Ford plans up to 10.4 billion debt swap to cut interest
Ford Motor Co aims to eliminate up to 10.4 billion in debt by swapping bonds and term loans for cash and stock. The plan offers 108.7 shares plus 80 cash per 1000 bond and up to 1.3 billion in cash for Ford Credit bonds, with timing set for April 3 and later price adjustments. Ford pledges to match government loan terms pursued by GM and Chrysler.
MENTIONED IN THIS ARTICLE
Dearborn
Mich
Ford Motor Co
General Motors Corp
Chrysler LLC
Ford
Mark Truby
Chrysler
Ford Motor Credit Co
Fed Beige Book flags more pain ahead in 2009
The Federal Reserve reports a bleak December survey showing widespread production declines and pessimism about near term economic improvement. Firms from Cleveland to Texas and California report cutbacks across blue and white collar sectors, with outlook for late 2009 or early 2010 as the first sign of possible improvement. The beige book will inform policymakers ahead of the March 17 18 meetings.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Cleveland
Texas
California
Fed
Ben Bernanke
Supreme Court Rejects Limits on Drug Lawsuits
The Supreme Court ruled 6 3 that federal preemption does not bar consumer lawsuits against drug makers. Diana Levine of Vermont, who lost her right arm after a Phenergan injection, won a $6.7 million verdict. Wyeth argued labeling complied with federal law, but the court declined to shield the company. Wyeth awaits Pfizer acquisition valued at $68 billion.
MENTIONED IN THIS ARTICLE
Washington
Supreme Court
Diana Levine
Vermont
Wyeth Pharmaceuticals
Wyeth
Levine
Phenergan
Bert Rein
Marshfield
Journal Register bonuses face objections amid bankruptcy move
Connecticut Attorney General Blumenthal challenges Journal Register plan to pay up to 1.7 million in incentives to 31 key employees as the publisher seeks Chapter 11 protection. The motion notes 450 layoffs and potential extra bonuses of about 1.2 million, while Connecticut asserts the payouts harm creditors.
MENTIONED IN THIS ARTICLE
Philadelphia
Connecticut
Journal Register Co
Richard Blumenthal
Associated Press
Journal Register
Denise Mondell
U.S
New York
Lorain Morning Journal
New Haven
Conn
Register
Ohio
Pennsylvania
Includ
Hershey
Mondell
Marc Abrams
James Hall
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Kimberly S. Johnson and
Tom Krisher
Rein
Pfizer
the Market IN Review
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Dow Industrials
Dow Transportation
Dow Ubies
S&p WadCap
Russel
Wilshire
Naspaa
EagieBulk
MS S&pg
Pscrudedl
Psbmetds Rea
Os Bae
Dirxembear
Ziono&g Wt
GNC
Psactus
AtlasPpin
WSAAG
GenElec
Pscrudeol
Barcgsol
PwShs
BkotAm
Ceco
Comcast
Proart
GranTragn
BT Inc
LearCorp
Critry Tel NY
Nwsource NY
Nordson Nasd
Northropg
ParkerHan NY
Dellinc
Penney
Petrobsss NY
Pris
Prushsap
Nash
Oral
Lt Sweet Crude
NYMX
Chicago Bosd
CME
CBOT
NYBT
New York Board of Sugar World Juic
BondAm
EurPacGrAm
Funnva m
GrthAmAm LG
Incamera m MA
Iinvcoama
Dodge & Cox IntiStk
Vanguard
Vanguard Wellin
Anya
Perry
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