Casinos Defaulting On Debt
Las Vegas Sands Corp. plunged in New York trading after saying it
may be in default of some loans if it can't raise capital, threatening
its ability to keep operating "as a going concern.''
The casino company said in a regulatory filing today that it doesn't
expect to meet a maximum leverage ratio covenant in the fourth quarter.
That would trigger defaults that might force the company to suspend
development projects and "raise a substantial doubt about the company's
ability to continue as a going concern.''
http://www.bloomberg.com
Retail Sales Sink
Macy's Inc., Target Corp. and Gap Inc. posted October sales declines
after the Wall Street meltdown and accelerating job losses discouraged
consumer spending heading into the holiday-shopping season.
Wal-Mart Stores Inc. remained a bright spot. Sales at
stores open at least a year climbed 2.4 percent, exceeding its
forecast, after shoppers sought discounts on clothing and food.
http://www.bloomberg.com
Paintings Go Unsold
The artworks of Park Avenue widow Rita Hillman and property heiress
Alice Lawrence fetched about half the low estimate at Christie's
International's New York sale last night, as the top end of the art
market continues to sag.
The auction tallied $47 million, against a presale estimate of $103
million to $150 million. Bidding was sparse as collectors resisted
paying up for anything but a handful of top works. Paintings by Edouard
Manet and Mark Rothko didn't draw any bids, while many works sold for
half presale estimates.
http://www.bloomberg.com
GM About to Collapse
General Motors Corp., hammered by the worst auto market in 25 years,
needs U.S. aid because "time is very short'' to stop its collapse, says
Roger Altman, the former Treasury official advising GM in merger talks
with Chrysler LLC.
With the government offering a $700 billion rescue for banks, it
should have enough to assist GM, Chrysler and Ford Motor Co., Altman,
62, said in an interview. Altman, now chief executive officer of
Evercore Partners Inc., helped with the 1979 Chrysler bailout plan as
an assistant Treasury secretary.
