Archive - Mar 1, 2009
AIG To Get Additional $30 Billion From US
Submitted by Tyler Durden on 03/01/2009 18:01 -0500The financial Black Hole formerly known as AIG is close to a deal with the U.S. government that would ease the terms of its bailout, provide a further equity commitment and help it pay down debt, a person familiar with the matter said on Saturday. The revised agreement is expected to include an additional equity commitment of $30 billion. Additionally, per Reuters:
Bankrupt Lyondell Wins Reprieve as DIP Approved, Bondholders Doomed
Submitted by Tyler Durden on 03/01/2009 01:53 -0500On Friday afternoon Judge Bobby Gerber, who has yet to bitchslap his wife for showing up home late, approved Lyondell's DIP loan, preventing sure liquidation, but likely dooming unsecured creditors to zero recoveries on their claims.
