Alderwood mall owner’s debt status up in the air
Published 10:37 pm Monday, March 16, 2009
General Growth Properties Inc., an owner of Alderwood mall, faced a deadline Monday for an extension on more than $2 billion in debt, but it wasn’t clear whether the troubled mall operator got more time. The Chicago-based real estate investment trust, struggling to stave off a Chapter 11 bankruptcy filing, asked holders of $2.25 billion worth of bonds to put off calling in payments until the end of this year. A total of $395 million in unsecured bonds issued by the unit matured Sunday. Another $200 million is set to come due on April 30.
Oil rebounds as OPEC keeps supply steady
Oil prices rebounded from an early retreat Monday, as traders brushed aside OPEC supply-side issues and focused on higher stock prices. Benchmark crude for April delivery gained $1.10 to settle at $47.35 a barrel on the New York Mercantile Exchange. Prices fell as low as $43.62 overnight after OPEC decided to forgo further production cuts in favor of boosting compliance with existing ones.
American Express card defaults rise
American Express Co. said in a regulatory filing Monday that its credit card defaults and delinquencies have risen over the past three months. The card company’s write-off rate rose to 8.7 percent in February, up from 8.3 percent in January and 7.5 percent in December, it said in a filing with the Securities and Exchange Commission. It said the rate of loans 30 days past due rose to 5.3 percent in February, up from 5.1 percent in January and 4.7 percent in December. Shares of American Express fell 43 cents, or 3.3 percent, to $12.66.
Wal-Mart to revamp store-branded food
Wal-Mart is stepping up the competition to draw cost- conscious shoppers, promising that store-brand products from cereal to cookies will be tastier, smell better and look more attractive. The world’s largest retailer outlined plans Monday to reformulate hundreds of items in the Great Value store brand that it says is the country’s biggest food brand by both sales and volume. Wal-Mart, responding to the increasing popularity of store-brand products among cash-strapped consumers, is also introducing nearly 100 new products like fat-free caramel swirl ice cream and thin-crust pizza as it tries to better compete with national brands. Wal-Mart’s move underscores the importance of lower-priced store brand products and ups the ante in the already competitive grocery industry.
Citi CEO paid $38.2 million last year
Citigroup paid its CEO Vikram Pandit compensation valued at $38.2 million last year, according to a regulatory filing. The bulk of the compensation, however, was $37.3 million in stock and option awards granted in January 2008, when Citigroup’s shares were worth about $25. They are now worth around $2.
From Herald news services
