Michigan-based supplier of engine/transmission modules and instrument panels for Chrysler LLC’s Belvidere assembly plant, will close its Belvidere operation Saturday,
The closing is not a surprise. The company notified its employees in late March that it planned to close the Belvidere plant on May 22 unless Chrysler could make assurances on production.
“To this point, Chrysler has been unwilling or unable to give us any assurance that it will be able to continue its business indefinitely.
A record 12 percent of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit.
12 pct. are behind on mortgage or in foreclosure - Kansas City Star
Ford, from which Visteon was spun off in 2000, has committed to support such debtor-in-possession financing for Visteon’s restructuring efforts and to ensure long-term continuous supplies. Ford accounted for about 31 percent of the company’s first-quarter product sales.
Visteon Files for Chapter 11 Protection - DealBook Blog - NYTimes.com
Under the terms of the deal, G.M. would sell itself in Chapter 11 and bondholders would receive a 10 percent stake in the newly reorganized company in exchange for about $27 billion in bonds. They would also receive warrants to buy an additional 15 percent of a new G.M., exercisable if G.M.’s value rises to certain levels.
the proposal depends on the government getting enough bondholders to make statements of support backing the terms of the swap. Without those statements, which are due by Saturday, the amount of stock and warrants for bondholders would be “substantially reduced or eliminated.”
McHenry/Kane County homes sales up in value from March still lower than April 2008.
Click on the following for the rest of the story: Business Journal | Area home prices rebound in April
economists do not see a return to near trend growth until the fourth quarter of 2010, citing rising unemployment, falling house prices and difficulties accessing credit
U.S. recession to end soon, modest recovery seen: poll - Yahoo! News
