Bankruptcy Protection News
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Hedge funds led by Paulson & Co. and Maverick Capital are piling into mortgage insurers in a bet that some of the companies worst hit by the U.S. housing crash will be among the biggest winners in the rebound.
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California, the most populous U.S. state, isn’t likely to see a wave of cities defaulting on payments to municipal bond holders, according to a study sought by Treasurer Bill Lockyer’s debt and advisory commission.
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Detroit bonds trading at 91 cents on the dollar are still too costly for municipal investors after the city’s emergency manager said the U.S. auto industry’s capital may run out of cash and consider cutting debt payments.
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Resolute Forest Products Inc. Chief Executive Officer Richard Garneau says the world’s largest newsprint maker will consider acquisitions as lower borrowing costs aid a push into more lucrative products.
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Synagro Technologies Inc., a biosolids-management company, won court approval of procedures that will govern the sale of virtually all its assets at an auction next month, according to a company spokesman.
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Detroit may run out of cash next month and must cut long-term debt and retiree obligations, according to emergency financial manager Kevyn Orr’s preliminary plan to save Michigan’s largest city from bankruptcy.
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Chinese equities retreated in New York from the highest level in three months, led by Aluminum Corp. of China Ltd., after investment in the nation’s fixed assets and industrial output trailed economists’ estimates.
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The number of defaults from U.S. municipal issuers rated by Moody’s Investors Service has more than tripled to an annual average of 4.6 since 2007, showing willingness to pay can’t be taken for granted, the company said in a report.
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The Topix Index climbed the most in a month, erasing losses from the 2008 collapse of Lehman Brothers Holdings Inc., as Japanese markets reopened from a holiday during which the yen slid and U.S. jobs data beat estimates.
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Asian stocks rose for a second day as the Reserve Bank of Australia cut its benchmark interest rate and Japan’s Topix Index erased losses from the 2008 collapse of Lehman Brothers Holdings Inc.
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