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Ford announces debt restructuring initiatives

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 6 2009

On Wednesday, Ford Motor Co. (Ford) and its financing arm, Ford Motor Credit Company (Ford Credit), jointly announced a debt restructuring plan intended to significantly reduce Ford’s debt obligations and related annual interest expenses “through a combination of a conversion offer by Ford and tender offers by Ford Credit.”

Treasury and Federal Reserve launch Term Assert-Backed Securities Loan Facility

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 3 2009

This morning the Department of Treasury and the Federal Reserve announced the launch of the Term Assert-Backed Securities Loan Facility (TALF), including revised Terms and Frequently Asked Questions

U.S. Senate Committee on Homeland Security and Governmental Affairs holds hearing addressing systemic risk and the breakdown of financial governance

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 6 2009

Yesterday, the U.S. Senate Committee on Homeland Security and Governmental Affairs held a hearing entitled “Where Were the Watchdogs? Systemic Risk and Breakdown in Financial Governance.”

GM auditor opinion expresses doubts about "going concern"

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 7 2009

On Thursday, General Motors Corporation (GM) filed its Annual Report on Form 10-K with the Securities and Exchange Commission which notably included an opinion of its auditors on its financial statements in which the auditors stated that GM’s "recurring losses from operations, stockholders’ deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern."

House Committee on Financial Services, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises holds hearing addressing mark-to-market accounting

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 13 2009

Yesterday, the House Committee on Financial Services, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing entitled "Mark-to-Market Accounting: Practices and Implications."

TALF subscription deadline extended

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 13 2009

Today, the Federal Reserve Bank of New York (FRBNY) announced that it "will extend the window for the first subscriptions for funding from the Term Asset-Backed Securities Loan Facility (TALF) by two days"

IASB and FASB announce joint-initiative in response to the financial crisis

  • Alston & Bird LLP
  • -
  • Global, USA
  • -
  • March 30 2009

Last week, at a joint meeting held in London, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced that they would begin working "jointly and expeditiously towards common standards that deal with off-balance sheet activity and accounting for financial instruments"

FASB votes to adopt substantial changes to fair value accounting

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 3 2009

Yesterday, the Financial Accounting Standards Board (FASB) voted to adopt changes to its fair value accounting standard FAS 157 in response to over 600 "comment letters received on FSP FAS 157-e, Determining Whether a Market Is Not Active and a Transaction Is Not Distressed

U.S. Senate Banking Committee holds hearing entitled “Lessons of the New Deal”

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 8 2009

Last week, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled “Lessons of the New Deal” in which witnesses reflected and commented on key economic parallels between the Great Depression and the New Deal and the present economic crisis

Federal Reserve expands TALF to include commercial mortgage-backed and insurance premium finance loan securities

  • Alston & Bird LLP
  • -
  • USA
  • -
  • May 1 2009

Today, the Federal Reserve Board (Federal Reserve) announced the expansion of the Term Asset-Backed Securities Loan Facility (TALF) to include securities backed by insurance premium finance loans and commercial mortgage-backed securities (CMBS