BUSINESS BRIEFS
Chrysler lenders oppose sale of assets to Fiat
Advertiser News Services
NEW YORK — A dissident group of Chrysler LLC lenders objected yesterday to the sale of the bulk of the automaker's assets to Italian automaker Fiat, saying that the proposed sale process is designed to prevent competitive bidding.
The group said the proposed sale's bidding procedures only give the appearance of legitimacy and don't maximize the sale price of the assets. Michigan's state attorney general also filed an objection, saying if the sale goes through, the new company formed wouldn't meet obligations to a state workers' compensation fund.
Lawyers packed the hot New York City courtroom for a third-straight business day of testimony in the case, which the Auburn Hills, Mich.-based automaker hopes will end in a swift exit from court oversight.
GUIDELINES SET FOR BAILOUT RETURNS
WASHINGTON — The government will require banks seeking to return federal bailout money to prove they don't need other special federal assistance, a condition that will make it harder for some institutions to escape restrictions on executive compensation.The new requirement is another shift in a changing landscape for banks. It also illustrates the government's desire not to have banks abandon the bailout program if they are not financially prepared to do so.
HOG PRICES RISE AS FLU WORRIES EASE
MILWAUKEE — Prices for U.S. hogs and shares of the nation's largest hog and pork producer all soared yesterday as concern about the swine flu outbreak seemed to abate, relieving investors' fears that pork consumption would slump.The trade group representing the nation's pork producers nonetheless asked the federal government to buy up $50 million in pork products to help bolster pricing, saying the industry is incurring accelerating losses due to the outbreak and dwindling exports.
DISNEY PROFIT FALLS 46% IN 2ND QUARTER
LOS ANGELES — The Walt Disney Co. said yesterday its second-quarter net income fell 46 percent, with sharply lower profits at its movie studio and theme parks. But its results narrowly beat Wall Street forecasts and shares rose.The family entertainment giant's profit in the quarter through March 28 was $613 million, or 33 cents per share. That was down from $1.13 billion, or 58 cents per share, a year earlier. Revenue fell 7 percent to $8.09 billion.
