Detroit, USA As GM and Chrysler begged the US government for bailout money, Ford held strong.  When GM and Chrysler filed for bankruptcy, Ford kept their head high.  Now, Ford posts an almost $1 Billion operating profit for the third quarter of 2009.   Ford Motor Co surprised Wall Street with a quarterly profit on Monday and raised its 2011 outlook to "solidly profitable," sending its shares up 5.7 percent in premarket trading. Ford, the only large U.S. automaker to avoid bankruptcy in... Full Story

USA CIT Group filed for Chapter 11 bankruptcy protection today after months of trying to avert it. The bankruptcy was filed in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses.   CIT made the filing in New York bankruptcy court Sunday, after a debt-exchange offer to bondholders failed. CIT said in a statement that its bondholders overwhelmingly opted for a prepackaged reorganization plan which will reduce... Full Story

Detroit, MI, USA A new General Motors emerged from bankruptcy protection on Friday -- far more quickly than most industry watchers had expected -- as a leaner automaker pledging to win back American consumers and pay back taxpayers. A whirlwind 40-day bankruptcy for GM concluded with the closing of a deal that sold key operations to a new company majority-owned by the U.S. Treasury. The development, which follows a similar fast-track reorganization of Chrysler, represented a victory for the Obama... Full Story

London, UK British Airways' boss Willie Walsh has asked its staff to work unpaid/free for a week to a month so that the company can survive the current crisis. The company had last month posted a record annual loss.   BA, Europe's third-biggest airline by revenue, posted annual operating losses of 220 million pounds ($362 million) and scrapped its dividend in May, saying it had suffered from a downturn in air travel and forecast no immediate revival.  It said 1,000 employees had... Full Story

New York, NY Six Flags, one of the worlds greatest theme parks, is filing for Chapter 11 bankruptcy.  Luckily, they are announcing that this will not affect any of their theme parks.  The summer should be filled with Roller Coasters and Loony Tunes characters.   2008 was a record year for six flags revenue wise, so company exectives aren't worried about the company in general.  However, Six Flags have accumulated $2.4 billion in debt over the years and are looking to shed at least $1.8... Full Story

There is currently a large push for Universal Health Coverage for all Americans.  This is being villainized by the Republicans as a method for robbing the people, "Why should those more fortunate have to pay for the medical costs of those less fortunate?"  Well, here is an obvious answer staring you right in the face ... because when those less fortunate can't afford their medical bills, bankruptcy will cost you a great deal more. Sixty-two percent of all bankruptcies filed in... Full Story

Detroit, Michigan General Motors filed for Chapter 11 bankruptcy protection Monday, June 1, 2009, as part of President Obama’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. Obama’s plan is for the federal government to take a 60% ownership stake in the new GM (Government Motors?). The Canadian government would take 12.5% of the company. The United Auto Workers Union (UAW) would be granted a 17.5% share and unsecured bondholders... Full Story

Detroit, USA Today, Chrysler filed for Chapter 11 bankruptcy protection (read the filing here) after failing to come to agreements with a small group of creditors. Chrysler is in talks with Italian car maker Fiat that could eventually take over the company. Only the American part of Chrysler is filing for bankruptcy, and does not affect it's Canadian, Mexican and other international operations. A bankruptcy court in the Southern District of New York will handle the restructuring plan, which... Full Story