Bob Diamond’s promotion to chief executive of Barclays is no surprise. The driving force behind the UK bank’s investment banking arm was a candidate for the top job back in 2004, and Barclays Capital’s rise since then — it contributed over 80 percent of the group’s pre-tax profit in the first half of 2010 — made him a shoo-in.
The question is what the decision means for Barclays’ future structure. The UK banking commission, which reports next year, is examining whether to demand that lenders separate their retail and wholesale arms. Barclays’ leaders have to consider every possible scenario.
WILMINGTON, Delaware (Reuters) – The court-appointed examiner investigating the collapse of Washington Mutual Inc said he would need several more weeks to complete his probe, according to court documents.
Joshua Hochberg, who was appointed examiner in July, said on Tuesday he needed to extend the deadline for his final report to November 1 from October 8 as he required “a significant number of additional documents” from JPMorgan Chase & Co, government agencies and others.
/SAN FRANCISCO (Reuters) – Hipster brand American Apparel Inc (APP.A: Quote, Profile, Research, Stock Buzz) is in talks to bring in an outside restructuring firm as the manufacturer and retailer struggles to fix its flagging operations, sources told Reuters on Friday.
Lender Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) pressed American Apparel to hire the firm, a specialist in corporate turnarounds, according to people familiar with the matter. The firm is not being brought in to arrange a bankruptcy, sources said, but to help improve operations and its financial condition.
The new plan, filed Thursday in Manhattan bankruptcy court,
puts a higher value on the business than the company’s plan,
allowing stockholders to claim a larger recovery. Shareholders
generally only get a recovery in bankruptcy after other
creditors are paid.
, Sept 1 (Reuters) – A property management
company that traces its blue-blood lineage to the earliest
existence of PPG Industries Inc and the American Revolution
opted to file for bankruptcy on Wednesday rather than be taken
Pitcairn Properties Holdings Inc, which traces its
corporate family tree back to 19th Century founding of
Pittsburgh Plate Glass Co by John Pitcairn, fled to bankruptcy
court for fear of losing its investments worth hundreds of
millions of dollars.
, Sept 1 (Reuters) – The Federal Deposit
Insurance Corp is not entitled to $900 million it demanded from
the parent company of the failed Colonial Bank, in a court
ruling closely watched by other holding companies of failed
The federal bank regulator demanded the money which it said
represented the capital shortfall at Colonial Bank when it was
seized in the biggest bank failure of 2009.
, Sept 1 (Reuters) – A U.S. bankruptcy
judge was appointed mediator on Wednesday to broker peace among
Tribune Co’s creditors and find a way out of the media
company’s 20-month stay in Chapter 11.
Delaware Bankruptcy Judge Kevin Gross was charged with
finding a way to resolve legal claims stemming from the
disastrous 2007 leveraged buyout that put real estate developer
Sam Zell in charge of the Chicago Tribune, Los Angeles Times
and numerous broadcasters.
, Aug 31 (Reuters) – Tribune Co’s board has
formed a special committee to oversee the media company’s
bankruptcy, which unraveled this month following an
investigation into its 2007 leveraged buyout.
The special committee will consist of four independent
directors of the company who were appointed after real estate
developer Sam Zell led the buyout of the owner of the Los
Angeles Times and Chicago Tribune, according to a bankruptcy
, Aug 31 (Reuters) – Visteon Corp
(VSTNQ.PK: Quote, Profile, Research, Stock Buzz) received court approval on Tuesday to exit
bankruptcy, ending a 15-month fight among hedge funds, lenders
and an industry giant for a piece of the revived auto parts
Visteon’s reorganization caps a two-year stretch in which
dozens of U.S. automotive companies collapsed into bankruptcy.
Chrysler, General Motors, Delphi Corp and Lear Corp (LEA.N: Quote, Profile, Research, Stock Buzz)
used Chapter 11 to remove crushing debt, shed obligations and
close underutilized factories.
WILMINGTON, Delaware (Reuters) – Tribune Co will file a new bankruptcy plan by August 27 in an attempt to force a settlement among its warring creditors, the company’s lawyer told a court on Friday.
Creditors to the owner the Los Angeles Times and Chicago Tribune warned that competing proposals to restructure the company were now likely.