Bankruptcy

A Chengdu-based machinery company is close to clinching a deal to buy General Motors’ (GM) Hummer brand, making it the first Chinese company to own an American carmaker. Sichuan Tengzhong Heavy Industrial Machinery Company is expected to spend between $150 million (£90 million) and $250 million on Hummer, the gas-guzzling brand of sports utility...
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America’s largest automaker has been left dependent on the kindness of strangers — its fate in the hands of bureaucrats as much as car buyers. But as the Obama administration weighs whether and how to proceed with a request from General Motors Corp for up to $30 billion in federal aid, some experts and...
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Abu Dhabi is assessing its $7.5 billion investment in Citigroup as the bank’s problems deepen and consequences of a possible nationalization become clearer, according to sources close to the Abu Dhabi Investment Authority (ADIA). ADIA invested $7.5 billon last year in Citi through convertible bonds that pay 11 percent in interest, but it must...
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The board of American International Group Inc approved a revised bailout package for the troubled insurer that includes an additional commitment of $30 billion from the U.S. government, a source familiar with the matter said on Sunday. The board met earlier to vote on the deal, which also includes easier terms on a government...
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Trump Entertainment Resorts Inc’s bankruptcy filing is only the latest disappointment to attach itself to the Trump name, once a byword for luxury and high living. Donald Trump, the real estate mogul who has splashed his name on everything from skyscrapers to neckties to bottled water, has suffered a string of recent reversals that...
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