| Wilmington Trust says it is not a CIT creditor |
| News - Financial News |
|
--(www.FinancialNewsUSA.com)-- 11/06/2009 - Credit Services industry news provided by Financial News USA. WILMINGTON, Del. (AP) -- Wilmington Trust Corp. said Wednesday it has not loaned money to CIT Group Inc. and therefore is not a creditor in the commercial lender's bankruptcy. Wilmington Trust issued a statement to clarify that while some news reports may have led investors to believe that it has loaned money to CIT, it has not. CIT's bankruptcy has no effect on Wilmington Trust's balance sheet or credit quality, the company said. Instead, it serves as indenture trustee, transfer agent, registrar and paying agent in various equipment financing transactions. CIT Group filed for Chapter 11 on Nov. 1 and hopes to make a quick exit after negotiating a deal with lenders to cut its debt by about $10 billion. It has scheduled a Dec. 8 court hearing to seek court approval for its bankruptcy exit plan. Wilmington Trust is a financial services holding company that provides regional banking, wealth advisory and corporate client services. [Read the full article] SPARTANBURG, S.C., Nov. 4 /PRNewswire-FirstCall/ -- Advance America, Cash Advance Centers, Inc. (NYSE: AEA) today announced that its management will participate in the Southwest IDEAS Investor Conference on Wednesday, November 11, 2009. Advance America's presentation is scheduled to begin at 10:45 a.m. CST (11:45 a.m. EST). The presentation will be webcast live and may be accessed at the conference website at www.swideas.com, or under the investor relations section of the company's website, www.advanceamerica.net. Founded in 1997, Advance America, Cash Advance Centers, Inc. (NYSE: AEA) is the country's leading provider of cash advance services, with approximately 2,600 centers and 75 limited licensees in 33 states, the United Kingdom, and Canada. The Company offers convenient, less-costly credit options to consumers whose needs are not met by traditional financial institutions. [Read the full article] A Moody's Investors Service study found the largest private-equity deals of the decade's buyout boom have fared much worse than other leveraged buyouts. [Read the full article] The 10 largest companies bought by private equity companies are performing worse than similar stand-alone companies or smaller private equity deals, according to a new report from Moody's, the rating agency. Four of the 10 companies have defaulted on their debts, one is about to, and at least three have done special deals - called distressed exchanges - to reduce the debt loads placed on them by private equity transactions, the report says. "It appears that when you do a large dollar value transaction and you lever that company up, you seem to be at more risk of having problems in a downturn," said John Rogers, a senior vice president at Moody's and the lead author of the study. The report found that deals by two private equity firms, Cerberus and Apollo, have performed the worst among their peers. Four of Cerberus's six buyouts are in distress or in default, and about two-thirds of Apollo's companies are in equally dire straits. [Read the full article] About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
|