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Category Archives: bankruptcy
Ecuador Craziness Datapoint of the Day
Today is clearly "crazy things people try to do while in default on their debt" day. First Friendfinder Networks tries to IPO, and now Ecuador is trying to borrow more money: Ecuador is seeking $2.6 billion in credits from regional … Continue reading
Posted in bankruptcy, emerging markets
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Broken Glass
Is Waterford Wedgwood luxury, or "masstige"? Either way, it’s bust. Its $625 million in debt is essentially worthless, it’s been losing money before interest payments for a couple of years now, and its prospects, as we enter another grim year … Continue reading
Posted in bankruptcy, consumption
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What Does GMAC’s Bond-Exchange Failure Mean for Detroit?
The GMAC bond-exchange results are out, and the screws that GMAC applied on December 10 — tender your bonds or we won’t become a bank or get TARP funds — seem to have had some effect, with the percentage of … Continue reading
Posted in bankruptcy, bonds and loans
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This is Not Good
The WSJ reports that talks to save the automakers have broken down in the Senate, and that there will be no bailout. Once again, Congressional Republicans have killed an intiative backed by both the White House and the Democrats — … Continue reading
Posted in bankruptcy, Politics
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The GMAC Game of Chicken
The NYT does a good job today of explaining what’s going on at GMAC, although it doesn’t quantify the haircut that the company is asking bondholders to accept; my commenters put it in the 10% range, which seems roughly right. … Continue reading
Posted in bankruptcy, bonds and loans
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How Can GM Bondholders be Bailed In?
Is a bankruptcy for GM not only an option, now, but a necessity? At least one of Bloomberg’s interviewees thinks so: The Democrats’ goal of preserving a U.S. auto industry is not doable without a bankruptcy, said Lynn LoPucki, who … Continue reading
Posted in bankruptcy
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How a Bankrupt GM Should Merge With Chrysler
Yesterday I sketched out a possible financial plan for how GM might be restructured within bankruptcy. Today, Andrew Ross Sorkin provides the other side of the coin — the operational side of things. Which, in his plan, includes a merger … Continue reading
Posted in bankruptcy
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GM: An Alternative to Bankruptcy
Antony Currie says that it’s possible to structure a GM bailout so that it behaves like a bankruptcy without being called a bankruptcy: If an official bankruptcy label is really too scary, another template already exists: the government bailout of … Continue reading
Posted in bailouts, bankruptcy
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Bailout vs Bankruptcy, Obama Edition
Barack Obama addressed the GM situation on 60 Minutes last night: Mr. Obama: My hope is that over the course of the next week, between the White House and Congress, the discussions are shaped around providing assistance but making sure … Continue reading
Posted in bailouts, bankruptcy
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GM: The Bailout vs Bankruptcy Meme
There’s a bailout vs bankruptcy meme going around with regard to GM — a choice which makes me want to tick "none of the above". I’ve seen it in dozens of places of late, but since it comes with the … Continue reading
Posted in bailouts, bankruptcy
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Driven to Bankruptcy
Do you know anybody who bought a new car in October? Most of the country was a little bit preoccupied, I think, for that kind of activity. But even so, the news that GM sold just 168,719 cars last month … Continue reading
Posted in bankruptcy, consumption
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Does Bankruptcy Save Jobs?
Remember all those pictures of dejected Lehman bankers walking out of their offices with cardboard boxes full of personal possessions? Well, it seems they might have acted rather prematurely. In fact, there seems to be a good chance that there … Continue reading
Posted in banking, bankruptcy
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Did Lehman Brothers Steal $8 Billion?
My Lehman story from last week has finally been picked up by the WSJ: Lehman moved more than $8 billion between Lehman’s European headquarters in London and New York, where Lehman collects money from its global units and then disperses … Continue reading
Posted in banking, bankruptcy
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A Lehman Story
It’s clear now that the European and Asian operations of Lehman Brothers will be liquidated and not sold as a going concern. Barclays clearly doesn’t want them, and at this point they’re like bread or fish: getting staler and less … Continue reading
Posted in banking, bankruptcy
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Lehman: No Chapter 7, Yet
As expected, Lehman Brothers has filed for bankruptcy. But in a twist, the brokerage subsidiaries haven’t: Late Sunday night, Lehman said it intends to file for protection under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy … Continue reading
Posted in banking, bankruptcy
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Lehman: Is Bankruptcy an Option?
Henry Blodget says that Lehman declaring bankruptcy would be a "sensible solution" to its current predicament: A bankruptcy filing would put the company in the hands of a court appointed liquidator, which would take years to sell off everything. This … Continue reading
Posted in banking, bankruptcy
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Creditor Rights, Risk Aversion, and Justice
A paper from Viral Acharya, Yakov Amihud, and Lubomir Litov shows something which makes a lot of intuitive sense: if you beef up creditor rights, you beef up corporate risk-aversion — and that can be bad for growth. They conclude: … Continue reading
Posted in bankruptcy, development
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Why GM Should Embrace Bankruptcy
Tom Krisher has a good overview of the travails at General Motors, where the stock is trading at a 50-year low, battered by speculation that the company might end up declaring bankruptcy. Bankruptcy actually seems like a very good idea … Continue reading
Posted in bankruptcy, stocks
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Credit Derivatives Datapoint of the Day
Isda: The notional amount outstanding of credit default swaps (CDS) grew 37 percent to $62.2 trillion in the second half of 2007 from $45.5 trillion at mid-year. CDS notional growth for the whole of 2007 was 81 percent from $34.5 … Continue reading
Posted in bankruptcy, derivatives
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How Holdbacks Brought Down Frontier Airlines
On Friday I got a bit confused about something called credit card holdbacks, and how they could be used to drive an airline into bankruptcy. It turns out that it all goes back to something known as the Fair Credit … Continue reading
Posted in bankruptcy
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