Word: creditors
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DIRECT DEBITING By far the easiest solution, direct debiting is authorizing a creditor to reach its electronic fingers into your checking account and pull out money every month. It works best when the amount due is fixed, as it is with your mortgage, health-club dues and car payment--even utilities that offer a fixed-average-billing plan. The downside: if your balance isn't fat enough to cover these withdrawals, you'll get hit with late fees...
...could be a tough slog for Kirch's new chief executives, Wolfgang van Betteray, an insolvency specialist, and Hans-Joachim Ziems, a Kirch adviser. "My experience is that they will never get all the creditors behind such a complicated insolvency plan," said Wolfgang Petereit, a bankruptcy expert in Mainz. "The commercial interests of the creditor groups are totally different." What's worse, the new law requires companies emerging from bankruptcy to keep all the employees on the payroll and honor existing employment contracts, which scares off many potential investors. Complicating matters in Kirch's case is the company's opaque...
...Schröder and his opponent in September's national elections, Bavarian Premier Edmund Stoiber. Schröder, who heads the Social Democratic party, said the Kirch bankruptcy demonstrated Stoiber's failed leadership because the Bayerische Landesbank, which is 50% owned by the Bavarian government, is Kirch's biggest creditor with $1.7 billion in outstanding loans. "That is not an indication of economic competence but the opposite," Schr Schröder said. Stoiber, who is the candidate of his Christian Social Union and the mainstream Christian Democrats, said the insolvency is "not the end for the Kirch group...
Although Robert E. Rubin ’60 was not a direct employee of Enron, he was chair of Citigroup, Enron’s largest creditor and a defendant in a recent lawsuit brought by Enron shareholders. As secretary of the treasury under President Bill Clinton, Rubin exchanged friendly letters with Enron chair Kenneth Lay. When Enron’s finances started to slip, Rubin placed a now-infamous call to Peter Fisher, his former employee at Treasury, to seek assistance for the energy giant...
...story is that Tokyo's instinctive reaction has been to dole out government contracts to construction companies and make banks provide cheap capital to keep retail empires going. (In January, the government backed a bailout of struggling Daiei Inc., a retailing giant that needs $3 billion from its main creditor banks to stay afloat.) This kind of propping up and bailing out is expensive: healthier parts of the economy and eager entrepreneurs get starved for loans. Until 1998, Tokyo couldn't even admit how bad its banks' balance sheets were: it had no money in its deposit insurance fund. (Filling...