Microsoft sold $4.75 billion in new debt on Wednesday, some of it at the lowest U.S. corporate borrowing rate on record, as the world’s largest software company takes advantage of low interest rates to raise cash. Get the full story »
Inside these posts: Debt
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
SEC votes to crack down on ‘window dressing’
Securities regulators voted unanimously on Friday to propose rules for companies to disclose more information about their short-term borrowings.
The agency is trying to crack down on financial companies that use accounting gimmicks to bolster their balance sheets, particularly at the end of a quarter. Get the full story »
Schutt Sports files for Chapter 11
Litchfield-based Schutt Sports Inc., a maker of football helmets, face guards and other protective sports gear, said today that it has filed for Chapter 11 bankruptcy protection.
“This process will allow us to continue operating our business as usual and to continue servicing our customers without disruption,” Schutt Chief Executive Robert Erb said. ” We have the support of our bank, a great brand and look forward to strengthening our balance sheet and serving our customers for years to come.” Get the full story »
Sara Lee begins cash tender offer for $1.11 billion in debt
Sara Lee Corp. said Monday that it is launching a cash tender offer to buy back $1.11 billion in debt.
The offer covers the outstanding amount of a series of bonds due in September 2011. The Downers Grove-based company said the offer expires on Sept. 7. Bondholders who tender their notes will receive any unpaid interest that has accrued between the last interest payment date and the offer’s to-be-determined settlement date. Get the full story »
More paying auto loans on time
In another sign that borrowers have taken tighter control of their debt, late payments on auto loans dropped in the second quarter. The rate of payments 60 days or more past due dropped to 0.53 percent of outstanding auto loans in the April-to-June period, from 0.73 percent a year ago, according to credit reporting agency TransUnion. Get the full story>>
Troubled airline Mexicana to shut down Saturday
Mexicana de Aviacion, one of Mexico’s two major airlines, will cease operations by midday Saturday while unions and new owners attempt one more time to find fresh cash to keep the ailing company alive.
“At midnight, a gradual shutdown will begin,” Transport Minister Juan Molinar said at a news conference Friday. “By Saturday at noon, operations will definitively cease.” Get the full story »
Credit card debt drops to lowest level in 8 years
The amount consumers owed on their credit cards in this year’s second quarter dropped to the lowest level in more than eight years as cardholders continued to pay off balances in the uncertain economy.
The average combined debt for bank-issued credit cards — like those with a MasterCard or Visa logo — fell to $4,951 in the three months ended June 30, down more than 13 percent from $5,719 in the same period a year ago, according to TransUnion. Get the full story »
Tribune Co. bankruptcy settlement breaks down
The settlement at the heart of Tribune Co.’s proposed reorganization plan has fallen apart, casting doubt on whether the Chicago-based media conglomerate can continue to control its own fate in bankruptcy court.
At a status hearing in Delaware Friday, Tribune Co. lead attorney James Conlan of Sidley Austin said the company planned to file unilateral amendments to its plan by next Friday and threatened to cast the case into extended litigation if the warring parties can’t come to an agreement.
“The debtor has tried mightily to bring the parties together,” Conlan said. “That hasn’t happened.” Get the full story »
Chicagoans glum about economy
Chicago-area residents’ outlook for the local economy is downright dour compared with last fall, and women are far more pessimistic than men about whether they’re living the American dream.
A survey released Thursday found three in five area residents surveyed in late June didn’t think the economy had hit bottom yet. Back in September 2009, just about half of area residents expected the economic situation to continue sliding, according to the survey commissioned by Citi. Get the full story »
Citigroup debt sales could reach $21B in 2010
Citigroup Inc. expects to issue $3 billion to $6 billion more in long-term debt this year than it previously estimated.
In a regulatory filing, the bank said it now expects to sell approximately $18 billion to $21 billion in long-term debt this year ”to maintain and solidify its structural liquidity” and to extend the length of time it has to pay down debt supporting its businesses. Get the full story »
IRS to stop releasing taxpayer debt information
The Internal Revenue Service said Thursday that it will end its policy of releasing information about back taxes and other debts taxpayers owe in the coming tax season.
The information, called debt indicators, has been included on acknowledgments the IRS sends tax preparers when it receives returns filed electronically. Get the full story »
