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Sep 9, 2011

French banks’ funding flames fuelled by Basel

(The authors are Reuters Breakingviews columnists. The opinions
expressed are their own)

By Margaret Doyle and George Hay

LONDON, Sept 9 (Reuters Breakingviews) – BNP Paribas
(BNPP.PA: Quote, Profile, Research) and Societe Generale (SOGN.PA: Quote, Profile, Research) may be disappointed if
they reckon that their statements this month on funding will
ease investor concerns. While shares in both French banks
enjoyed a relief rally on Sept. 8, they are still down 40 and 54
percent respectively since early July. Both groups want to show
that these sell-offs are fuelled by market hysteria, not
fundamentals. But the Basel Committee’s tough new liquidity
rules suggest the opposite.

Sep 9, 2011

Breakingviews-French banks’ funding flames fuelled by Basel

(The authors are Reuters Breakingviews columnists. The opinions
expressed are their own)

By Margaret Doyle and George Hay

LONDON, Sept 9 (Reuters Breakingviews) – BNP Paribas
(BNPP.PA: Quote, Profile, Research) and Societe Generale (SOGN.PA: Quote, Profile, Research) may be disappointed if
they reckon that their statements this month on funding will
ease investor concerns. While shares in both French banks
enjoyed a relief rally on Sept. 8, they are still down 40 and 54
percent respectively since early July. Both groups want to show
that these sell-offs are fuelled by market hysteria, not
fundamentals. But the Basel Committee’s tough new liquidity
rules suggest the opposite.

Sep 8, 2011

Legal support firm A. Gallo seeks bankruptcy sale

WILMINGTON, Delaware (Reuters) – Alexander Gallo Holdings LLC, one of the largest U.S. providers of litigation services, plans to sell its business to an investment firm after a sharp drop in sales forced it into bankruptcy.

Alexander Gallo provides about 10,000 law firms and companies with court reporting and electronic discovery services. Business has fallen sharply as law firms and companies have scaled back their use of outside legal services during the economic slowdown.

Sep 7, 2011

Solyndra CFO won’t say if solar maker to stay in US

, Sept 7 (Reuters) – The chief financial
officer of bankrupt start-up Solyndra, which had ramped up its
operations after getting a U.S. government loan for solar
companies, declined to say on Wednesday if potential buyers
would keep its business in the United States.

Under questioning at a bankruptcy court hearing from a U.S.
government attorney, CFO W.G. Stover declined to identify
either of the two companies that have shown an interest in
Solyndra’s operations, or even where they were based.

Sep 7, 2011

Cerberus-owned NewPage files for Chapter 11

, Sept 7 (Reuters) – NewPage Corp
[NEWPG.UL], the biggest maker of magazine paper in North
America, filed for bankruptcy on Wednesday, succumbing to
falling demand and rising costs.

NewPage, owned by Cerberus Capital Management LP [CBS.UL],
has been trying to restructure its $4.2 billion of debt but
said jittery suppliers have begun cutting off its credit,
leaving its liquidity “severely constrained,” according to
filings in Delaware’s bankruptcy court.

Sep 6, 2011

U.S. solar firm Solyndra files for bankruptcy

WILIMINGTON, Delaware (Reuters) – Solyndra LLC, a solar panel maker that received $535 million in federal loan guarantees, filed for bankruptcy, the third U.S. solar firm to succumb to pressure from Chinese rivals in recent weeks.

Solyndra, which also received more than $700 million in venture capital funding, said it will try to find a buyer quickly to avoid a firesale liquidation.

Aug 31, 2011

Greek bank M&A shows no mercy on weaker partners

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Aug 31 (Reuters Breakingviews) – Piraeus Bank
(BOPr.AT: Quote, Profile, Research) must feel a bit jilted. The smallest of the four big
Greek banks has just watched its most likely merger partners,
Eurobank EFG (EFGr.AT: Quote, Profile, Research) and Alpha Bank (ACBr.AT: Quote, Profile, Research), head off into
the sunset together. A consolation deal with National Bank of
Greece (NBGr.AT: Quote, Profile, Research), the biggest of the bunch, could work. But
Piraeus may have to make significant concessions to make it
happen.

Aug 31, 2011

Breakingviews-Greek bank M&A shows no mercy on weaker partners

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Aug 31 (Reuters Breakingviews) – Piraeus Bank
(BOPr.AT: Quote, Profile, Research) must feel a bit jilted. The smallest of the four big
Greek banks has just watched its most likely merger partners,
Eurobank EFG (EFGr.AT: Quote, Profile, Research) and Alpha Bank (ACBr.AT: Quote, Profile, Research), head off into
the sunset together. A consolation deal with National Bank of
Greece (NBGr.AT: Quote, Profile, Research), the biggest of the bunch, could work. But
Piraeus may have to make significant concessions to make it
happen.

Aug 30, 2011

Analysis: McCourt’s long-shot odds to hang on to Dodgers

WILMINGTON, Delaware (Reuters) – Frank McCourt’s decision to put the Los Angeles Dodgers baseball team in bankruptcy is a bit like a knuckleball: if conditions are perfect, it could be a wild way to stay in the game.

The parking lot tycoon and Dodgers owner could defy conventional wisdom and hang on to the team when it comes out of bankruptcy, even as Major League Baseball and its commissioner Bud Selig are trying hard to get rid of him.

Aug 29, 2011
via Breakingviews

Greek bank consolidation escapes Catch-22

By George Hay
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

LONDON — The long-awaited consolidation of Greek banks has finally started — and with a bang. The merger of EFG Eurobank and Alpha Bank, announced on Monday, has sent shares in every major Greek bank up around 30 percent: not bad, given IMF chief Christine Lagarde’s confidence-sapping recent remarks that European banks were undercapitalized. But while the deal presents a rare opportunity for investors in the battered nation to cheer, it may not mean the sector as a whole has turned the corner.

    • About George

      "George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards."
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