Word: bankrupting
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...doubled since March. "The prices for raw materials have gotten so high that no one is making a profit," says Mrs. Xu, who runs a small raw-materials factory with her husband. Xu, who declined to give her full name, says many of the factories she supplies have gone bankrupt this summer. Xu Songquan (no relation), who has been in the plastic-molding business since 1977, explains that factory owners who negotiated contracts with foreign companies earlier in the year when the price of oil was lower "settled on an export price, and now they can't make money...
...million in cash for them. In a complex transaction, UBS exchanged j290 million of the rest for credit-linked notes issued by a Portuguese bank in the Cayman Islands, which were then transferred to Parmalat. The notes came with a tough default clause that was triggered when Parmalat went bankrupt in December. The upshot: the j290 million went back to UBS. The banks don't dispute these transactions. The question is: Did the banks demand the unusually aggressive deals because they knew how perilous the company's financial situation was? And if so, could those deals be construed as contributing...
...does it help that LG Electronics is a member of one of South Korea's mammoth, family-controlled conglomerates, called chaebols, which are infamous for mysterious and convoluted business practices. In February the company broke a promise to investors by pledging $130 million to buy bonds of a nearly bankrupt affiliate, credit-card issuer LG Card. Kim says his company joined in because a failure at LG Card would have damaged LG's image. Michael Lee, an executive vice president at LG Corp., the conglomerate's holding company, says affiliates had a "moral obligation" to help out and calls...
...been completely ignored by my mother-in-law and sister-in-law, who live together in Florida. My husband would call for Mother's Day and other special occasions, but the gesture was never reciprocated. About six months ago, my mother-in-law became ill. My sister-in-law, bankrupt after ruining her business but still living lavishly, started calling her brother to ask for money. After some soul searching, my husband has sent many thousands--for [his sister's] mortgage payments, [his mother's] private nursing services and general household expenses. Is there a way he can provide what...
...much less than the Malaysia Airlines price, he says. And then, he gripes, he had to buy his own food. When a passenger with whom Fernandes is chatting complains that the number of cheap seats should be expanded, the CEO responds jokingly: "If I did that, I'd go bankrupt. Or you'd have to fly in planes with propellers...