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Notable Bankruptcies Of 2009: Q3

Mon, 05 Oct 2009 13:01:00 GMT

In January I predicted (see Notable Bankruptcies of 2009: Q1) that “major” bankruptcies in 2009 would challenge the 383 mark set in 2001 (the high-water mark after the dotcom bubble). I even suggested that it was possible that we could exceed 400 “major” bankruptcies in 2009.[More...]

Lear Corp. Declares Bankruptcy

Tue, 07 Jul 2009 13:48:11 GMT

Lear files Chapter 11 Pressured by the bankruptcies of key customers General Motors (GMGMQ) and Ford Motor Co. (F) as well as heavy debts, Lear Corporation (LEA), one of the largest automotive parts manufacturers in the world filed for Chapter 11 bankruptcy protection on July 7, 2009. Lear was in talks with the lenders and bondholders to convert $3.6 billion of debt into a combination of new[More...]

Lear (LEA) Prepares to File For Bankruptcy

Thu, 25 Jun 2009 23:46:22 GMT

As we said a month ago in (Jun 4, 2009: Detroit's Woes Wound an Army of Suppliers) I think many people do not understand the daisy chain that is the automotive industry - there are countless suppliers of various size. They have been in a "right sizing" for a decade now, decimating the ranks (we've lost about half of them as we offshore) but there are still literally thousands out there. Lost in the "headline news" of the week (green shoots mind you) was the bankruptcy of Visteon (yes last week) - which was spun off of Ford much like Delphi (in bankruptcy[More...]

Guess The Federal Bailout, Win Money

Wed, 10 Jun 2009 17:33:00 GMT

It appears we are back to 2008 type trading; guess what the government is going to bailout next, and place your bets. The only irony in watching these stocks soar is knowing people in the supplier industry and these companies themselves and realizing what shape they are in, while their stocks surge. As we said last week, (Jun 4, 2009: Detroit's Woes Wound an Army of Suppliers) there will be a lot of fallout in the multi thousand supplier base but as with banks, it appears the government will protect the largest. And this is exactly the type of information having a bevy of friends from Goldman Sachs within government provides - you know exactly where to place your chips. Not that this type of thing ever happens. And we wonder how Goldman had only 8 losing days on their trading desk in all of first quarter 2009. (talent of course, not information flow) If you want some[More...]

Daily Highlights: 5.20.09

Wed, 20 May 2009 13:53:01 GMT

Bank of England votes 9-0 to extend their money-printing plan by 50B pounds.Home construction fell 12.8% in April, led by large decline in apartment groundbreakings.U.S. said to consider stripping SEC of power in regulatory reorganization.Fed expands TALF to 'legacy' assets for first time, including older CMBS.AIG investors to get $843 million; AIG names 6 new directors.Air France-KLM and Delta Air Lines will set up a joint venture on trans-Atlantic routes with estimated annual sales of $12 billion.Allstate announces qtrly dividend of $0.20/sh, will not participate in TARP.Analog Devices' Q2 net falls 61% to $51.8M; revs down 26.8% to $474.7M.Bank of America raises $13.5B in sale of stock after stress tests.Daimler buys 10% stake in California electric carmaker Tesla Motors[More...]

Automotive Industry - Industry Outlook

Fri, 01 May 2009 19:58:53 GMT

AUTOS: CHANGES TO COME The auto industry is on the verge of significant changes. CHRYSLER Chrysler filed for bankruptcy as debt holders rejected an offer to take a 15% stake in the restructured company. The Treasury reached a deal earlier this week with four banks that hold the majority of Chrysler's debt in return for $2 billion in cash. However, 40 hedge funds that hold roughly 30 percent of that debt also needed to sign on for the deal to go through. The Treasury Department and the four banks tried to persuade the hedge funds to take a sweetened deal of $2.25 billion in cash. However, the deal ultimately fell through. An announcement of a merger with Fiat was made.[More...]

Fed Minutes Tick Down

Wed, 08 Apr 2009 22:05:00 GMT

Highlights include General Motors Corp. (GM), Lear Corp. (LEA), TRW Automotive Holdings, Inc. (TRW), Wells Fargo & Co. (WFC) and Fifth Third Bancorp ([More...]

Employment - A Historical Viewpoint

Fri, 03 Apr 2009 20:26:00 GMT

The March employment report was ugly, but everyone expected to be ugly and it more or less matched expectations. ? For the month 663,000 jobs were shed, and the headline narrow definition of unemployment rose to 8.5%. Since the start of the recession, 5.1 million jobs have been lost, with the bulk of those (3.3 million) lost in the last 5 months. This brings the total number of unemployed up to 13.2 million. That is more than the entire population of Illinois. ? The number of long-term unemployed rose to 3.2 million, an increase of 146% since the recession started in December of 2007. The unemployment rate would have been higher but for the fact that the labor force fell by 166,000 on the month. ? The job losses are widespread, but seem to be hitting adult men particularly hard, their unemployment rate jumped to 8.8% from 8.1% in February and 7.6% in January. The rate for women was 7.0% in March, up from[More...]

Another Move By US Government To Revive Auto Industry

Fri, 20 Mar 2009 20:22:00 GMT

In an effort to restore the confidence among the beleaguered auto suppliers, The US Department of Treasury announced a $5 billion Auto supplier support program on Wednesday. The money for the program is funded from the Troubled Asset Relief Program[More...]

Auto & Auto Parts - Industry Outlook

Thu, 19 Mar 2009 20:48:00 GMT

OPPORTUNITIES The industry is very concentrated, with the top 8 global auto companies having more than 90% of global revenues and the top 50 global auto parts companies having 80% of global revenues (the top 4 US tire producers have 75% of the US market). There is a focus on automation and simplifying product lines to lower costs and benefit from economies of scale. The average car now needs only 15-25 man-hours per vehicle and this drops 2% annually. Hybrid/alternative cars represent a source of growth in the future. Market share gains by hybrids/alternatives will be slow, and they are now only 4% of cars on the road. Back in December of 2008, President Bush approved an emergency bailout of the U.S. auto industry, offering $17.4 billion in rescue loans in exchange for tough concessions from the deeply troubled carmakers and their[More...]

Manufacturing Jobs Decline 5 Percent

Fri, 21 Aug 2009 00:49:00 GMT

Aug. 20--Wisconsin lost more than 31,000 manufacturing jobs between June 2008 and June 2009, for a record-breaking overall drop of 5 percent, according to an industry directory.
It was the sharpest decline recorded in the past 25 years, the company said.
"As with the entire nation, the recession continues to affect Wisconsin's industrial sectors, with the auto industry and sectors related to the housing market taking the biggest hit," president Tom Dubin said in a news release.

: iStockAnalyst.com Symbols Feed

Notable Bankruptcies Of 2009: Q3

Lear Corp. Declares Bankruptcy

Lear (LEA) Prepares to File For Bankruptcy

Guess The Federal Bailout, Win Money

Daily Highlights: 5.20.09

Automotive Industry - Industry Outlook

Fed Minutes Tick Down

Employment - A Historical Viewpoint

Another Move By US Government To Revive Auto Industry

Auto & Auto Parts - Industry Outlook

Manufacturing Jobs Decline 5 Percent

Manufacturing Jobs Decline 5 Percent

Lear Workers Overwhelmingly Ratify New Contract Offer

Sheboygan's J.L. French Files for Bankruptcy Protection

Union Members at Lear Plant in Arlington Are Told to Wait Out Talks at Home

Stocks Tumble on Jobs News

AIG, Continental, Apollo Group are big movers

Lear Bank, Bondholder Deadline is Today

KB Home, Palm, UBS, Immucor are big movers

BofA, Boeing, Alcoa, Jazz Pharma are big movers

Lear Reaches Agreement In Principle On Consensual Debt Restructuring

Lear Elects to Exercise 30-Day Grace Period for Pending Interest Payments

Lear Reports First-Quarter 2009 Financial Results

Lear Reaches Agreement With Lenders to Extend Waiver Under Its Primary Credit Facility

Lear Announces First-Quarter 2009 Earnings Conference Call

Lear Reaches Agreement With Lenders to Amend its Primary Credit Facility

Research and Markets: Cadence Innovation - Strategic Analysis Review

Lear Corporation Reports Preliminary Fourth-Quarter and Full-Year 2008 Financial Results

Lear Revises Time for Fourth-Quarter and Full-Year 2008 Earnings Conference Call

Lear Fourth-Quarter and Full-Year 2008 Earnings Conference Call Details

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