Teen Traders' Blog

The talks between the treasury and the lenders about keeping ChryslerLLC out of bankruptcy broke down on Wednesday Make it but certain for Chrysler to file chapter 11 protection on thursday, the people associated with the matter said WSj on Wednesday.
The poele associated with the talks said that “All peices are in place ” to take the company through the court proceeding and complete the matter in a few weeks.

The talks broke down after the people of the Obama administration’s automotive task force talked with several lenders and hedge funds to reduce Chrylers debt.

The treasury even boosted its offer and provide a $250mn more to make it $2.25Bn in cash for the banks and the Hedge funds to forget Chryslers underlying debt of $6.9 billion, people familiar with the matter said.
The creditor J.P. Morgan Chase & Co which is the largest lender to Chrysler gave other 45 Banks and Funds a 90 Minute on Wednesday to vote the deal.
A large Number of the them voted no and this paved the way for Chrysler to take the road to Bankruptcy court in an unavoidable manner, people close to matter said WSJ.
Chrysler’s fortunes have started fading ever since its breakup with Daimler AG 2 years ago.

Kohlberg Kravis Roberts, the PE giant seems has emerged as ”favourite” to acquire Oriental Brewery, the South Korean brewer the FT reported.

KKR has been named the preferred bidder after weeks  of negotiations and deal making.  Its bid of 1.9Bn$ is significantly ahead of that of  MBK Partners, a Korean PE firm.

It was purchased by InBev in 1998. Today OB produces several of Korea’s most popular beverages including the OB, Cass and Cafri lager brands.

FT reports that KKR’s bid seems to be a knockout blow to Lotte group, the South Korean reatil giant that was once considered “preferred” to buy OB as it wanted to add to its grwing portfolio of beverage products.

FT

The April consumer price inflation remained at a record low in 16- nation Eurozone at just 0.6% accordin to stat agency Eurostat.
That nearly matched the pace seen in March

Tel Aviv: Mexico , the most affected, remained the key focus of swine flu fight and the compnay reported 176 deaths..!!

The first death outside of Mexico was in Texas where a 23 month year old died of the outbreak. Tha child had come with his family early in April.

World Health Organization’s Risk level has been raised to a 5 out of its maximun 6 indicating high pandemic probabilty.

The president of Mexico has asked his residents to stay home and has alos asked businesse to close for 5 days starting from Friday.

In Washington, Obama asked the citizens of America not to panic and said that the government “is taking the utmost precautions” and will stay on top of developments and respond accordingly and indicated that the situation is very serious.

Obama has asked the Congress to provide $1.5 billion in funding to deal with the swine flu.the money can be for vaccine and other services.

He rejected the prospect of closing the border with Mexico.

Marketwatch