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Results: 1-10 of 72

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."


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.”


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"


U.K. FSA Chief Executive to resign this summer
  • Alston & Bird LLP
  • USA
  • February 9 2010

Today, the U.K. Financial Services Authority (FSA) announced that Mr. Hector Sants would resign from his position as CEO this upcoming summer after serving in this capacity for the last three years


Regulator files petition and plans rehabilitation for segregated account of Ambac Assurance Corp
  • Alston & Bird LLP
  • USA
  • March 26 2010

Yesterday, Ambac Financial Group (Ambac) announced that its principal subsidiary Ambac Assurance Corporation (AAC), has established "a segregated account for certain of AAC's liabilities, primarily policies related to credit derivatives, residential mortgage-backed securities (RMBS) and other structured finance transactions" pursuant to the direction of the Wisconsin Office of the Commissioner of Insurance (OCI


SEC proposes to overhaul regulation of asset-backed securities
  • Alston & Bird LLP
  • USA
  • April 9 2010

In an open meeting on April 7, 2010, the Securities and Exchange Commission (SEC) unanimously approved for public comment proposed rules that seek substantially to modify the regulatory framework in place for asset-backed securities (ABS