Citigroup CEO tells national summit attendees to expect tight credit, corporate restructurings

DETROIT — Borrowers should accept a new world of tighter, more expensive credit as financial institutions recover from months of bad loans, failed banks and foreclosed homes, Citigroup Inc.’s chief executive said Monday.

Supreme Court clears way for Chrysler’s sale to Fiat, rejecting appeal by groups

NEW YORK — The Supreme Court on Tuesday cleared the way for Chrysler’s partnership with Italy’s Fiat, rejecting an appeal by a trio of Indiana pension and contruction funds, consumer groups and others to block the automaker’s sale.

Supreme Court to let Fiat deal go forward, Judge lets Chrysler sever ties with 789 dealers

NEW YORK — The Supreme Court on Tuesday cleared the way for Chrysler’s partnership with Italy’s Fiat, rejecting an appeal by a trio of Indiana pension and contruction funds, consumer groups and others to block the automaker’s sale.

Judge lets Chrysler sever ties with 789 dealers, Supreme Court lets Fiat deal go forward

NEW YORK — A bankruptcy judge on Tuesday approved Chrysler’s plan to terminate 789 of its dealer franchises, and the Supreme Court cleared the way for the automaker’s partnership with Italy’s Fiat, rejecting a plea by a trio of Indiana pension plans and others to block the sale.

Judge lets Chrysler sever ties with 789 dealers and the Supreme Court lets Fiat deal go forward

NEW YORK — A bankruptcy judge on Tuesday approved Chrysler’s plan to terminate 789 of its dealer franchises, and the Supreme Court cleared the way for the automaker’s partnership with Italy’s Fiat, rejecting a plea by a trio of Indiana pension plans and others to block the sale.

Judge lets Chrysler sever ties with 789 dealers, Supreme Court to let Fiat deal go forward

NEW YORK — A bankruptcy judge on Tuesday approved Chrysler’s plan to terminate 789 of its dealer franchises, and the Supreme Court cleared the way for the automaker’s partnership with Italy’s Fiat, rejecting a plea by a trio of Indiana pension plans and others to block the sale.

Supreme Court clears way for Chrysler sale to Fiat

WASHINGTON — The Supreme Court on Tuesday cleared the way for Chrysler LLC’s sale to Fiat, turning down a last-ditch appeal by opponents that included consumer groups and three Indiana pension plans.

Judge lets Chrysler sever ties with 789 dealers while Fiat deal hinges on Supreme Court

NEW YORK — A bankruptcy judge on Tuesday approved Chrysler’s plan to terminate 789 of its dealer franchises, while the automaker’s plan to partner with Italy’s Fiat hinged on action by the Supreme Court and both automakers warned that the deal could fall apart if it’s not completed soon.

Judge approves Chrysler plan to eliminate 789 dealer franchises effective immediately

NEW YORK — A bankruptcy judge says Chrysler can go ahead with its plan to terminate the franchises of 789 of its dealers.

Chrysler dealers plead to keep franchises as Supreme Court knocks speedy case into uncertainty

NEW YORK — Chrysler returned to bankruptcy court Tuesday to get a judge to approve the termination of 789 dealer franchises, while its plan to partner with Italy’s Fiat hung in limbo as the automaker awaited action by the nation’s highest court.

German retailer Arcandor files for protection from creditors in effort to restructure

BERLIN — German retailer Arcandor AG filed for bankruptcy protection Tuesday in an effort to salvage its department stores and its mail-order arm, a day after the government rejected its bid for state-backed emergency credit.

German finance minister: major restructuring and wave of mergers for state-owned banks

LUXEMBOURG — German Finance Minister Peer Steinbrueck said Tuesday that the German government foresees major restructuring and a wave of mergers for the country’s state-owned banks.

Supreme Court delays Chrysler’s sale of most of its assets to a group led by Fiat

WASHINGTON — Supreme Court Justice Ruth Bader Ginsburg on Monday delayed Chrysler’s sale of most of its assets to a group led by Italy’s Fiat, but didn’t say how long the deal will remain on hold.

Justice Ginsburg delays Chrysler sale to Fiat

WASHINGTON — Supreme Court Justice Ruth Bader Ginsburg on Monday delayed Chrysler’s sale of most of its assets to a group led by Italy’s Fiat, but didn’t say how long the deal will remain on hold.

IMF: Timing of euro recovery is uncertain, calls for Europe to stress test banks

LUXEMBOURG — The International Monetary Fund said Monday that the timing of economic recovery in the 16 nations that share the euro was “uncertain.”

Senate committee to review Obama auto task’s restructuring of GM, Chrysler

WASHINGTON — A Senate committee plans to question two members of the White House’s auto task force about using taxpayer money to restructure General Motors and Chrysler.

Saudi conglomerate Saad Group pushes ahead with restructuring amid debt woes

CAIRO — A privately held Saudi Arabian conglomerate facing stiff financial troubles because of defaults has denied reports its accounts in Kuwait were frozen, and said it was pushing ahead with debt restructuring plans.

Lawmakers examine GM, Chrysler plans to shed hundreds of dealerships

WASHINGTON — Top executives from General Motors and Chrysler face tough questions from lawmakers about sweeping plans to close hundreds of car dealerships as the auto companies undergo government-led bankruptcies.

Separating public policy from corporate ownership may prove tough for Obama

WASHINGTON — As majority stakeholder in General Motors, the government is straddling two responsibilities that could be awkwardly at odds: corporate ownership and public policy making.

Saudi conglomerate Saad Group restructure debt amid mounting credit woes

CAIRO — A Saudi conglomerate whose billionaire chairman is under the spotlight by the kingdom’s banking authorities had its credit rating knocked down several notches to junk status by a leading debt rating firm on Tuesday.

Canada’s prime minister says they had to help bail out GM, Chrysler to keep jobs in Canada

TORONTO — Canada’s prime minister said Monday his government doesn’t expect to get back the bulk of the billions it is spending to help bail out General Motors but said the country would have lost hundreds of thousands of jobs if it hadn’t joined with the U.S. government in aiding General Motors Corp. and Chrysler LLC.

Obama puts US in driver’s seat as GM enters bankruptcy, planning huge job and dealer cuts

WASHINGTON — In a defining moment for American capitalism, President Barack Obama ushered General Motors Corp. into bankruptcy protection Monday and put the government behind the wheel of the company that once symbolized the nation’s economic muscle.

Meltdown 101: What is a corporate bankruptcy, and how do the most common types work?

NEW YORK — General Motors Corp.’s filing for bankruptcy protection on Monday highlights what many companies today face: the ugly scenario of having debts that far outweigh their assets.

GM’s chief restructuring officer at a glance

NAME: Albert A. Koch

AGE: 67

Canada’s prime minister says they had to bail out GM, Chrysler to keep jobs in Canada

TORONTO — Canada’s prime minister said Monday the country would have lost hundreds of thousands of jobs if it hadn’t joined with the U.S. government in bailing out General Motors and Chrysler and said the government isn’t counting on recouping the money from GM.

A brief look at the history of General Motors Corp.

Some key events in General Motors’ history:

General Motors files for Chapter 11 bankruptcy protection in New York

NEW YORK — General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.

Japan business lobby worried about fallout from GM bankruptcy, but hopes for GM comeback

TOKYO — The head of Japan’s biggest business lobby said Monday he was worried that General Motor’s imminent bankruptcy might hurt Japanese suppliers, but remained hopeful GM would emerge quickly from the restructuring.

GM to file bankruptcy; US will take 60 percent ownership and attempt to reorganize carmaker

NEW YORK — General Motors, the century-old automaker battered by the economic downturn, mounting debt and management problems, will file for bankruptcy Monday as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.

White House: General Motors to file bankruptcy; Government to take 60 percent ownership stake

WASHINGTON — General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection on Monday in a deal that will give taxpayers a 60 percent ownership stake and expand the government’s reach into big business.