Tom Sweeney

It's a coming of age tale….

Posts Tagged ‘Bankruptcy’

GM files for Bankruptcy

Posted by sweens on June 1, 2009

General Motors began the process of filing for Chapter 11 bankruptcy protection today in New York.  While the automotive giant is optimistic that the Canadian unit may be able to avoid seeking bankruptcy protection, the president of the Canadian Auto Workers Union said he would be ‘incredibly surprised’ if all GM plants managed to stay open.

 

Please read the whole article at:
http://ca.news.yahoo.com/s/capress/090601/business/gm_lewenza

 

 

The Canadian Broadcasting Corporation is also reporting that 14 GM plants are scheduled to be closed.  

Please read the whole article at:
http://www.cbc.ca/money/story/2009/06/01/gm-bankrutcy-filing.html

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EI and bankruptcy levels are on the rise…

Posted by sweens on March 24, 2009

CBC is reporting that the level of Canadians who filed for bankruptcy is up 15.8% according to a report released earlier today.  The Office of the Superintendent of Bankruptcy Canada reported that 117,000 Canadians filed for bankruptcy for a 12-month period ending January 2009. 

 

Statistics Canada is also reporting that the number of Canadians who filed for employment insurance benefits rose above the 500,000 level nationally for January.  This number represents a jump of 23,700 or 4.4% compared to January.

 

To read the full article, please visit:

http://www.cbc.ca/money/story/2009/03/24/ei-bankrupt-canada-january.html

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Tough times continue…

Posted by sweens on February 26, 2009

In recent news today, General Motors (GM) posted close to a $10 Billion dollars fourth-quarter loss and was forced to use $6.2 Billion dollars of cash in the last 3 months of 2008.  In 2008, GM is reporting to have lost $30.9 Billion dollars.  GM is reporting that it will need roughly $30 Billion dollars as a bail out in order to avoid Chapter 11 bankruptcy protection in the United States.

 

Read the full article at: http://ca.news.yahoo.com/s/capress/090226/business/general_motors

 

In other news, Nortel announced today that it would be laying off another 3200 employees bringing the total to 5000.  The company will be dismissing its employees over the next few months as part of the restructuring plan under bankruptcy protection.

 

Read the full article at: http://www.ottawabusinessjournal.com/293881415493017.php

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Air Canada: Next big Canadian company in trouble?

Posted by sweens on February 18, 2009

Yahoo News is reporting that Air Canada, Canada’s biggest airline, may have to file for bankruptcy if it can not secure additional funding.  Reports from earlier in the month indicate that cash collected by Air Canada for operations will be insufficient to meet rising pension funding obligations and over $1 Billion of debt repayment over the next two years. 

To read the full article, please visit: http://ca.news.finance.yahoo.com/s/17022009/6/finance-air-canada-forced-bankruptcy-ubs.html

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