Business Events
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*Raised $1.2 bln from investors, but cash has dwindled to $30 mln. DETROIT, April 5- Fisker Automotive, the struggling, government-backed hybrid sports car maker, said on Friday that it terminated most of its rank-and-file employees, in what sources said was a last-ditch effort to conserve cash and stave off a potential bankruptcy filing.
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*Ray Lane, Leonardo DiCaprio among Fisker's investors. NEW YORK/ DETROIT, March 28- Fisker Automotive, the U.S.-backed maker of luxury plug-in hybrid sports cars, has hired law firm Kirkland& Ellis to advise it on a possible bankruptcy filing, a source said on Thursday, while executives continue their search for a strategic investor.
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NEW YORK/ DETROIT, March 28- Fisker Automotive, the green-car company that has not built a car since July, has hired law firm Kirkland& Ellis to advise it on a possible bankruptcy filing, a person close to the matter said on Thursday.
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DETROIT/ NEW YORK, March 28- Fisker Automotive, the green-car company that has not built a car since July, hired restructuring lawyers from Kirkland& Ellis to prepare for a possible bankruptcy filing, The Wall Street Journal reported on Thursday, citing people familiar with the matter. On April 22, Fisker must make a payment on a U.S. Department of Energy loan.
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A judge approved AMR's plan to merge with US Airways, a step toward creating the world's largest airline.
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LYON, March 27- A French commercial court on Wednesday opened bankruptcy proceedings for unprofitable chemicals-maker Kem One, which was spun off from France's Arkema.
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SYDNEY, March 28- Australia's Leighton Holdings Ltd said on Thursday it had agreed to sell around sell 70 percent of its telecommunication assets, including its NextGen Networks fibre-optic business, to Canada's Ontario Teachers' Pension Plan, in a deal valuing the assets at A $885 million.
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March 28- Leighton Holdings Ltd:. *Leighton reaches agreement for the sale of telco assets. *Says the sale price values 100% of businesses being sold is $885 million.
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NEW YORK-- Lehman Brothers said Wednesday it will pay about $14.2 billion to creditors in its third distribution under a bankruptcy restructuring plan. That will bring to $46.9 billion the total amount distributed to creditors since a federal bankruptcy judge approved Lehman's restructuring plan in December 2011.
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*April 4 distribution to boost payout above $47 bln. March 27- Lehman Brothers Holdings Inc said on Wednesday it plans to distribute about $14.2 billion to creditors early next month, as the company winds down following its emergence from bankruptcy protection last year.
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*Receives court approval to merge with US Airways Group Inc. *Us bankruptcy court judge does not approve $20 million severance package for. outgoing AMR Corp CEO horton.
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MILAN, March 27- Italian real estate management company Prelios said on Wednesday it approved a 561 million euro debt restructuring plan, as well as a 185 million euros capital increase. Prelios said its net loss for 2012 was 241.7 million euros, compared to a loss of 289.6 million euros in 2011, as a result of real estate writedowns and restructuring costs.
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ABUJA, March 27- Nigeria has offered to sell a major power station to the Chinese engineering firm that has upgraded the plant, the privatisation agency said, as it aims to end power shortages that are the biggest brake on economic growth.
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FRANKFURT/ AMSTERDAM, March 27- Dutch nuclear reactor Borssele has been given permission to operate up to 2033, though the approval can still be contested, Dutch and German stakeholders said on Wednesday. Started in 1973, the 500 megawatt plant is one of the oldest reactors in Europe.
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MOSCOW, March 27- Russian steelmaker Evraz. Evraz, part-owned by Chelsea soccer club owner Roman Abramovich, said it had signed a non-binding term sheet to sell the asset, which in 2012 recorded a loss before tax of R300 million. Evraz said the buyer is Nemascore, a black economic empowerment consortium.
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*Deposit flight risk puts new urgency on bank capital plans* Tier 2 seen as best tool to boost capital until mid 2013 By Natalie Harrison and Aimee Donnellan. LONDON, March 27- European banks must accelerate plans to boost their capital on fears that senior bondholders will be forced to take losses in a bank failure sooner than many had envisaged.
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LONDON, March 27- Grafton Group PLC:. *Acquisition of thompsons merchanting in England. *Total purchase consideration of E3.8 million.
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*Opel can now begin restructuring German operations. FRANKFURT, March 27- German trade union IG Metall's federal executive board approved a labour deal with Opel on Wednesday, paving the way for the General Motors unit to begin restructuring its domestic operations.
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ANN ARBOR, Mich.-- Aastrom Biosciences Inc. is cutting its workforce by about 50 percent and ending a clinical drug trial. The Ann Arbor, Mich., company said that it will stop enrollment in and end the Phase 3 Revive clinical trial for patients with critical limb ischemia, or restricted blood supply.
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ZURICH, March 27- Credit Suisse is buying Morgan Stanley's wealth management arm in Europe, the Middle East and Africa, acquiring $13 billion in assets in a move to offset exposure to more volatile investment banking.
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*April 4 distribution to boost payout above $47 bln. March 27- Lehman Brothers Holdings Inc said on Wednesday it plans to distribute about $14.2 billion to creditors early next month, as the company winds down following its emergence last year from bankruptcy protection.