Georgia Gulf

• Greek pro-bailout parties lack majority, final poll results (Reuters)
• Greek Election Gridlock Raises Risk for Bailout, Euro Future (Bloomberg)
• Socialist Hollande ousts Sarkozy as French leader (Reuters)
• Merkozy End Means Franco-German Gulf; Greek Voters Rebel (Bloomberg)
• Election swing leaves Greece teetering (Kathimerini)
• Merkel's Coalition Appears to Suffer Loss in German State (WSJ)
• The Only Solution to the Eurozone Crisis (FT)
• Cameron Faces Clamour From Party Right (FT)
• Falcone’s LightSquared Said to Get Week Credit Extension (Bloomberg)
• Hungary plans three-year, 15 billion euro IMF deal: state sec (Reuters)
• Putin pledges unity on return to Kremlin (Reuters)

• Asian stocks rise to five-month high, Japanese bonds rally.
• Central banks of SKorea, S'pore, Thailand & Indonesia suspected of intervening in foreign exchange markets.
• China’s manufacturing activity accelerated in Sept - the second straight month.
• Gold for December delivery rose to a fresh record above $1,313.00 an ounce.
• Japan's Tankan Index rises least in 18 months as Yen gains, Economy slows.
• US Home prices rose for the 4th straight month in July, but at a slower pace.
• AOL acquires social software start-up Thing Labs; Terms were not disclosed.

• ADB raises Asia ex-Japan growth f'cast for this year to 8.2% vs. July view of 7.9%.
• ADB says Asia must refrain from tightening 'too quickly'.
• Asian stocks fall on European debt concerns, Metal prices drops.
• Fed weighs a more open-ended, smaller-scale bond purchase program.
• German consumer confidence f'casts 4.9 pts for Oct, a rise from rev 4.3 pts in Sept.
• AIG's Asian unit gauges demand for its Hong Kong listing; plans to raise $10-15B.
• China Airlines plead guilty to fixing prices on air-cargo shipments, pay $40M fine.
• Exelon Corp. to sell $900M of debt to fund its purchase of a Deere's wind-power unit.

• Asian stocks rose, led by material producers and Japanese trading companies.
• China's chief auditor says rising debts of local governments are risky to economy.
• China's yuan rises moderately against the U.S. dollar.
• Fed offered a subdued assessment of the economy; affirmed rates would remain near zero for "an extended period."
• G-20 countries divided on issue of stimulus spending versus soaring deficits.
• Japan's exports rose 32.1% in May from a year earlier, the MoF - lower than expected.
• Oil falls to near $76 in Asia on signs US crude demand.

• 56% of 106 economists, analysts surveyed expect home prices to fall this year: Macromarkets LLC.
• Asian stocks fell Wednesday, with energy stocks among the biggest losers.
• Banks hit by £2B yearly levy in UK; France and Germany promise similar measures.
• Chinese steelmakers hit hard by govt saying it will scrap a tax rebate for exports.
• Oil firms, drill operators clash on who should pay for rigs idled by the recent offshore-drilling moratorium.
• Adobe Board grants authority to repurchase up to $1.6B in common stock by 2012.

This is no way to build confidence that you are not headed for bankruptcy. The troubled PVC maker issued a press release earlier stating that it is withholding an interest payment:

And y'all thought Lyondell is going to be the only spectacular chemical LBO bankruptcy. The list is long and focuses mostly on plastics makers: Ineos, Chemtura and Georgia Gulf. The third-largest producer of polypropylene sealed its fate in 2005 when it bought BP's Innovene unit for $9 billion. Net debt most recently was $9.7 billion, 4.3x more than LTM EBITDA according to CFO John Reece. Of course there is the matter of plummeting EBITDA... Doubt leverage will be there for long time.