Both the trustee and receivers believe that restructuring is not a viable option at the moment. ... more

Other stories

US auto sales collapse amid economic crisis
Sales dropped 34 per cent; every major automaker took a massive hit last month.

US automakers' desperate bailout plea gaining support
Little choice about helping US automakers - they support one in 10 American jobs.

China shuns western FIs
The head of China's sovereign wealth fund said he had lost confidence in Western financial institutions. -AFP

Thai risk ratings worsening
Thailand's country risk profile is worsening despite a temporary respite in protests. Reuters

Stricken big 3 unveils plans
3 American automakers unveiled plans to revamp as they begged Congress for loans. -ST

BoE to cut rates further
Bank of England will slash British borrowing costs for a second month running. -AFP

No haven for laid-off
As Britain slips into recession, ailing charities are struggling to absorb the unemployed. -Reuters

Australia open to merger
They threaten to slam opportunity shut if threat of Qantas being taken over is felt. -Reuters

Chrysler asks for US$7b aid
Needs loan by year-end to survive the financial storm.

GM may axe 31,500 jobs
Plans to reduce its total US employment by 2012. -AFP