July 6 Biz Minute

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inlandbizpress
July 06, 2009

US Bankruptcy Judge Robert Gerber has ruled that GM. can sell the bulk of its assets to a new company, potentially clearing the way for the automaker to quickly emerge from bankruptcy protection. ...

US Bankruptcy Judge Robert Gerber has ruled that GM. can sell the bulk of its assets to a new company, potentially clearing the way for the automaker to quickly emerge from bankruptcy protection. Judge Gerber said that the sale was in the best interests of both GM and its creditors, whom he said would otherwise get nothing. An appeal, of course, is expected
According to The Associated Press' monthly analysis of economic stress, California, Michigan and South Carolina suffered the most financial pain in May as unemployment, home foreclosures and bankruptcies rose. The latest results show the worst financial crisis since the 1930s causing lingering damage even as other signs suggest the recession is winding down.
Firing the latest salvo in a bidding brawl, data storage company EMC. boosted its offer for Data Domain which has already accepted a lower bid from NetApp. Data Domain makes products that cut down on the amount of storage that customers need to buy from storage companies like EMC and NetApp.
The Bemis Co., whose clear plastic packages hold everything from batteries to burgers, said it is paying $1.2 billion for the global packaging business of Rio Tinto PLC. Buying the assets, known collectively as Alcan Packaging Food Americas, gives Bemis 23 facilities in the U.S., Canada, Mexico, Brazil, Argentina and New Zealand. The acquisition extends its market share over one of its main rivals, Sealed Air Corp.
Southwest Airlines is looking to give United and American airlines a run for their money - Southwest is more efficient, its costs are 20 percent lower and its discount fares are expected to stress American and United at a time when both airlines are vulnerable. And now - they have begun operations at New York's LaGuardia Airport — offering flights to Chicago Midway and Marshall Baltimore/Washington International.

Category: News & Politics

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US Bankruptcy Judge Robert Gerber GM AP California Michigan South Carolina EMC Data Domain NetApp Bemis Rio Tinto Alcan Southwest United American LaGuardia Chicago Midway

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