What Could TARP Payback Buy? Try 123,000 Homes Jun 4, 2009
Vitter re-asserted his objections Tuesday to the use of repaid TARP funds for anything other than debt reduction. "On the one hand, Treasury is paying down the debt and, on the other hand, they're increasing it," Vitter said in an e-mailed statement to ABC News. (ABC News -- Business)
Property developers told to repay loans from QIP funds Jun 3, 2009
But the investor insisted clearly that debt reduction should be a priority now, said an executive with realty company. The foreign institutional investor is backed by a UK-based bank and has invested in 00004000 a number of QIPs. (India Times)
Your say Are you in a recession? Jun 3, 2009
Then "clear water" will be in prospect and the economy can return to doing what it should do - providing opportunity accross our community - instead of concentrating on debt reduction. And our banks will start lending again - a central requirement - instead of focussing on bad and doubtful debt and looking to protect their Balance Sheets. (Sydney Morning Herald -- Business)
City sales tax is up for a vote next week Jun 2, 2009
Voters approved a one-cent city sales tax, with 75 percent of the money going to debt reduction and 25 percent for economic development. This lasted for four years. (Williston Daily Herald, ND)
Xentel Reports First Quarter March 31, 2009 Results Jun 1, 2009
"Improved earnings are to be expected as a result of the debt reduction and the revenue expense scaling, but the market remains challenging and the entire Xentel team must continue to focus on improving margins", said Michael Platz, Chairman. Xentel DM Incorporated is one of North America's leading relationship-marketing concerns and producers of cause related entertainment events. (CCNMatthews Press Releases)
Till debt do us part May 30, 2009
It affects the outcomes to a greater degree if the amount being passed on for debt reduction was say 10 euros lower in every stage: in which case the hotelier would have passed on 90 euros, the supplier 80 euros, the farmer 70 euros and the prostitute 60 euros; leaving the hotelier with a deficit of 40 euros (or 30 euros if you include the 10 euros note he hid in the first instance) when the Russian came back down to demand his 100 euro note. In this village, it costs the same to buy a pig, rent... (Asia Times Online)
Enel Agrees to Sell Gas Grid Stake, Prices Rights Offer to Help Cut Debt May 30, 2009
Further debt reduction will come from the sale of a minority stake in renewable-energy unit Enel Green Power, which produced 17. 2 billion kilowatts of electricity last year. (Bloomberg -- Europe)
GM Closer to Bankruptcy May 29, 2009
The Monday deadline was set by the government and includes debt reduction, labor cost cuts and plant closures. In your voice. (13WMAZ.com, GA)
Wednesday morning almanac (685) May 29, 2009
GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange $27 billion in unsecured debt for 10 percent of the company's stock had failed. (Klamath Falls Herald & News, OR)
GM: Bond offer fails May 29, 2009
GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures ... The principal amount of notes tendered was substantially less than the amount required by GM to satisfy the debt reduction requirement under its loan agreements with the U.S. Department of the Treasury, GM said in a statement issued Wednesday. (Columbia Daily Herald, TN)
Roadside bomb kills U.S. soldier in Baghdad May 28, 2009
Iraqi Foreign Minister Hoshyar Zebari welcomed assistance offered by Belgium, including debt reduction, financial aid for reconstruction projects and training for Iraqi judges, diplomats and Interior Ministry employees. More on. (MSNBC -- International)
Quinn tweaks budget May 28, 2009
"We need to get control of spending. Will this money be directed to debt reduction? They need to tell me how they are going to change bad habits," Bost said. . (The Pantagraph newspaper)
Business Highlights May 28, 2009
GM has until Monday to complete a government-ordered restructuring that includes debt reduction, labor cost cuts and plant closures ... The Monday deadline was set by the government and includes debt reduction, labor cost cuts and plant closures. (ABC News -- Wire)
GM Exchange Offers for Outstanding Public Debt Expire May 27, 2009
The exchange offers expired at 11:59 p.m. EDT on May 26, 2009, at which time the principal amount of notes tendered was substantially less than the amount required by GM to satisfy the debt reduction requirement under its loan agreements with the U.S. Department of the Treasury, to meet the debt reduction objectives under its viability plan, or to meet the minimum tender condition of the exchange offers as required by the U.S. Treasury. Since these conditions, as well as certain other... (Canada Newswire)
Analysts say GM bankruptcy may not be all that bad May 24, 2009
Free consultation for bankruptcy and debt reduction. Current fixed mortgage rates at 40-year lows. (Yahoo News -- Press Releases)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Canada May 24, 2009
Future debt reduction would also provide fiscal space needed for future costs related to population aging and health care. Directors noted the resilience of Canada s banks relative to their international peers, observing that no Canadian bank has required public capital injections or guarantees. (IMF News)
Food and Beer Prove Resilient for Marston's May 22, 2009
"Although debt has increased slightly, this is in line with our expectations, and we fully expect to see a net debt reduction by the end of this financial year.". The interviews and transcripts are available now on. (PR Newswire)
Debt Settlement Companies Sued May 21, 2009
"At a time of economic hardship, these defendants are charged with orchestrating unlawful debt reduction schemes," Abbott said. "Texas law provides important protections that prevent debt settlement firms from misleading customers about their services. Today's enforcement action cites four defendants for materially misrepresenting the nature of their services -- and misleading customers about the protections they are guaranteed by Texas law.". (Click2Houston, TX)
Brightpoint to Present At Cowen and Company Technology Media & Telecom Conference May 21, 2009
Certain information in this press release may contain forward-looking statements regarding future events or the future performance of Brightpoint, including, but not limited to, statements regarding potential spending reductions resulting from the elimination and proposed elimination of positions and the streamlining of operations and its ability to achieve cost savings and debt reduction as part of its 2009 Spending and Debt Reduction Plan. These statements are only predictions and actual... (Primezone Releases)
EnQuest Announces Sale of Non-Core Assets May 20, 2009
The Special Committee will continue its consideration of debt reduction proposals. EnQuest provides energy services throughout North America in the following primary business segments: transportation services, rig moving, crane services, specialized heavy hauling, oilfield equipment rentals, retailer of new and refurbished Oil Country Tubular goods and pipe storage. (CCNMatthews Press Releases)
Will Debt-Free Retirement Be the Downturn's Biggest Casualty? May 20, 2009
"Consumers are clutching cash and postponing debt reduction," said Kerry Geurkink, director of Individual Annuity Marketing, Securian Retirement. "They are wisely adjusting their spending and borrowing, but the ultimate goal of debt-free retirement will be more difficult to achieve without a better balance between saving and debt reduction.". (PR Newswire)
AWB profit falls 62%, says no plans for cap raising May 20, 2009
"Australian and international agriculture remains an attractive industry segment and AWB is well positioned to capitalise on agribusiness opportunities.'' Mr Davis said significant progress was made on the company's debt reduction targets during the first half. "Net corporate debt was reduced by more than $150 million during the half and we are well advanced towards exceeding our $200 million debt reduction objective by 30 September 2009,'' he added. "Lower net corporate debt is being driven by... (Sydney Morning Herald -- Business)
AG suing 2 debt-settlement firms May 20, 2009
The companies are identified as of America Inc., based in Richardson, Texas, and , based in Phoenix, along with its affiliates ServiceStar LLP and Universal Debt Reduction LLC. The suit also names a marketing unit, FGL Clearwater, Inc. d/b/a of Florida. The AG, who is investigating the debt-settlement industry, alleges Credit Solutions of America and Nationwide Asset Services have engaged in deceptive practices and false advertising in connection with their debt settlement businesses over the... (Buffalo Business First, NY)
World Bank rescues Zim May 19, 2009
"The first task is to see how Zimbabwe can get on with debt reduction," he said. McIntosh also welcomed the country's economic recovery programme unveiled in March, saying it needed more support. (iAfrica.com)
World Bank resumes Zimbabwe aid May 19, 2009
"The first task is to see how Zimbabwe can get on with debt reduction," said the World Bank's Toga Gayewea McIntosh. Zimbabwe's finance minister, Tendai Biti, said the government would work with the World Bank on a debt reduction plan. (BBC News -- Business)
Zimbabwe to get millions from World Bank May 19, 2009
"The first task is to see how Zimbabwe can get on with debt reduction," McIntosh said. Zimbabwe is facing a major economic and humanitarian crisis. (CNN -- World)
Free Financial Advice Today in Burlington May 18, 2009
Volunteer financial advisors will be on hand from 11 a.m. to 5 p.m. They'll be set up in front of City Hall at 149 Church St. Toolkits on debt reduction and saving will also be available. For more information, visit. (WCAX.com, VT)
Pluses & Minuses May 17, 2009
Bill Bridwell, an organizer and chief spokesman for the Caballeros, told supporters during a rally, "The nine-tenths of a cent will cover all debt reduction, all interest payments, all operations and all maintenance. And over time, that initial 30-year authorization, as the economy goes up, that nine-tenths will generate more money. That added money will fund at the 10-year level and the 15-year level improvements to the facilities that perhaps might be built into the contracts. But it also will... (Casa Grande Valley Newspapers, AZ)
Questions for the would-be mayor May 17, 2009
DOWD: 3 percent, and the new revenue should go to pension and debt reduction. RAVENSTAHL: Under 5 percent, "subject to periodic review". (Pittsburgh Post-Gazette, PA)
HealthSouth's Jay Grinney eyes future expansion May 15, 2009
CEO Jay Grinney has one eye on debt reduction and another on expanding the rehabilitation firm s post-hospital care market share. After slashing HealthSouth s debt in half in the past three years, Grinney said the nation s largest inpatient rehabilitation provider will strategically target markets where it can offer similar services. (Birmingham Business Journal, AL)
Divestco Reports 2009 Q1 Results May 14, 2009
In light of a potential prolonged downturn in the service industry, and as previously announced, Divestco is committed to a strategy of debt reduction, non-core asset dispositions, restricted capital spending and a focus on reducing expenses. Divestco has been proactive in addressing its largest expense which is labour. (CCNMatthews Press Releases)
AWB cuts forecast over Brazilian errors May 12, 2009
The 00004000 company said it had made significant progress in debt reduction. "From 30 September 2008, we have reduced the net corporate debt by more than $140 million and we are well advanced towards exceeding our $200 million debt reduction objective by 30 September 2009.'' AWB will present its half year result on Wednesday May 20. AAP Today in Business Story Tools Despite recession, the world's luxury goods are holding their value. Photos: Some hot new looks for the dapper businessman.... (Sydney Morning Herald -- Business)
Brightpoint Provides Update On 2009 Spending and Debt Reduction Plan May 8, 2009
INDIANAPOLIS, May 7, 2009 (GLOBE NEWSWIRE) -- Brightpoint, Inc. (NasdaqGS: - ) announced today the following update on its 2009 Spending and Debt Reduction Plan previously announced on February 9, 2009 ... 2009 SPENDING AND DEBT REDUCTION PLAN UPDATE ... Based on our progress through the first quarter of 2009, we believe that we are on track to realize the previously stated spending and cost avoidance targets as well as our debt reduction targets for 2009. (Primezone Releases)
Stocks in Europe, U.S. Futures Rise; UBS, Citigroup, Deutsche Bank Advance May 8, 2009
Stocks in Europe, Asia, U.S. Futures Rise; UBS, Citigroup Gain - Bloomberg. Updated: New York, May 08 04:04 London, May 08 09:04 Tokyo, May 08 17:04. (Bloomberg -- Europe)
Brightpoint Reports First Quarter 2009 Financial Results May 8, 2009
1 million (pre-tax) of restructuring charges in connection with our previously announced 2009 spending and debt reduction plan ... SG&A expenses were lower compared to the first quarter of 2008 primarily due to the impact of our 2008 realignment of our Europe operations as well as the impact of our 2009 Spending and Debt Reduction Plan ... Please refer to the separate press release dated May 7, 2009 for an update on the Company's previously announced 2009 Spending and Debt Reduction Plan. (Primezone Releases)
Nova Scotia NDP not chilling the champagne May 8, 2009
He noted that the Tory government of Rodney MacDonald fell Monday on a bill that would have allowed money legally destined for debt reduction to be shifted to spending. The NDP has actually donned the mantle of fiscal restraint while the Conservatives, although they don't call it a deficit, are the ones wanting deficit spending, he said. (Globe and Mail -- National)
MCG Capital Corporation Reports First Quarter 2009 Results May 8, 2009
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to MCG's results of operations, including revenues, net operating income, distributable net operating income and general and administrative expenses and the factors that may affect such results, the sufficiency of liquidity from operations, monetizations and unrestricted cash to meet its 2009 operating requirements, the cause of... (PR Newswire)
Alternative Introduced to Cap and Tax Fiasco May 7, 2009
includes a Debt Reduction Trust Fund that puts revenue generated from this legislation to federal debt relief. Miss Meinecke was a member of Hillsdale College's Dow Journalism Program, sports editor and beat reporter for the campus newspaper, and also contributed to Life Times, the newsletter for Southern Indiana Right to Life. (Human Events Online)
Boomer concern about debt reduction soars: RBC Retirement Study May 7, 2009
To help address both these priorities, clearly define your goals, understand your options, consider how the unexpected might impact your lifestyle and develop a realistic plan of action. " According to the study, half of boomers (50 per cent) say their view of their retirement has changed as a result of the current economy. One-in-four (26 per cent) say they may have to work longer than they expected. One-in-five boomers (20 per cent) believe they may not be able to live the lifestyle they... (Canada Newswire)
FP Newspapers Income Fund Reports First Quarter 2009 Results May 6, 2009
Distributable Cash of FPLP: Last Since Twelve May 28, Months 2002 -------- --------- In thousands EBITDA(1) $ 20,126 $ 165,880 Interest income 226 868 Interest expense on Notes payable and capital leases, excluding amortization of related deferred financing costs (3,143) (21,430) Principal repayment of capital leases (124) (1,136) Maintenance capital expenditures (720) (7,447) Increase in reserve for future maintenance capital expenditures (866) (1,480) Strategic capital expenditures (681)... (CCNMatthews Press Releases)
Stella-Jones Reports First Quarter Results May 6, 2009
"Our solid cash flow generation should lead to further debt reduction as we enter seasonal peak demand," said George Labelle, Senior Vice-President and Chief Financial Officer. "We remain focused on keeping our costs in line and improving efficiencies in our operations. Ongoing identification of additional efficiencies from the BPB integration process is progressively bringing BPB's operating margin in line with comparable operations in our plant network.". (CCNMatthews Press Releases)
Nova Scotia goes to the polls June 9 May 6, 2009
We're not interested in an election, [the opposition parties] have forced us down that path," Mr. MacDonald told CTV News outside the House. The Tories blame the opposition for toppling the government by voting against a money bill. The opposition parties have said for weeks that they could not support a bill that allows the government to divert funding from debt reduction to give the appearance of a balanced budget. It was the government that chose to bring us to this point, Liberal Leader... (Globe and Mail -- National)
Penn West announces its results for the first quarter ended March 31, 2009 May 6, 2009
(3) Consists of $100 million long-term debt reduction and an increase of non-cash operating and investing working capital of $51 million and $108 million, respectively, per the Consolidated Statement of Cash Flows. Financing - Penn West continued to be active in its debt management and hedging programs throughout the first quarter of 2009. (Canada Newswire)
Lawyer: Obama Car Czar Threatened Auto Creditors May 5, 2009
" A Perella Weinberg Partners spokesperson says The firm denies Mr. Laurias account of events. The White House pushed Chrysler into bankruptcy last week when some of its 46 creditors declined to sign on to a debt reduction package that the Treasury Department had negotiated. Perella Weinberg initially didnt sign on, but then changed its mind after the deadline passed. A knowledgeable source tells ABC News that the final decision to get on board the package "was based on an assessment of... (Newsmax)
Cost-cutting drives Belo Corp. profit May 1, 2009
Shive noted that Belo's focus for the remainder of the year will be on cash generation and debt reduction, adding that Belo reduced its debt by $15 million in the latest quarter. As of March 31, Belo's debt stood at $1. (Dallas Business Journal, TX)
Journal suspends dividend May 1, 2009
"Given the continued challenging economy and business conditions, we believe that this will allow the company to continue to direct a significant portion of its cash flow to debt reduction.". In February, Journal Communications (NYSE: JRN) reduced its dividend on class A and B shares to just 2 cents per share. (Milwaukee Business Journal, WI)
MacDonald fails in bid for Liberal support to avoid election May 1, 2009
The minority Conservative government is trying to win support for an amendment to the Finance Act that would allow it to use funds that are mandated by law to be spent on debt reduction and instead spend the money on programs and services. If the amendment passes, it would also allow the government to avoid a deficit for the 2008-09 fiscal year and clear the way for the introduction of the spring budget. (Globe and Mail)
Endeavour Announces First Quarter Financial and Operating Results for 2009 May 1, 2009
Continuing progress in debt reduction - Endeavour repaid $10 million in long term debt during the quarter. In conjunction with the sale of its Norwegian subsidiary, the company anticipates reducing debt by an additional $25 - $30 million which will decrease Endeavour's net debt to approximately $50 million. (PR Newswire)
The Manitowoc Company Reports Financial Results for the First Quarter of 2009 May 1, 2009
Cash Flow/Debt Reduction ... While lower proceeds from the sale of the Enodis ice business and business conditions have constrained our expectations for cash generation in 2009, we continue to expect to make substantial progress toward our debt reduction target of $700 million this year. (PR Newswire)
ArcelorMittal aims to slash debt Apr 30, 2009
ArcelorMittal, the world's biggest steel maker, plans to raise $3-billion (R26-billion) from a sale of shares and bonds to accelerate its debt reduction programme. The company, which reported a second consecutive quarterly loss yesterday, sought $2. (Business Report, South Africa)
Cabot Announces Second Quarter 2009 Operating Results Apr 30, 2009
Cash flows strong with a $232 million decrease in working capital and a quarter-end cash balance of $220 million, after debt reduction of $85 million. Restructuring proceeding as planned and on track to deliver fixed cost improvements of at least $80 million on a fiscal 2010 run rate basis. (PR Newswire)
Chrysler closes in on debt deal with bondholders Apr 29, 2009
Debt reduction is one of the government requirements for more loans and a stumbling block that could keep the Chrysler/Fiat partnership from going through. UAW. (USA Today -- Money)
Imerys Announces 1st Quarter Results 2009 Apr 29, 2009
- Financial structure improvement through further debt reduction. The fixed costs and overheads reduction programs are being continued and stepped up. (PR Newswire)
BANKRUPTCIES LOOM: For GM, Chrysler Apr 28, 2009
A source briefed on the talks, who did not want to be identified because they are not public, said Chrysler's bondholders are preparing to make another offer on debt reduction by this morning. A steering committee of some bondholders had proposed earlier this week a deal that would cut Chrysler's debt from $6. (USA Today -- Autos)
McClatchy Receives Continued Listing Standards Notice From NYSE Apr 18, 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)
Liberia: Country Slashes More Than U.S.$1 Billion in Debt [press release] Apr 17, 2009
The World Bank contributed half of this money through theInternational Development Association (IDA) Debt Reduction Facility, and Germany, Norway, the United Kingdom, and the United States contributed the other half ... The support to the buy-back by the Bank s Debt Reduction Facility is part of our commitment to help heavily indebted poor countries reduce their debt burden. (allAfrica.com)
Pliant Delivers Good 1st Quarter and Is on Track to Deliver Annual Plan Apr 16, 2009
Debt Reduction and Balance Sheet Restructuring. Pliant's balance sheet restructuring process is on track with expectations. (PR Newswire)
Pernod Ricard sales fall Apr 15, 2009
Meanwhile, the company announced the details for Thursday's launch of a 1-billion share issue, part of a debt reduction plan unveiled last week. Existing shareholders have the right to subscribe to 3 new shares for every 17 they hold at 26. (Globe and Mail -- Business)
Pernod Ricard's 3rd quarter sales fall, EU Apr 15, 2009
1 billion capital increase on Wednesday, part of a debt reduction plan it unveiled last week. Existing shareholders have the right to subscribe to 3 new shares for every 17 they hold at. (OregonLive, OR -- Business)
Sanford critics a big fraternity Apr 12, 2009
Since the U.S. attorney general already has made clear that debt reduction is not an authorized use of stimulus money, Sanford's position mainly serves as a measure of his antipathy toward the Legislature. He insists that South Carolina wouldn't be in such poor fiscal shape if only the Legislature had adopted his budget recommendations, which characteristically include more tax breaks for corporations and for families that don't send their children in public school. (Herald Online, SC -- Opinion)
Pernod Ricard to cut debt, sell Wild Turkey Apr 8, 2009
PARIS -- French drinks company Pernod Ricard SA on Wednesday unveiled a debt reduction plan that includes raising euro1 billion ($1. 3 billion) in fresh capital and selling off its Wild Turkey bourbon brand to Italy's Gruppo Campari. (Fresno Bee -- Business)
Representative to IPU Assembly urges to abandon protectionism Apr 7, 2009
The Chinese official called on the international community, developed countries in particular, to shoulder their due responsibilities and obligations, continue to honor commitments of assistance and debt reduction, maintain and increase assistance to developing countries to help them tide over the difficulties and maintain financial stability and economic growth. "We hope that parliaments around the world will play a positive role, avoiding any legislation that is protectionist in nature and... (Xinhuanet, China)
Carmaker Ford cuts debt by $9.9bn Apr 7, 2009
The 38% debt reduction will reduce Ford's interest payments by more than $500m a year. It said the move, along with previous agreements with the United Auto Workers (UAW) union, would "substantially strengthen Ford's balance sheet". (BBC News -- Business)
Ford shaves $9.9 billion off debt Apr 7, 2009
The debt reduction will reduce Ford s annual cash interest expense by more than $500 million based on current interest rates, the company said in the release. By substantially reducing our debt, Ford is taking another step toward creating an exciting, viable enterprise, Ford president and CEO Alan Mulally said in the release. (Louisville Business First, KY)
US automaker Ford slashes debt by 9.9 bln dlrs Apr 7, 2009
"Even with this debt reduction, our preliminary expectation is that the new corporate credit rating will likely not be higher than the 'CCC' category initially because we believe Ford's fundamental business risks remain unchanged for at least the rest of 2009 and perhaps longer: most notably, deteriorating vehicle demand globally and the substantial execution risk of the ongoing restructuring," S&P credit analyst Robert Schulz said. Modest signs of hope emerged last week for the troubled US auto... (Yahoo News -- Top Stories)
