| HUNTERDON CO.: Governor's debt town hall coming to Flemington
Governor Jon S. Corzine will bring his Town Hall on Financial Restructuring and Debt Reduction to Flemington from 7 to 9 p.m. on Thursday Feb. 21 at the Hunterdon Central Regional High School auditorium (Fountain entrance) at 84 Route 31. The meetings are part of the Governor's effort to have an open and honest discussion about the state's financial problems in all of New Jersey's 21 counties.
To assist state officials in accommodating all who wish to attend, residents who plan to participate are asked to RSVP by filling out the online form at www.state.nj.us/townhallmeetings/listing. Residents may also call (609) 777-2586 or e-mail hunterdon.rsvp@gov.state.nj.us.
Sign language interpreters and assistive listening devices will be provided. If you have additional needs, please advise in your RSVP.
MBIA loses $2.3-billion on derivatives writedown
ARMONK, N.Y. Bond insurer MBIA Inc. said Thursday it swung to a loss during the fourth quarter due to a reduction in the value of a credit portfolio and rising loss reserves. MBIA lost $2.3-billion (U.S.), or $18.61 per share, compared with earnings of $181-million, or $1.32 per share, during the same period the previous year. Analysts polled by Thomson Financial, on average, forecast a loss of $2.97 per share for the quarter. During the quarter, MBIA reduced the value of its credit portfolios by $3.5-billion, reducing earnings by $18.04 per share. The losses were primarily tied to the reduced value of collateralized debt obligations in its insured portfolio. .
Delphi Proposes Amendment To Reorganization Plan
Delphi Corp. proposed another amendment to its bankruptcy-reorganization plan, after reaching an agreement with General Motors Corp. and investors. The proposed amendment, expected to be filed today by Troy, Mich.-based Delphi with the U.S. Bankruptcy Court for the Southern District of New York, lists net funded debt at $5.2 billion, a reduction from the $7.1 billion cited in the original plan, dated Sept. 6. "We have agreed to very focused potential amendments to our reorganization plan which continues to provide for full recoveries ... .
Dearborn sells $5.525 million in bonds to refinance ice arena, capital ...
The city of Dearborn recently sold $5.525 million in refinancing bonds. These bonds are being issued for the purpose of refinancing a portion of the city's outstanding 1998 bonds originally issued to pay for improvements at the Dearborn Ice Skating Center, Ford Woods Park improvements, and improvement to the city's Powerhouse. This refinancing will reduce the city's total interest expense by approximately $324,000 a cost savings for Dearborn taxpayers realized through lower debt payments over the life of the bond issue. The city received a high credit rating of "A+" from Standard & Poor's, a national municipal bond credit rating agency. The high rating is especially noteworthy in light of the Michigan's present financial and budget situation. In stating the rationale for this highly favorable assessment, Standard & Poor's noted that the city is in "good financial position, highlighted by management's historical ability to cut costs as needed, [with a] moderate debt burden, as a percentage of market value." The refinancing resulted in a reduction in interest rate on the debt from 4.9 percent to 3.23 percent.
MBIA loses $2.3-billion on derivatives writedown
ARMONK, N.Y. Bond insurer MBIA Inc. said Thursday it swung to a loss during the fourth quarter due to a reduction in the value of a credit portfolio and rising loss reserves. MBIA lost $2.3-billion (U.S.), or $18.61 per share, compared with earnings of $181-million, or $1.32 per share, during the same period the previous year. Analysts polled by Thomson Financial, on average, forecast a loss of $2.97 per share for the quarter. During the quarter, MBIA reduced the value of its credit portfolios by $3.5-billion, reducing earnings by $18.04 per share. The losses were primarily tied to the reduced value of collateralized debt obligations in its insured portfolio. .
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