Business News Archive - May 31, 2009
General Motors' bondholders have agreed to a company plan to swap their debt for an ownership stake as high as 25 percent, sources in Detroit said. Bondholders controlling just more than half of the company's $27.2 million in bond debt agreed to the deal late Saturday, sources close to the negotiations told The New York Times in a story published Sunday. The deal allows the ailing automaker to file for bankruptcy protection Monday and have a more orderly restructuring, The Times reported. Under the plan, the United Automobile Workers union, via its retiree healthcare fund, would receive a 17.5 percent stake in a restructured GM and warrants to buy an additional 2.5 percent, sources told The Times.
An official in Sergiyev Posad, Russia, says the Russian government is attempting to save the country's traditional nesting dolls industry. Sergiyev Posad Deputy Mayor Galina Subbota, whose town is credited as the birthplace of the dolls, said the Kremlin's attempts to save the matryoshki come as sales have fallen dramatically during the recession, The Washington Post reported Sunday. To help save the struggling industry, the Russian government has vowed to purchase nearly $30 million worth of the dolls, which feature dolls containing several smaller dolls. Even if it is not economically profitable, we can't allow it to disappear from our lives, Subbota said of the plan, which would have government officials using the purchased items as gifts. But Oleg Korotkov, whose Semyonovskaya Painting manufactures the Russian folk art pieces, told the Post he is doubtful the government would actually provide the promised aid. For 12 years, I've heard the government talking about support for folk c
General Motors Corp. is set to file for bankruptcy protection and restructure its operations under the control of the U.S.
HONG KONG, June 1 /PRNewswire/ -- - Foundation Specialists Must Work Together With Authorities to Optimise Designs Optimisation of foundation designs is the surest way to dramatically reduce material usage and guarantee that new developments are delivered in a shorter timeframe at minimal cost. But it can be difficult to employ innovative foundation designs or alternatives to standard piling techniques.
TOKYO, June 1 /PRNewswire/ -- Gate Gourmet, a member of gategroup, has purchased United Airlines' flight kitchen at Tokyo's Narita Airport and has taken over catering and provisioning of United's flights in the strategic Asian location under a new long-term contract. The transaction closed on June 1, 2009, and will more than double Gate Gourmet Japan's meal production capacity at Narita.
Claims BASF is Infringing Patents Relating to Herbicide Tolerance Technology WILMINGTON, Del., June 1 /PRNewswire/ -- DuPont today filed a lawsuit claiming BASF is infringing four patents relating to biotechnology traits similar to those used in DuPont's proprietary Optimum(R) GAT(R) trait.