Drawdowns Raise Concerns About Banks’ Energy Exposure

The Wall Street Journal examined struggling oil and gas companies that are maxing out revolving credit lines typically used to cover short-term funding gaps, raising fresh concerns about banks’ exposure to the decline in energy prices.

Kodak Receives More Time to Solicit Creditor Chapter 11 Plan Votes

The Wall Street Journal reported that Kodak won bankruptcy court approval for a creditor voting extension in order to help the company stay on track to exit Chapter 11 in September.

WSJ: Orchard CFO Says Lenders Helped Boost Lowe’s Bid

The Wall Street Journal reported that a competing bid from Orchard Supply Hardware’s lenders helped push Lowe’s offer for the hardware chain’s assets to $205 million from $190 million.

WSJ: T. Rowe Price Signals ‘No’ Vote on Dell Buyout

The Wall Street Journal reported that T. Rowe Price, one of Dell’s largest stockholders, said it opposes a proposed $24.4 billion buyout of the computer company.

WSJ: GE Capital, AIG Designated ‘Systemically Important’

The Wall Street Journal reported that members of the Financial Stability Oversight Council voted unanimously to designate GE Capital and AIG as “systemically important.”

Reader’s Digest to Cut Back Circulation, Restructure Pricing

The WSJ reported that Reader’s Digest Association revealed its restructuring plan. The article said that the company will shed circulation that isn’t profitable, and stabilize subscription prices.

WSJ: Hoover Brand Owner Wins Oreck Bankruptcy Auction

The WSJ reported that a Hoover brand owner was the highest bidder at the Oreck bankruptcy auction, squelching the Oreck family’s chance at buying back its namesake vacuum cleaner company.

WSJ: U.S. Suit Against S&P Tentatively Allowed to Proceed

The Wall Street Journal reported that U.S. District Judge David O. Carter said he would tentatively allow the Justice Department’s lawsuit against S&P to move forward.

WSJ: Icahn Raises $5.2 Billion for Dell Deal

The Wall Street Journal reported that investor Carl Icahn has raised more than $5 billion to finance his plan to recapitalize personal-computer maker Dell, a move he said should end speculation that the funds wouldn’t be available.

WSJ: Banks Present Own Crisis Plan to Fed

The Wall Street Journal reported that several large banks submitted their own collective crisis plan to the Federal Reserve in an effort to preempt more stringent regulations.