RRI Energy in line with 3Q forecasts Nov 6, 2009
Our modest hedging program, which provides a high probability of achieving free cash flow breakeven or better in 2010 and 2011, secured debt reduction, and over $1. 1 billion of cash positions us to deliver long-term value to shareholders when the market recovers. (Houston Business Journal, TX)
Meet the GOP's wrecking crew Nov 6, 2009
" But the last time Philadelphia won two straight World Series? The A's, in 1929-1930. And we all remember what happened then. Say what you will about small sample sizes and correlation-is-not-causation, but based on this analysis, it's hard to argue with the data: the unlikely event of a Philadelphia victory would all but ensure a vicious double-dip recession. For the sake of the children, we should be rooting for the Yankees to close this thing out, preferably tonight. And yet, much as I care... (Salon)
Delphi Reports Strong Third Quarter Financial and Operating Results Nov 5, 2009
Delphi continues to be focused on reducing its leverage and improving its financial flexibility through net debt reduction or increasing funds flow growth resulting in a lower net debt to annualized quarterly funds from operations ratio. The Company continues to be focused on achieving its internal target range for this ratio of 1. (CCNMatthews Press Releases)
Tri-County Love INC Managing Your Money celebration held Nov 5, 2009
To assist them in this debt reduction, Gap Ministries, which are goods and services (auto oil changes, food, furniture, gas, meat, haircuts, personal hygiene items, etc. are utilized from area churches and Christian volunteers. (Ontario Argus Observer, OR)
NH will monitor Fairpoint Ch. 11 proceedings Nov 1, 2009
7 billion in debt reduction made in the restructuring plan would "position us to focus all our efforts on customers, employees and strategic plans.". Since taking over from Verizon, North Carolina-based FairPoint has been plagued by a debt obligation that has grown to $2. (Seacoast New Hampshire)
Navarre stock down after 2Q sales fall 28% Oct 31, 2009
7 million debt reduction versus the same time last year, he said. The company swung to a quarterly profit for the quarter that ended Sept. 30, posting net income of $2. (Twin Cities Business Journal, MN)
One has to be blind not to see the Anglo plan Oct 31, 2009
However, the cost cutting and debt reduction are coming at a great price - about 23 000 people, maybe more, could lose their jobs. Anglo has also introduced for the first time seven commodity business units with management teams located at the key operations. (Business Report, South Africa)
Navarre Corporation Reports Improved Profitability for Second Quarter of Fiscal Year 2010 Oct 30, 2009
Cary Deacon, Chief Executive Officer, commented, "The continued macroeconomic difficulties faced by consumers and the closure of Circuit City impacted sales versus the prior year's second quarter. However, our strategy to refocus on more productive revenue sources is clearly paying off as we are seeing strong levels of profitability and a $25.7 million debt reduction versus the same time last year.". "In particular, we are seeing the expansion of value-added services contribute to gross margin... (Yahoo! Wire -- Entertainment News)
Corzine for governor Oct 25, 2009
Other factors that helped make Gov. Corzine a target for voter discontent have been his own charisma deficiency, his unapologetic use of his personal fortune to advance his political ambitions, and the collapse of his well-intentioned but flawed plan to raise highway tolls to pay for transportation needs and debt reduction. But he has brought to the job a keen mind, financial expertise, a grasp of the state's problems and a willingness to tackle them. (NJ.com -- Times)
Daring to give when money is short Oct 24, 2009
I expected he would ask me to pray for him and share some advice about debt reduction, but instead he surprised me by saying he had concluded that the only way out of his debt problem was to give his way out. At a later meeting, he assured me that his faith-based plan was working. (Shelby Twp Advisor & Source, MI)
Banks rapped over hardship claims Oct 24, 2009
Page last updated at 10:03 GMT, Friday, 23 October 2009 11:03 UK. Banks have been told to stop giving complainants the run around. (BBC News -- Business)
How to ditch all debt Oct 23, 2009
Answer: When considering a debt reduction strategy it is always best to try and pay off the most expensive form of debt first ... Being 'more frugal' is an excellent plan when it comes to debt reduction as well as other financial planning areas. (iAfrica.com)
LodgeNet Reports Results for Third Quarter 2009 Oct 22, 2009
"In the quarter we decreased long-term debt by over $54 million and enhanced our debt and interest coverage leverage ratios; yet, we still had more than $26 million in cash at quarter's end. Our operating and cost initiatives are driven by our focus on increasing free cash flow, which we will continue to utilize primarily for debt reduction in the near term. Based on our current cash position and the cash being generated by our business, we believe we are well positioned to continue maintaining... (Yahoo! Wire -- Entertainment News)
Recovery begs for rate cut Oct 22, 2009
But in real terms, adjusted for inflation, Erwin Rode still expects some years of moderate price declines reflecting housing oversupply, restrained demand, consumer anxiety fuelling debt reduction and banks tighter lending criteria having an impact. For the building industry, led by the residential sector, this means yet lower activity levels. (iAfrica.com)
Dole expands plan to sell Oahu land Oct 21, 2009
In the last couple of years or so as Dole struggled financially, debt reduction has been a key focus of the company. Selling noncore assets, including Hawaii property, last year helped the world's largest producer of fresh fruit and vegetables post a $121 million net profit after two years of losses. (Honolulu Advertiser)
Job cuts help Journal post profit Oct 21, 2009
He noted that the company made additional progress on debt reduction by paying down another $6 million in the quarter, to bring the year-to-date figure to a reduction of almost $43 million. The Milwaukee Journal Sentinel continues its restructuring initiative to align employee costs with revenue and was profitable in the quarter despite a charge for cutting its work force, Smith said. (Milwaukee Business Journal, WI)
READ: The company's press release Oct 20, 2009
"Our operating expenses were significantly lower in the quarter reflecting substantially lower newsprint expense as well as our continued success in lowering costs across all of our businesses. We continued to opportunistically manage our capital structure in the quarter and reduce our overall debt. Our bond financing was very well received in the capital markets as we successfully raised $500 million in two $250 million tranches with maturities in 2014 and 2017. In addition, we paid down $197... (USA Today -- Money)
Africa: Lawyers in Neoliberalism [analysis] Oct 18, 2009
The poverty reduction strategies are a condition precedent for getting debt reduction. Meanwhile, debt rises; it used to be around US$8 billion, now it is over US$9 billion. (allAfrica.com)
Australia could become victim of its own fortune Oct 18, 2009
The Reserve estimates they raised $18 billion of equity since the crisis began, using almost all of it for debt reduction. They cut outstanding debt by 15 per cent to about $150 billion. (Sydney Morning Herald -- Business)
Kraton pumps up IPO story with faux amendment Oct 16, 2009
Per its senior secured credit agreement, Kraton is required to apply a minimum of 50% of the net IPO proceeds toward debt reduction on its term loan, said Standard & Poors in a report putting the B- rated company on credit watch positive. Kraton did not shed much light on the terms of the IPO during the call but implied that its launch is not imminent, said one of the lenders. (FT.com -- Markets)
Economy has left 1 billion hungry, UN says Oct 15, 2009
The decline may have been caused by low food prices that discouraged private investment in agriculture and competition for public funds for emergency relief, debt reduction, and helping to set up institutions and improve government practices, said FAO economist David Dawe. Agriculture may look less sexy because of its slower growth rate, but it still needs sustained investment to feed people in developing countries, Dawe said. (Boston Globe)
Dole loses half its value Oct 15, 2009
"This transaction would be a credit positive because of the debt reduction and the way it gives the company access to the equity markets in case it needs future capital," said Carla Norfleet Taylor, an analyst with Fitch Ratings. Dole has struggled to cope with a high debt load and declining sales. (Honolulu Advertiser)
U.N.: World hunger on the rise for a decade Oct 15, 2009
The decline may have been caused by low food prices that discouraged investment in agriculture and competition for funds from other aid fields including emergency relief, debt reduction and population control, said FAO economist David Dawe. Against the backdrop of this trend, the world's hungry were hit with a double blow recently. (MSNBC -- Health)
Unsecured Debt Settlement Oct 15, 2009
A debt settlement program can help to restore order to personal finances through a combination of a personal debt reduction and restructuring the remaining sum to improve affordability. The intermediary will take 15% of each monthly contribution as a fee and disseminate the remainder to creditors. (Suite101.com)
A big swing and a miss in Coalition pledge to axe spending Oct 14, 2009
why is no one listening to my debt reduction policy ... Opposition Leader Malcolm Turnbull, shadow treasurer Joe Hockey and shadow finance minister Helen Coonan lined up last week to release the Coalition's Debt Reduction Strategy, which aims to cut Government spending to less than 25 per cent of gross domestic product (GDP). (Sydney Morning Herald -- Opinion)
Benton Harbor: Budget's ink has familiar hue - red (891) Oct 13, 2009
"Marsh had also proposed ending the city's longtime relationship with its trash hauler, Industrial Sanitation, saying the $550,000 a year the city pays the company is around $200,000 more than other municipalities of Benton Harbor's size pay their trash haulers. The city is under contract with Industrial Sanitation until October 2010.Bell said she'll remain neutral on the issue of the trash hauler, other than to say the city is losing money on the contract. She said the amount collected in trash... (St. Joseph Herald-Pallidium, MI)
PM to unveil 16bn sale of assets Oct 12, 2009
Aides added that although these actions are important, a vital force for debt reduction will be the restoration of strong, sustainable growth within the economy. In April, Chancellor Alistair Darling forecast that public borrowing this year would reach a record 175bn over the next two years. (BBC News -- UK)
Tips to Cope with Rising Mortgage I... Oct 12, 2009
However, it should be remembered that this is not a debt reduction strategy but a coping mechanism. If able to, paying more than the minimum required will help towards debt reduction. (Suite101.com)
All People (8347) Kevin Rudd Oct 10, 2009
The federal opposition's four-pronged debt reduction strategy is nothing more than a distraction from its leadership problems, a Labor frontbencher says. Prime Minister Kevin Rudd has invited new Greek Prime Minister George Papandreou 00004000 to visit Australia. (Sydney Morning Herald -- Australia)
The Coalition's debt reduction plan Oct 9, 2009
Yesterday Malcolm Turnbull, Joe Hockey and I launched the. The Plan outlines the Coalition's strategy to combat the Rudd Government's reckless borrowing and spending. (Sydney Morning Herald -- Opinion)
More rate rises likely in 2009: experts Oct 8, 2009
But even before hearing evidence from Dr Henry - the main architect of the stimulus measures - the opposition rushed out a four-point debt reduction plan in attempt to take the focus off renewed Liberal leadership speculation. The "strategy", which was no more than a rehash of previous announcements, was labelled by Financial Services Minister Chris Bowen as just a "scare campaign" and a "distraction". (Sydney Morning Herald -- Australia)
EDF Hires Banks for Possible $5.8 Billion U.K. Distribution-Network Sale Oct 3, 2009
Chief Executive Officer Pierre Gadonneix, whose mandate expires in November, said the sale would make a significant contribution to meeting the debt reduction target. EDF agreed to buy British Energy for 12. (Bloomberg -- UK)
Press Release: Crisis Hits Low-Income Countries Worse than Anticipated, but Flexible Program Design has Given Governments Greater Policy Space to Respond, IMF Studies Show Oct 2, 2009
However, past gains from macroeconomic stabilization and debt reduction, together with some increase in aid, have created space in many countries for countercyclical policies, and Fund-supported programs have accommodated such policies to address the impact of the global food, fuel and financial crises, according to two International Monetary Fund (IMF) studies published today. The IMF announced an unprecedented increase in its aid to low-income countries in July, including an increase in... (IMF News)
CIT Group Pledges $5.7 Billion in Debt Reductions as Exchange Offer Begins Oct 2, 2009
7 Billion Debt Reduction as Swap Offer Begins - Bloomberg ... 7 Billion Debt Reduction as Swap Offer Begins. (Bloomberg -- US)
FNB: House price decline drops at steady pace Oct 2, 2009
"In SA, too, the household debt to disposable income has made little downward progress, due to incomes being under huge pressure and making debt reduction slow going.". Realistically, therefore, while we expect to see a move back to house price inflation in 2010, the expectation is that average price inflation for next year will be moderate at around 5 percent, concluded Kellerman. (Business Report, South Africa)
Sarkozy's `Grand Loan' Finance Plan to Pile On to Record French Debt Load Sep 30, 2009
The stable outlook reflects our expectations that the French economy will return to positive growth once the global economy recovers and that this will be accompanied by a clearly discernable trend in budgetary consolidation and debt reduction, S&P said. National Interest. (Bloomberg -- Europe)
Glenmark Pharma raises Rs 413 cr Sep 26, 2009
MUMBAI: Glenmark Pharmaceuticals has raised Rs 413 crore through its recently concluded Qualified Institutional Placement (QIP), which will be used towards its debt reduction plan, a top company official said. "Our recently concluded QIP generated a good response from investors. The proceeds to the tune of Rs 413 crore will go towards debt reduction. Overall, we expect strong performance out of both the speciality and generic business domains in the financial year 09-10," Glenmark Pharma's... (India Times)
Government mitigates impact of global financial crisis Sep 25, 2009
President Mills reminded rich countries to make more efforts to meet existing commitments on aid, debt reduction and accelerate disbursements and improve access to existing financial facilities. The International Monetary Fund should also put in place a new facility with relaxed conditions to support African economies during the crisis period and increase capital for the African Development Fund to enable it to scale up its interventions in support of African development. (Ghana Web, Ghana)
Ford cements China ties, sees profit Sep 25, 2009
3 billion quarterly net profit, mainly due to gains from a $10 billion debt reduction plan, and said it was on track to at least break even in 2011. CHINA MARKET IN SPOTLIGHT. (India Times)
Tariffs bill will rebound Sep 25, 2009
As America now has total debts of some US$58 trillion, a devaluation of some 30% equates to a debt reduction of $17. 4 trillion. (Asia Times Online)
Prez Mills' Speech To UN General Assembly Sep 25, 2009
Rich countries making more effort to meet existing commitments on aid and debt reduction. Accelerating disbursements and improving access to existing financial facilities. (Ghana Web, Ghana)
Fisher & Paykel Appliances Expects Full-Year Loss on Weak U.S. Sales Sep 24, 2009
Given the debt reduction achieved and projected, the board expects the revised earnings forecasts will be accepted by the banks, it said. To contact the reporter on this story: in Wellington at. (Bloomberg -- Australia & New Zealand)
ATP to sell pipelines, shares Sep 24, 2009
The company said the sale was in line with ATP s debt reduction program and that, when the deal closes, ATP will have reduced its $600 million asset sale facility by nearly $400 million. Meanwhile, the company is offering 5. (Houston Business Journal, TX)
MarineMax closes on sale of common stock Sep 24, 2009
The net proceeds will be used for general corporate purposes, which may include debt reduction, the company said in a release. MarineMax (NYSE: HZO) operates 62 recreational boat dealerships around the country. (Tampa Bay Business Journal, FL)
Ford says sees profitability in 2011 Sep 24, 2009
65 billion) due to cost-cutting and a one-time gain from debt reduction in the three months to March. In August, it posted a 17-per cent jump in US sales, fuelled by the popular government-funded "Cash for Clunkers" program. (Sydney Morning Herald -- Business)
Cemex Drops Most in Two Months on Speculation of Discount in Equity Sale Sep 22, 2009
Cemex Slides on Speculation of Discount in Share Sale (Update1) - Bloomberg. Updated: New York, Sep 22 04:19 London, Sep 22 09:19 Tokyo, Sep 22 17:19. (Bloomberg -- Latin America)
Religious groups offer financial guidance, too Sep 19, 2009
He discussed loan modifications, refinancing and debt reduction. Perhaps his best advice: Pray for wisdom. (Atlanta Journal-Constitution -- Business)
For US, China is the financial bogeyman Sep 18, 2009
Fixating on China might feel good, but is likely to accomplish very little meaningful towards debt reduction or fiscal conservatism, and holds the potential to destabilize too much America needs for its own future and economic development. Benjamin A Shobert is the managing director of Teleos Inc (www. (Asia Times Online)
New Zealand Farmers Buy More Stock in Fonterra, World's Biggest Milk Firm Sep 18, 2009
Capital raised will be used for a mix of debt reduction and investment, Chief Executive said. We have a lot of very high returning projects in the queue for that cash, he said on the call. (Bloomberg -- Australia & New Zealand)
Nationally syndicated radio talk show host Dave Ramsey to speak Sep 16, 2009
-- Nationally syndicated radio talk show host and New York Times best-selling author Dave Ramsey presents his common sense debt reduction and wealth-building strategies in a live simulcast of the Total Money Makeover from Atlanta, Saturday, Sept. 19, from 1 to 6 p.m.. Gaylord Evangelical Free Church, 1649 East M-32, Gaylord will be carrying the Total Money Makeover live event simulcast. (Gaylord Herald Times, MI)
Public Information Notice: IMF Executive Board Discusses the Management of Crisis-Related Interventions in the Financial System Sep 16, 2009
Directors emphasized that, in the expectation that the growth in sovereign balance sheets will take some time to unwind, a clear comprehensive medium-term macroeconomic strategy should be developed as soon as feasible, to anchor asset-liability management to credible paths for deficit and debt reduction. Directors considered that a strategy for disengagement should be developed that would avoid market disruption, return assets to the private sector, and maximize recovery rates in order to... (IMF News)
Numerex Corp. Further Reduces Debt Sep 15, 2009
In connection with the conversion, Numerex will also be writing-off all unamortized financing costs related to the debt reduction. This non-cash expense is approximately $130,000. (PR Newswire)
Mortgage modifications make things worse for some Sep 15, 2009
"(The lenders) focus on today and not on the future." Even under the Obama plan, they don't focus on permanent debt reduction, White says. The majority of borrowers who've gotten mortgage modifications have seen their overall principal balance go up, according to an analysis by CreditSights and ICP of about 660,000 mortgages modified this year. (USA Today -- Money)
A lost decade ahead Sep 15, 2009
For every dollar of consumer debt reduction, 66 cents will be cut from the GDP.. The negative wealth effect The Fed's quarterly Flow of Funds report showed household borrowing shrinking at a 2% annual rate in the fourth quarter of 2008 after increasing at a 0. (Asia Times Online)
HeidelbergCement Share Sale Bolsters Outlook for Credit Rating, S&P Says Sep 15, 2009
Any material cash proceeds to be raised from this prospective capital increase could somewhat improve the groups financial profile and key credit metrics through a like-amount of debt reduction, and provide larger headroom under financial covenants, S&P analyst Xavier Buffon said in a statement late yesterday. HeidelbergCement climbed 4. (Bloomberg -- Germany)
Champion Announces 2009 Results for 3rd Quarter and First Nine Months Sep 11, 2009
The Company has achieved this debt reduction through a combination of earnings, cash flow and working capital management. The Company is subject to certain restrictive financial covenants requiring the Company to maintain certain financial ratios. (PR Newswire)
MarineMax begins common stock offering Sep 11, 2009
The recreational boat retailer, based in Clearwater, will use the net proceeds for general corporate purposes, which may include debt reduction, a release said. As part of the offering, MarineMax (NYSE: HZO) requested from the lenders under its revolving credit facility additional flexibility to its debt covenants. (Tampa Bay Business Journal, FL)
Development funds are the focus of suit Sep 11, 2009
The proceeds of this tax are dedicated 75 percent to property tax relief, including special assessment bond debt reduction and infrastructure replacement and 25 percent to a job creation fund called the Williston STAR Fund. Of the 25 percent dedicated to the job creation fund, up to 20 percent and not to exceed 50,000 per year, would go toward community enhancement and marketing projects to improve the quality of life in the region. (Williston Daily Herald, ND)
Argentina Exchanges About 16.7 Billion Pesos of Inflation-Linked Bonds Sep 8, 2009
The bond swap, which had a participation rate of 76 percent, led to a nominal debt reduction of 2 billion pesos and saves 7. 2 billion pesos in debt servicing over the next three years, Lorenzino said. (Bloomberg)
Take a closer look at Elders Sep 5, 2009
A firesale of non-core investments has helped a little, but it has been clear for months that the only chance of survival would be to join the ranks of the 60-odd companies that have tapped the capital markets this year with the primary objective of debt reduction. Last night's raising of up to $550 million will shore things up. (Sydney Morning Herald -- Business)
McClatchy Receives Compliance Notice From NYSE Sep 5, 2009
There are a number of important risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the duration and depth of the economic recession may reduce its income and cash flow greater than expected; McClatchy may not generate cash from operations, or otherwise, necessary to reduce debt as expected; McClatchy may not consummate contemplated transactions to enable debt reduction on anticipated terms or... (PR Newswire)
Energy XXI Reports Fiscal Year-End Results and Capital Budget Data Sep 4, 2009
"We are executing a scaled-back capital program in fiscal 2010 that is designed to keep volumes essentially flat with the fiscal 2009 average and to generate free cash flow for debt reduction, while we continue to pursue high-impact exploration activities that could grow future reserves meaningfully," Schiller said. "Our volume target incorporates lower production in our current fiscal first quarter, to be followed by increases in the second and third fiscal quarters as we place two discoveries... (Primezone Releases)
Semcan Inc. Reports Second Quarter Fiscal Year 2009 Financial Results Sep 1, 2009
Commenting on the situation, Phil Jamieson, Chairman and CEO, said, "We continue to make progress in executing the plan we put in place at the beginning of 2009 to reduce debt, improve our liquidity and to concentrate on our core North American engineering business. Since embarking on the debt reduction plan, we have reduced our debt by a total of over $9 million. We are working toward the completion of our restructuring by the end of 2009 so that we may enter 2010 with a properly-financed... (CCNMatthews Press Releases)
Few changes requested in option tax ballots countywide Aug 31, 2009
Elk Run Heights received about $120,000 last year for capital improvements and debt reduction for those improvements, which include streets, curbs, bridges, storm and sanitary sewers, buildings, parks and recreational facilities ... Raymond also is asking to keep using its money, $61,000 last year, for capital projects and debt reduction. (Waterloo-Cedar Falls Courier)
Spectrum Brands exits Chapter 11 Aug 30, 2009
"We have achieved significant debt reduction while maintaining our strong brand reputations and solid relationships with our suppliers and customers," said Kent Hussey, CEO of Spectrum Brands, in a statement. "Importantly, our businesses continued to perform remarkably well throughout this process, expanding our market share in many key product categories, including major brands in all three of our business segments.". (Milwaukee Business Journal, WI)
