Another Day, New Disastrous News

Mall operator files for bankruptcy protection

"LOS ANGELES (AP) — General Growth Properties Inc., the nation's second-largest mall operator, filed for Chapter 11 bankruptcy protection early Thursday after it failed to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt racked up during the housing boom."

California a step closer to bankruptcy

"Facing what could be the largest cash flow problem in state history, California officials are asking the federal government to back billions of dollars in short-term loans the state must seek in July.
"We're going to need cash-flow borrowing the likes of which California has never seen, at a time when market and economic forces are stacked against us," said Tom Dresslar, spokesman for state Treasurer Bill Lockyer. "That's a recipe for calamity."

General Motors closing 1700 dealerships

"General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said."

Nokia profits in free fall

"Profits at world's largest mobile phone manufacturer fall by more than 90% as cash-strapped consumers hold on to their existing handsets."

Bankruptcy filings soaring as economy continues to fall

"An Associated Press analysis released Tuesday shows U.S. bankruptcy filings up an astounding 46% from March of 2008 to March of 2009. The jump is an even more dramatic 81% since March of 2007."