Derek Friesen thought he would be following in his father’s footsteps when he became the third generation of his family to work at H.J. Heinz Co.’s tomato processing plant in his hometown of Leamington, Ontario.
More than five months ago, the Federal Reserve and Office of the Comptroller of the Currency told some of the biggest banks to improve underwriting standards for non-investment-grade loans. The market is showing few signs of tightening as lenders chase lucrative fees.
The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.
Verso Paper Corp., a maker of coated paper used in magazines, said it’s exploring “all options” after failing to complete debt exchange offers related to its $907 million acquisition of NewPage Holdings Inc.
Fred’s Inc., the regional discount chain that’s exploring a sale, has approached potential buyers including drugstores and private-equity firms as it seeks initial bids in about a month, people with knowledge of the matter said.
In Memphis, 44 percent of the population rents and the remaining 56 percent are homeowners. And in the past year the Memphis real estate market has seen an 2.6 percent increase in value, with a median sales price of $101,700, according to Zillow.