Word: pension
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...meet its financial obligations. GM has sold stock and tapped credit markets to raise $5 billion in the past year alone, mostly to pay operating expenses. If the financial squeeze grows too tight, GM might even file for bankruptcy protection under Chapter 11 to force concessions in its wage, pension and benefit packages. "This is not the company it once was," says a GM director. "There is going to have to be special oversight by the board for the next three years. Our credibility is at stake in the credit markets...
Monahan said the contracting companies providesubstandard wages and inadequate fringe benefits.They also fail to offer adequate training, health,welfare and pension programs, he said...
Heavy betting against the exchange system began as the Sept. 20 French referendum on the Maastricht treaty approached. If the result of this vote on the package of new steps toward European economic unity were to be non, no one wanted to be caught holding a weak currency. Banks, pension funds and private investors began selling off Italian lire, and Italy, fearful of depleting foreign reserves, was forced to devalue its currency...
Some years back, the Virginia Retirement System, a state pension fund, paid $350 million for these 320 acres of land, intending to develop it for mixed commercial-residential use. This is still mixed use: Cooke has use for free land and Wilder for political glory. Virginians with sharp ears could catch the sound of a state pocket being picked. Says Congressman Jim Moran of a plan that would bring the city few economic perks: "It is a classic case of how not to conduct public policy." Officials in Washington could only fear that getting Skinned meant the town would...
...this year's first quarter. TWA's workers, angered by Icahn's relentless quest to cut costs, blame him for driving the carrier into the ground. But before Icahn can exit, he has to satisfy union demands for job security. He also has to resolve an order by federal pension authorities to make up a shortfall in TWA pensions of $1.1 billion. (See related story on page...