U.K. pension issue bogs down Federal-Mogul's bid to emerge

Article Abstract:

U.S. financier Carl Icahn could become one of a group of bondholders to own 49.9% of Federal-Mogul Corp., when the auto parts manufacturer emerges from bankruptcy reorganization later this year. The independent trustee of a Federal-Mogul subsidiary in the U.K. is requesting that Icahn and other investors inject financing into the U.K. subsidiary's pension fund. Without the extra financing, trustees are threatening to shut down the pension plan, and potentially send the subsidiary, Turner and Newall PLC, into bankruptcy.

Financial management, Motor vehicle parts and accessories, Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Parent-to-subsidiary activities, Subsidiary-to-parent activities, Automobile equipment and supplies industry, Automotive parts industry, Finance, Company investment, Investments, International aspects, Political aspects, Insurance, Company securities, Icahn, Carl C., Federal-Mogul Corp., Company financing, Subsidiaries, divisions and units, Turner and Newall PLC, FDMLQ

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Spherion prepares Michael Page IPO

Article Abstract:

US-based Spherion plans an initial public offering of its UK-based white collar recruitment operation, Michael Page Group PLC, in Mar 2001. The offering is valued at approximately $1.2 billion while the company is worth approximately $600 million.

Employment Placement Agencies, Employment agencies, Personnel Supply Services, Employment Services, Statistical Data Included, Planning, Spherion Corp., Michael Page Group PLC, IS

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Bond strategy haunts Citigroup

Article Abstract:

Six traders from Citigroup Inc. are being investigated for bond market manipulation operating out of the London office. German regulators are currently investigating the case.

Europe, Legal issues & crime, Germany, Financial Services, Finance and Insurance, DEPOSITORY INSTITUTIONS, Company legal issue, Financial services industry, Investigations, Securities fraud, Citigroup Inc., C

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