November 25, 2009
Asahi Glass Co., Japan’s biggest glass producer, plans to sell as much as 100 billion yen ($1.1 billion) of convertible bonds for investments and to repay maturing debt.The Tokyo-based company will sell 45 billion yen each in three-year and five-year zero-coupon convertible bonds, according to a filing with Japan’s Finance Ministry today. Sale underwriters Nomura International Plc and...
June 3, 2009
Japanese stocks edged up, sending the Nikkei 225 Stock Average to its longest winning streak in five months, led by glassmakers on optimism sales of flat-screen materials will recover.Asahi Glass Co. and Nippon Electric Glass Co. surged more than 5 percent after JPMorgan Chase & Co. rated them “overweight” on expectations sales will rebound, according to a June 3 Bloomberg report...
June 2, 2009
General Motors Corp. became the second-largest industrial bankruptcy in history Monday as it filed its landmark case, with President Barack Obama predicting the humbled corporate titan will emerge from Chapter 11 "a stronger and more competitive" company within months.GM's bankruptcy caps a frenetic few months in which the Obama administration scrambled to salvage GM as well as Chrysler...
June 1, 2009
General Motors Corp.’s parts suppliers, battered by losses from slumping vehicle production, face new threats to their survival as the largest U.S. automaker prepares to idle factories in bankruptcy.Viable partsmakers are pivotal for GM’s exit from a bankruptcy set to start June 1. GM shares more than 50 percent of about 1,500 North American suppliers with Chrysler LLC and Ford Motor...
May 28, 2009
General Motors said Wednesday that not enough bondholders agreed to an exchange offer, which expired at midnight Tuesday, to make the deal go through. GM's board will meet shortly to discuss the next steps, which will likely include bankruptcy filing.The automaker attempted to persuade bondholders to trade in $27.2 billion in unsecured public debt notes in exchange for a 10 percent stake in...
May 27, 2009
One might have thought that investors would tread cautiously around a stock that has already risen more than 200 percent this year, but as it were, investors were happy to buy Hong Kong-listed Xinyi Glass Holdings last night when the stock was offered through a combined placement of new and existing shares. The share sale was ultimately upsized by 21 percent, which resulted in a final deal...
May 26, 2009
General Motors Corp. on Friday said it received $4 billion in U.S. aid, $1.4 billion more than it had originally requested, as part of its plan to pay suppliers and dealers before a June deadline.The auto maker, already subsisting on $15.4 billion in government loans, previously had asked the Treasury for an additional $2.6 billion before June 1 and $9 billion after that date for working-capital...
May 19, 2009
Japan’s Nikkei 225 Stock Average rose 251.6, or 2.8 percent, to 9,290.29 as of the close in Tokyo. The following were among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.Asahi Glass Co. (5201 JT) climbed 9.4 percent to 674 yen, the highest since Oct. 15. The glassmaker was lifted to “buy” from “neutral” by...
May 12, 2009
Japanese stocks slid for the first time in six days on concern earnings will continue to decline this year and that a recent share rally was overdone.Asahi Glass Co. surged 12 percent after Nomura Holdings Inc. raised its rating on the company to “buy.”
May 11, 2009
For General Motors Corp., the task at hand is so difficult that experts say a Chapter 11 bankruptcy filing is all but inevitable. To remake itself outside of court, GM must persuade bondholders to swap $27 billion in debt for 10 percent of its risky stock. On top of that, the automaker must work out deals with its union, announce factory closures, cut or sell brands and force hundreds of dealers...