Word: buyer
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...bankrupt in November, will soon be sold. An Israeli firm, Soglowek Nahariya Ltd., made a $40 million offer this month to buy Agriprocessors and a smaller subsidiary plant in Nebraska. "A sale is likely," says Joseph Sarachek, a court-appointed trustee temporarily overseeing Agriprocessors' operations. "This is a real buyer." But he adds that the offer is the opening bid in what will probably be a March auction for the plant, which was once the nation's largest kosher meat producer and once Postville's major employer, with 968 workers. He predicts it will be a few months before...
...sell its goods. No sale means no cash, and the banks will be stuck with toxic debt. Faced with this tight time frame, the banks might not risk a DIP financing even when things are flush; in down times, forget about it. Once bankrupt and unable to find a buyer, a company must dissolve immediately, and recoup what it can through liquidation. "Retailers can't get access to financing, just when they need it most," says Larry Gottlieb, a bankruptcy lawyer at Cooley Godward Kronish. (Read "Why Circuit City Busted, While Best Buy Boomed...
...outward-oriented growth model won't be easy. Though consumer spending has remained healthy - retail sales grew 19% in the fourth quarter - economists don't think the average Chinese has a big enough wallet to make up for weak demand overseas. "The reliance on the U.S. consumer as the buyer of last resort is going to have to change," says Michael Buchanan, chief Asia economist at Goldman Sachs in Hong Kong. He says "China has a long way to go in adjusting" to this fundamental change in the world economy...
...would like to own the Citigroup name? It could probably be auctioned off to a lot of healthy local banks. It might even find a buyer in Asia or the Middle East, until, that is, their banks start to fail...
...Monday, Indian newspapers reported that the board may appoint investment banks to explore the possibility of finding a buyer for Satyam. Since then, board member Tarun Das has said the company was approached by a potential buyer. Board members insist the company has solid cash flow and can continue. Yet with fresh revelations about Raju's alleged malfeasance surfacing every day - the latest, that he deleted all his e-mails from his final month as CEO - there are fears that the company's liabilities may be so high that it may be forced to fold...