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September 1, 2005
U.S.
Savings
Rate Falls Below Zero
Personal incomes
increased
0.3 percent in July, while spending soared ahead by 1 percent,
MarketWatch reported
today. As a result, the personal savings rate tumbled to negative 0.6
percent,
the lowest since monthly records began in 1959. Quarterly data show
negative
savings rates for several quarters during the Great Depression. The
savings
rate was negative 0.2 percent in October 2001 and was 0 percent in
June.
href='http://marketwatch.com/news/story.asp?siteid=mktw&guid=%7BD09C8048-99F1…'>Read
the full story.
id='2'>USCC
Holds Annual Briefing
The U.S. Chamber of
Commerce
(USCC) will hold its Annual Labor Day briefing on the economy and the
Chamber’s
labor priorities today at 11 a.m. in Washington, D.C. Topics include
immigration
reform, pensions and workplace regulations. Participants include
Martin Regalia,
vice president of economic policy and Randel Johnson, vice president
of labor,
immigration and employee benefits, USCC. Location: USCC, 1615 H St.,
NW, Washington,
D.C. Contact: (202) 463-5682 or
href='mailto:%20press@uschamber.com'>press@uschamber.com.
Visit the web site
for more
information.
id='3'>Delphi
Bankruptcy Still Looming
The chances of
Delphi Corp.
winding up in bankruptcy court are rising as the company’s quest
for help
from General Motors and the United Auto Workers appears to have
stalled, the
Press Automotive Editor reported yesterday. John Devine,
GM’s chief
financial officer said that ultimately the decision on whether to file
for bankruptcy
rests with Delphi’s management.
href='http://www.theoaklandpress.com/stories/083105/bus_200508310015.shtml'>Read
the full story.
id='4'>Republic
Leases Aircraft
Republic Airways
Holdings
Inc. has leased three Embraer 170 aircraft previously slated for
delivery to
US Airways Group Inc., the Charlotte Business Journal reported
yesterday.
The planes will be leased from General Electric Commercial Aviation
Services.
They are the first of 28 aircraft Republic will operate under the US
Airways
Express brand. Two of the planes will enter service Sept. 4. The
remaining 25
will be phased in over the next 12 months.
href='http://www.bizjournals.com/industries/travel/airlines_airports/2005/08/…'>Read
the full story.
id='5'>Free
Credit Reports Available
Beginning today, a
federal
law takes effect in several states that allows consumers to obtain a
free copy
of their credit report, the Asheville Citizen-Times reported.
Consumers
can request a free copy of their credit report by calling toll free
(877) 322-8228
or going
href='file:///Macintosh%20HD/Users/creyers/Desktop/Courtney%27s%20work%20files/Headlines/August05/HTML%20files/www.annualcreditreport.com'>here
online. Read more.
id='6'>Investor
Proposes to Buy Aloha Airlines
An investment group
has offered
to buy Aloha Airlines in a deal that would allow the carrier to pay
off its
debts and emerge from bankruptcy, the Associated Press reported today.
Aloha
attorney Paul Singerman told the U.S. Bankruptcy Court yesterday that
the company
is finalizing terms with a new, unnamed investor. Singerman plans to
seek court
approval for the transaction on Wednesday. Aloha filed for chapter 11
in December,
citing soaring fuel costs and stiff competition.
id='7'>Judge
Stalls MLKCSI Suit
Attorneys
representing a
pair of social service agencies—Head Start and Amity
Society—hoped
that a U.S. Bankruptcy Judge would lift a stay that has stalled local
court
proceedings related to Freeport’s Martin Luther King Community
Services of Illinois
campus, the Journal-Standard reported yesterday. Such a ruling
would
have allowed agency officials to travel back to Freeport, Ill., in
time for
a scheduled hearing in Stephenson County Circuit Court, in which they
sought
to strip the Rev. Charles Collins of any claim to the building that
his nonprofit
MLKCSI shares with the agencies under a trust agreement.
href='http://www.journalstandard.com/articles/2005/09/01/local_news/news02.txt'>Read
the full story.
id='8'>Avilla-based
Landscaping Files for Chapter 11
Four related
Avilla, Ind.,
companies that manufacture and package landscaping materials filed for
chapter
11 bankruptcy last week, the Journal Gazette reported today.
The businesses
also have the same company officials. Each of the four companies
listed between
$1 million and $10 million in debt and assets in court documents.
href='http://www.fortwayne.com/mld/journalgazette/business/12532991.htm'>Read
the full story.
id='9'>Bakery
Closes under Restructuring Plan
Interstate Bakeries
Corp.
said that it plans to close its bakery in Davenport, Iowa, as part of
its nationwide
restructuring efforts, PRNewsire reported today. The company expects
the closing
to be completed by Nov. 4, 2005, subject to bankruptcy court approval.
href='http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/…'>Read
more.
id='10'>
Satmex Bankruptcy Case on the Horizon
The bankruptcy case
of Mexican
satellite operator Satmex is unlikely to begin until next week, after
the communications
ministry delayed the selection of an arbitrator, TeleGeography.com
reported
today. BNamericas reports that the operator is thought to have
defaulted on
$523 million of debt since 2003. The aim is for Satmex to present a
financial
restructuring package to U.S. creditors by the end of October.
id='11'>Broadview
Pension Board Sues Village
A lawsuit has been
filed
by the Broadview, Ill., Police Pension Board against the village to
recoup funds
that were allegedly spent elsewhere, the Maywood Herald
reported today.
The suit claims that the village did not properly fund the police
department’s
pension fund with its property tax levy. In April 2002 the funds were
not put
in the pension fund and were used for general corporate purposes, it
states.
The suit claims that the village owes more than $900,000 to the police
department’s
pension fund.
href='http://www.pioneerlocal.com/cgi-bin/ppo-story/localnews/current/ma/08-3…'>Read
more.
id='12'>Integrated
Telecom Express Case Update
Integrated Telecom
Express
Inc. announced that the U.S. Supreme Court declined to hear the
company’s
appeal of the decision of the U.S. Court of Appeals for the Third
Circuit to
dismiss the Company’s bankruptcy case, PRNewswire reported
yesterday.
The company has exhausted all appellate options and expects that the
case in
the near future will be remanded to the Bankruptcy Court with
instructions to
dismiss Integrated Telecom Express’ petition under chapter 11.
href='http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/…'>Read
more.