may yet be forced to tap a $500 billion credit line with America s Treasury. For big banks, there is the threat that the agency will levy an emergency round of premiums. (The Economist)
Max & Ermas owner seeks Chapter 11 Oct 27, 2009
He declined to specify the size of the credit line or identify its provider, but said that with the monthly cash flow from the restaurants, the chain could comfortably handle a $25 million loan. Reinert previously sought a $35 million loan from LLC. He now is suing the Chicago firm, trying to recover a $1. (Columbus Business First, OH)
Bank failures top 100, only part of industry woes Oct 26, 2009
It can tap a credit line from the Treasury of up to a half-trillion dollars to cover the gap. The list of banks in trouble is getting longer. (Columbus Telegram, NE)
Bank closings hit 100 for year; most since 1992 Oct 24, 2009
It can also tap a Treasury credit line of up to $500 billion - $100 billion of which does not require Treasury's approval. Copyright 2009 The Associated Press. (WCAX.com, VT)
Transcript of a Press Briefing by Caroline Atkinson, Director, External Relations, IMF Oct 23, 2009
Secondly, to look at our financing role and to build on the innovative flexible credit line that was introduced earlier this year, to think how we can help with the issue of excessive reserve buildup or reserve buildup for insurance purposes ... Of course, they were severely hit, have been severely hit, by the global crisis, and, as you know, they have access to our flexible credit line ... QUESTIONER: You mentioned the flexible credit line. (IMF News)
For Entrepreneurs, Credit Eases—a Bit Oct 23, 2009
Two banks turned Carson down before she landed a $250,000 Small Business Administration-backed credit line from Susquehanna Bank. Now things look quite different. (BusinessWeek)
Electric vehicle incubator in San Jose may be non-starter Oct 23, 2009
The credit line opened in 1999 was collateralized with Garzee s Los Gatos home, and to cover the repayment the bank wants to foreclose on the collateral ... Garzee and his attorney, Ted Phillips of the San Francisco law firm Phillips, Greenberg and , acknowledge the bank has the right to decline the renewal of the credit line, but what s puzzling to them is the lack of effort to try to work it out. (San Jose Business Journal, CA)
Pepco amends $400M credit line Oct 23, 2009
Pepco Holdings Inc. has amended a $400 million credit line that was set to expire next month. The parent company of the electric utility said the new expiration date for the amended credit line is Oct. 15, 2010. (Washington Business Journal, DC)
GM's subsidiary raises $412 mn Oct 23, 2009
GM Daewoo, hit by falling demand amid the global downturn, has already used up a $2 billion credit line. "GM's decision to increase its equity in GM Daewoo signifies the importance of the Korean business unit to GM's global operations," Nick Reilly, president of GM International Operations, said in the statement. (India Times)
Credit costs drive Fifth Thirds 3Q loss Oct 23, 2009
(Credit line) utilization is down significantly, and it is at the lowest levels we can remember seeing. Customers are still being careful and we haven t seen much in the way of increased capital investment or working capital needs. (Tampa Bay Business Journal, FL)
Asia, the Financial Crisis, and Global Economic Governance, Speech by John Lipsky, First Deputy Managing Director of the International Monetary Fund at the Federal Reserve Bank of San Francisco Conference, Santa Barbara, California Oct 22, 2009
Importantly, with the introduction of the Flexible Credit Line (FCL), the IMF now offers a pre-emptive insurance facility for members with strong policies. Mexico, Poland and Colombia have used this facility, and their decision to do so was well-received by international markets. (IMF News)
Macerich lowers outlook, plans stock sale Oct 22, 2009
5 billion credit line. and will lead the sale. (Phoenix Business Journal, AZ)
IMF defends lending policies Oct 21, 2009
The center argues that restoring confidence and deterring capital flight can be best accomplished through the fund's new Flexible Credit Line which provides large amounts of credit with no conditions - but is only available to Poland, Colombia and Mexico - instead of by encouraging pro-cyclical policies at a time of economic crisis. The IMF has asserted that the CEPR report has numerous factual inaccuracies in its case studies - particularly those in Hungary, Latvia and Ukraine - and "[i]n... (Asia Times Online)
7,000 jobs go as Quelle goes bust Oct 21, 2009
German authorities later granted Quelle a 50m-euro ($75m; 46m) credit line to keep the business afloat. Quelle tried to restructure its activities but its 2007/08 sales of nearly 2bn euros came in far behind the market leader Otto. (BBC News -- Business)
The Perils Of A Debtor Nation Oct 20, 2009
Britain had spent blood and treasure to beat the Nazis, and was hoping or a gift of $3 billion, a credit line of $5 billion, and other generosities. As Robert Skidelsky points out in his magnificent biography of Keynes, "The Americans had never accepted that they owed Britain a moral debt" for its disproportionately large sacrifices. (CBS News)
SBA loans dwindle as economy suffers Oct 20, 2009
Back during the credit crisis in the early 1990s, he had a similar experience when his bank at the time, , canceled his credit line and called his loan. That time, too, it was the bank having a problem and not his business. (Sacramento Business Journal, CA)
Finance and Economic Growth, Remarks by First Deputy Managing Director John Lipsky Oct 20, 2009
In particular, the new Flexible Credit Line (FCL) and High Access Precautionary Arrangements (HAPA) represent new tools that can be effective in crisis prevention. The Fund is analyzing whether it can devise additional insurance-like facilities that would reduce risks. (IMF News)
Stereotaxis pumps up Oct 18, 2009
The new funding, along with the extension of Stereotaxis credit line with from $25 million to $30 million, will allow the company to expand both its applications for heart problems and its marketing, Kaminski said. Stereotaxis has borrowed $13 million on the line of credit to date. (St. Louis Business Journal, MO)
Press Release: IMF Executive Board Completes Review of Mexico's Performance Under the Flexible Credit Line Oct 17, 2009
Press Release: IMF Executive Board Completes Review of Mexico's Performance Under the Flexible Credit Line ... IMF Executive Board Completes Review of Mexico s Performance Under the Flexible Credit Line ... The Executive Board of the International Monetary Fund (IMF) today completed its six-month review of Mexico s qualification for the arrangement under the Flexible Credit Line (FCL) and reaffirmed Mexico s continued qualification to access FCL resources. (IMF News)
GM Reiterates Joining GM Daewoo Rights Offer: CEO Oct 15, 2009
GM Daewoo has requested additional loans from banks, including KDB, after using up a $2 billion credit line. The South Korean unit is a critical hub in Asia for GM, responsible for small car design and engineering. (ABC News -- Wire)
Talecris launches $550M debt offering Oct 14, 2009
The company, which employs 2,000 people in the Raleigh-Durham area, also has amended the terms of that credit line, according to a filing Tuesday with the U.S. Securities and Exchange Commission. In the filing, Talecris says that Wachovia has agreed to increase the amount the company may draw from the facility and spend on acquisitions this year to $250 million. (Triangle Business Journal)
Security summit ends in China with little to show Oct 14, 2009
In June, Hu offered a $10 billion credit line to Central Asian states, but no details have been released and it remains unclear whether any funds have been disbursed. Also in Beijing, as observers, were Pakistani Prime Minister Yusuf Raza Gilani, Iran's First Vice-President Mohammad Reza Rahimi, and ministers from India, Mongolia and Afghanistan. (The Star Online, Malaysia -- News)
GM seeks loans from S Korean bank Oct 14, 2009
GM Daewoo is seeking a one trillion won (855 million dollar) loan after using up a two billion dollar credit line from creditors. It is also reportedly planning a 491. (India Times)
GM chief seeks fresh loans from SKorean bank Oct 14, 2009
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U.S. Treasury Didn't Watch `Controversial' AIG Bonuses, TARP Report Finds Oct 14, 2009
AIG got a $30 billion credit line from Treasury a week earlier, part of its third revised rescue. a spokeswoman for Treasury, didnt immediately return a call made after business hours. (Bloomberg -- US)
GOP uses ACORN to fight bank redlining law... Oct 13, 2009
5 million of the JPMorgan Chase credit line to build 25 homes and has repaid most of it, Chadwick said ... Loaiza didn't act as a loan officer for any Beverly homebuyers, nor did he have anything to do on JPMorgan's end with the project's multimillion-dollar credit line, Chadwick said. (The Drudge Report)
Your Money: Farmers don't plan to fail, they often fail to plan (2) Oct 11, 2009
In other words, the farming children are close to 40-years-old, but don't have a credit line in their names. This is a small issue, but correctable. (Sioux Falls Tri-State Neighbor, SD)
Matters of size Oct 11, 2009
But now that Conforti wants to expand the wholesale business, he s had trouble getting the financing: He said his credit line has been slashed from $90,000 to $50,000, even though he makes payments on time, and he s been turned down in bids to equipment financing companies to get $75,000 for equipment ranging from a walk-in freezer to a steam kettle. Finale, Conforti said, has maintained strong relationships his lenders. (Boston Globe)
An IMF Just for Emerging Markets Oct 10, 2009
As for loan policy, at first the group could copy the design of the Flexible Credit Line, a new IMF loan with few strings attached. So far the loan has only three takers Poland, Mexico, and Colombia because other eligible countries, particularly in Asia, are still wary of the fund. (BusinessWeek)
Hints of better days to come in the economy? Oct 9, 2009
And, we must continue to import or the Chinese cut off the credit line for all our government spending and we are toast. Jay, you are a liberal Tool. (Atlanta Journal-Constitution -- Opinion)
Neimans Sept. same-store sales drop 16.9% Oct 9, 2009
The company also said it has not borrowed against its $600 million credit line. Most Read Stories. (Dallas Business Journal, TX)
Waikiki Nei files for Chapter 11 Oct 9, 2009
6 million to Hawaii-based for loan, lease and credit line, and $693,259 to B.P. for lease payments and utilities. The Royal Hawaiian Showroom is located in the , a Waikiki shopping complex owned by , aka Bishop Estate. (Pacific Business News, HI)
Opening Address to the 2009 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund Oct 7, 2009
We introduced a new Flexible Credit Line, granting rapid upfront financing in large amounts to countries with a proven track record, with no additional conditionality ... Second, we need to build on the success of the Flexible Credit Line and provide insurance to more countries. (IMF News)
Press Release: Communiqué of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund Oct 7, 2009
The Flexible Credit Line (FCL), in particular, has provided important support to a number of emerging market economies. At the same time, increased concessional support has provided additional space in low-income countries for countercyclical policies. (IMF News)
Press Release: IMF Managing Director Dominique Strauss-Kahn Welcomes Chile's Commitment of Additional Financial Support for the IMF Oct 7, 2009
" Useful links: Agreements bolstering lending capacity: Factsheet on increasing the Fund s resources: Factsheet on IMF borrowing arrangements: Press Release: Participants in New Arrangements to Borrow and Potential New Participants Discuss Expansion and Reform of IMF Credit Line: IMFC Communiqu?, April 25, 2009: April 2009 G-20 London Summit final Communiqu?: IMF EXTERNAL RELATIONS DEPARTMENT Public Affairs Media Relations Phone: 202-623-7300 Phone: 202-623-7100 Fax: 202-623-6278 Fax:... (IMF News)
Area executives seethe at Empire Zone rulings Oct 6, 2009
That represents more than 10 percent of my credit line. Kletter s outrage illustrates the business community s reaction to Empire Zone changes set in the state budget this year. (Albany Business Review, NY)
Brazil switches roles with helping hand for IMF Oct 6, 2009
In 2002, Brazil obtained an IMF credit line of 30. 4 billion dollars, the biggest in the history of the IMF, to avoid a massive default on its debt. (Yahoo! Asia News)
Bankers want FDIC boost Oct 6, 2009
The FDIC could borrow up to $500 billion from the Treasury but has said it wants to reserve that credit line for an "emergency or other unforeseen event," adding that current and anticipated failures "can be planned for and met by industry resources.". Now experts hope the prepayment plan will see the FDIC through the worst spate of failures since the savings and loan crisis of the late 1980s and early 1990s. (San Francisco Chronicle -- Business)
Declining home values squeeze reverse mortgages Oct 6, 2009
Under a reverse mortgage - the official FHA name is Home Equity Conversion Mortgage - the lender typically provides senior homeowners with a lump-sum payment, monthly payments or an equity credit line. The amounts paid to the owners are secured by the equity in the house, and become due and payable with interest when the owners sell the property or otherwise cease using it as their residence. (San Francisco Chronicle -- Business)
IMF will need 'substantial increase' in funds Oct 5, 2009
Strauss-Kahn recalled that the fund's new Flexible Credit Line (FCL) had provided important support to emerging-market economies amid the global economic crisis, with Mexico, Poland and Colombia signing up earlier this year. But the FCL back-stop, where members pay a fee to have access to the institution's reserves whenever they want, is limited in scope and concerns only a certain category of countries, he said. (Yahoo! Asia News)
Transcript of the IMFC Press Briefing Oct 5, 2009
The second point is that maybe you haven't noticed that I am talking for several weeks now about the question of building on the success of the FCL, the flexible credit line. The flexible credit line was created six months ago ... And I emphasize this point because this flexible credit line is something totally different from what we did in the Fund before because it is really the seeds for an insurance, and it has been seen by Mexico, by Poland, by Colombia as an insurance, paying a fee, and... (IMF News)
Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development Communiqué Oct 5, 2009
Ministers welcomed the improvements in the IMF s lending policies including the introduction of the Flexible Credit Line and the High Access Precautionary Arrangements, the increase in access limits and the further streamlining of conditionality. They called on the IMF to take further specific measures to enhance its instruments for broad-based precautionary financing. (IMF News)
Wells Fargo cutting customers' lines of credit Oct 4, 2009
This she learned after discovering, upon checking her account online, that $46,000 of her home equity credit line had disappeared. The other shoe dropped on Wednesday, when she received what might be called a "Dear Julie" letter, informing her that while she is a "valuable customer," her credit line was being cut due to a supposed decline in the value of her home. (San Francisco Chronicle -- Business)
Some firms find banks willing to lend again Oct 4, 2009
Total Transit secured a $3 million loan from JPMorgan Chase a few months ago that features a $500,000 working-capital credit line and $2. 5 million to buy equipment. (AZCentral -- Business)
East European Shares Appreciate 65% Without Making Mobius Any Less Bullish Oct 2, 2009
6 billion credit line from the IMF in May. The east Europe index has slipped 1. (Bloomberg)
Femsa, Hypermarcas, Iguatemi, Rossi, Santander, YPF: Latin Equity Preview Oct 2, 2009
(IGTA3 BS): Scialpha Participacoes SA, a unit of the mall and commercial property operator, secured a credit line worth 90 million reais ($50. 4 million) with Banco Bradesco SA, Iguatemi wrote in a regulatory filing. (Bloomberg -- Latin America)
A Long Bet on Electric Cars Oct 1, 2009
Rogers says Fisker must raise more money to tap the credit line, but debt will still account for 70% of the company's funding. So the risk, and burden if these companies fail, will mostly rest with U.S. taxpayers. (BusinessWeek)
Saving $4 Billion in Interest Comes With Fannie-Freddie Void in Borrowing Oct 1, 2009
The company retained its access to a credit line provided by the Treasury and state-tax exemptions, links that implied government backing and allowed it to borrow more cheaply than other companies. Expanding Investments. (Bloomberg)
Crocs laces up $30M in credit Oct 1, 2009
Loans under the credit line will be secured by company assets and bear variable interest rates. The credit facility matures in September 2012. (Denver Business Journal, CO)
Can an Accounting Trick Rescue the FDIC? Oct 1, 2009
This is well within the rules of the FDIC. The agency has a credit line with the Treasury to tap as much as $500 billion in emergency capital through the end of next year. But the FDIC is worried that if the agency, which has always been privately funded through bank assessments, borrowed money from the Treasury, it would look like a new bank bailout, eroding the sliver of confidence the public has regained in our nation's banking system in the past few months. (Time.com)
Banks Have Us Flying Blind on Depth of Losses Oct 1, 2009
The agency could tap its $500 billion credit line with the U.S. Treasury. It still would have to pay back the money with fees from the industry, assuming the banks cant persuade their minions in Congress to change the law. (Bloomberg -- Columnists)
AIG Said to Dismiss Advisory Firm McKinsey as Benmosche Seeks to Cut Fees Oct 1, 2009
AIG owes more than $38 billion on a credit line ... 5 billion bailout includes a $60 billion Fed credit line, a Treasury Department investment of as much as $70 billion and $52. (Bloomberg)
FDIC: Bank Failures To Cost Around $100B Sep 30, 2009
Bair didn't rule out the possibility of the FDIC tapping its $500 billion credit line with the Treasury Department, if the economy unexpectedly worsened. "But today is not that day," she said before the vote. (Click2Houston, TX)
FDIC: Bank Failures Will Cost $100B for 4 Yrs Sep 30, 2009
Bair explained why the agency selected the prepayment proposal over other options, such as tapping its $500 billion credit line with the Treasury Department. "I do think that the American people would prefer to see an end to policies that look to the federal balance sheet as a remedy to every problem," she stated. (ABC News -- Business)
RELATED: More on the proposal for banks to prepay fees Sep 30, 2009
He complains that Bair has made it politically impossible to tap the Treasury credit line, even in a crisis. "She's almost made the line of credit untouchable," Ely says. (USA Today -- Money)
FDIC expected to require banks to prepay fees Sep 30, 2009
Off the table, at least for now, are the options of tapping the agencys $500 billion credit line with the Treasury Department and the agency borrowing billions of dollars from healthy banks by issuing its own debt, the industry executives and the government official said ... The independent agency likely wouldnt consider tapping its credit line at the Treasury unless that cash were depleted, FDIC officials have said. (MSNBC -- Business)
What We Can Learn from Netflix Sep 30, 2009
It didn't matter if you'd been a great customer for 30 years and were well under your credit limit if the machine found a whiff of risk, your credit line was slashed. Now a real human might have looked at someone and said, "Hmm, George was a couple days overdue with his payment last month, and he's used up a lot more of his credit line than normal, but this is the only time he's been late in 15 years, so I think I can trust him." And when a little further digging revealed that George had been on... (BusinessWeek)
Shaw Group Extends Credit Facility to October 2012 Sep 26, 2009
Engineering and construction company Shaw Group Inc. said Friday it extended a $1 billion credit line to October 2012 by pledging its tangible and intangible assets. The credit agreement also lets Shaw to seek additional secured commitments of up to $400 million under this facility and other supplemental credit facilities. (ABC News -- Wire)
Creating CafÉ Barcomi's in Berlin Sep 26, 2009
I was instructed to calculate how much it would cost to start my business and explain my plan and ask for a credit line. It seemed simple enough. (BusinessWeek)
