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...face value. GM's chief executive Fritz Henderson described the terms of the offer as "stern." For the swap to take place 90% of the bondholders must accept the offer. If that percentage is not met, GM will file bankruptcy. Many Wall Streeters believe the prospects for such a major swap of GM stock for debt are dubious since bondholders expect to fare better in bankruptcy. Some bondholders are said to have positioned themselves for a bankruptcy filing by buying credit default swaps, which would pay off if GM filed for Chapter...
...From the volatility of global travel, investors sought the calm of safe havens. Both the dollar and the Japanese yen rose against major currencies. Defensive stocks, such as pharmaceuticals, registered healthy gains. Shares in Roche, the Swiss maker of Tamiflu, an antiviral drug effective against swine flu, had climbed almost 6% by Monday afternoon. Rival GlaxoSmithKline, which makes the influenza treatment Relenza, saw its shares rise even higher. (Read: "Swine Flu: 5 Things You Need to Know About the Outbreak...
...agreed to accept $4.5 billion; on Friday they reduced the amount further, to $3.75 billion. A final deal with creditors much be reached by May 1. Among Chrysler's biggest bondholders are JP Morgan Chase, Citigroup, Goldman Sachs and Morgan Stanley. Even if Chrysler reaches a deal with its major creditors it may still decide to enter Chapter 11 as a way to further clean up its balance sheet...
...Moving the world to pandemic phase 4 would be the signal for serious containment actions to be taken on the national and international level. Given that these actions would have major implications for the global economy, not to mention the effects of the public fear that would ensue, there is concern that the WHO may be considering politics along with science. "What the WHO did makes no sense," says Osterholm. "In a potential pandemic, you need to have the WHO be beyond question, and (April 25) was not a good day for them...
...Hong Kong's Prince of Wales Hospital, where one "superspreader" patient infected more than 90 people, including many health workers. "At that time, the number of isolation beds and isolation wards was very limited, so we really didn't have the infrastructural capacity to deal with such a major infectious-disease outbreak," Hong Kong University's Peiris says. Now the situation has greatly improved, he adds, with infection-control policies that minimize unnecessary movement of people in and out of hospitals. Currently, the government has 1,400 beds available for infectious-disease patients and 20 million doses of antiflu medication...