In January 2003, FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities. FASB I 46 supersedes EITF 90-15 which previously was used to determine whether a lessee, under an operating lease, was required to consolidate a "nonsubstantive" lessor. It is necessary for the lessee to first apply FASB I...
A business’s accounting advisers are often among the first to know when an organization is facing financial difficulty. They are in a unique position to work with legal counsel in evaluating the company’s financial problems and developing effective restructuring efforts. The sooner a restructuring plan is created, the more options...
DETROIT (Reuters) - U.S. auto dealer Lithia Motors Inc LAD said on Tuesday it would withdraw its earnings outlook, citing weak June vehicle sales and the shift in consumer demand due to rising gas prices. Lithia said it would continue with a restructuring...
NEW YORK (Reuters) - The restructuring plan Anheuser-Busch Cos Inc BUD is reported to be working on this week will probably not benefit shareholders as much as InBev NV's INTB $46.3 billion takeover bid, industry experts said on Thursday. Newspapers reported...
Domestic automakers have been compelled to state in recent days that they're not planning to file for bankruptcy -- which unfortunately for them only serves to keep the word "bankruptcy" appearing in the same headlines as Ford, GM and Chrysler. Spokesmen like Chrysler's Jim Press and GM's Rick Wagoner used terms like,...
MILAN (Reuters UK) - Alitalia AZPIa will receive a capital injection of 700 million to 800 million euros from Italian businessmen as part of a plan to save the ailing carrier, newspaper Corriere della Sera reported on Sunday. The paper, without citing sources, said some 10...
MILAN (Reuters) - Alitalia AZPIa will receive a capital injection of 700 million to 800 million euros from Italian businessmen as part of a plan to save the ailing carrier, newspaper Corriere della Sera reported on Sunday. The paper, without citing sources, said...
MILAN (Reuters UK) - Alitalia AZPIa will receive a capital injection of 700 million (554 million pounds) to 800 million euros from Italian businessmen as part of a plan to save the ailing carrier, newspaper Corriere della Sera reported on Sunday. The paper, without citing...
RICHMOND, Indiana (Reuters) - Auto sales have remained weak in July and reflect the trend in shifting demand toward smaller vehicles, Ford Motor Co's F president of the Americas said on Tuesday. "We continue to see industry weakness and at this point our...
PARIS (Reuters UK) - Airbus has reached 41 percent of its target for job reductions under the core employment part of its Power 8 restructuring plan, unions said on Wednesday. Job cuts have reached 1,806 since the plan was launched last year, compared with a target...
NEW YORK (Reuters) - Drug wholesaler Cardinal Health Inc CAH said on Tuesday it would eliminate 600 jobs and consolidate its businesses to cut costs. The Dublin, Ohio-based company said it expects restructuring costs of $63 million in fiscal 2009. The 600 job...
Hong Kong's leading fixed-line carrier, PCCW, has received a number of first round bids for a minority stake in new subsidiary HKT. The firm is reportedly seeking USD2.5m for a 45% share in its offshoot, which contains PCCW's core telecoms, media and IT assets, reports the Wall Street Journal....
By Tim Hepher and Matthias Blamont FARNBOROUGH (Reuters) - Airbus parent EADS EAD has signaled a more aggressive attempt to beef up its restructuring plans to catch up with a weakening dollar and said Mark II of the overhaul would be widened to...
By Tim Hepher and Matthias Blamont FARNBOROUGH (Reuters UK) - Airbus parent EADS EAD has signalled a more aggressive attempt to beef up its restructuring plans to catch up with a weakening dollar and said Mark II of the overhaul would be widened to the whole...
CHICAGO (Reuters) - Car maker Ford Motor Co F is drawing up plans to retool American plants to make small, fuel-efficient passenger cars that it mainly makes and sells in Europe, the Wall Street Journal reported on Saturday. The paper said Ford has...
Cerberus Capital Management LP announced today that former Home Depot Inc. Chief Executive Officer Robert Nardelli will take on the role of CEO at Chrysler, unleashing a flood of speculation about the meaning of the appointment. Nardelli left Home Depot under a cloud of controversy surrounding his compensation and the...
By Martinne Geller and Martha Graybow NEW YORK (Reuters) - Anheuser-Busch Cos Inc BUD is suing InBev NV INTB in an attempt to slow its suitor's efforts to replace the U.S. brewer's board of directors, which rejected InBev's $46.3 billion takeover offer. In...
By Martinne Geller and Martha Graybow NEW YORK (Reuters UK) - Anheuser-Busch BUD is suing InBev INTB in an attempt to slow its suitor's efforts to replace the U.S. brewer's board of directors, which rejected InBev's $46.3 billion (23.5 pound) takeover offer. In the lawsuit, the...
The McClatchy Company's (NYSE: MNI) financial struggles only seemed to deepen in Q2, as Gary Pruitt, the publisher's chairman and CEO, pinned the weakening economy and the shift from print to digital on its revenue and income decreases. Revenues were down 15.6 percent to $489.7 million in Q2 compared...
By Jessica Hall PHILADELPHIA (Reuters UK) - Anheuser-Busch BUD plans to reject InBev's INTB unsolicited $46.3 billion (23.5 billion pounds) takeover offer, saying it undervalues the company, a source familiar with the situation said on Wednesday. Anheuser-Busch, the brewer of Budweiser beer, and InBev, ...
