© taberandrew

NewPage Corp has got a breather in the form of a bankruptcy loan which has just been approved. The coated papers maker managed to get a temporary court permission to get, as bankruptcy loan, $600 million. This bankruptcy loan money is to be used to keep running while restructuring attempts, of the more than $2.6 billion in bonds, are made.
Bankruptcy Judge Kevin Gross stated that he would permit the corporation to borrow money for the coming several weeks after attorneys for NewPage, bondholders and JPMorgan Chase & Co., which is arranging the bankruptcy loan, handle the finer details.
NewPage Corp, an employer of more than 1,700 people, filed the biggest bankruptcy of 2011 by assets $3.4 billion in assets and $4.2 billion in debt as of June 30. They wanted Chapter 11 protection, according to documents filed in the U.S. Bankruptcy Court.

© eric731

Congressional debt reduction panel kicked off its work with an imperative to slice the deficit and elevate the slow economy. Republicans and Democrats on the special supercommittee warned of a financial crisis threatening upcoming generations.
Many people in Washington are cynical that the panel will take a grave bite out of the nation's huge $14 trillion in accumulated debt, especially with next year's elections approaching.
Senate Finance Committee Chairman Max Baucus, a supercommitee member said in a statement that it's a part of recovery; growth will create revenue which would help reduce the debt.
"Debt reduction would generate jobs because reducing the federal debt would help the economy grow," said House Ways and Means Committee Chairman Dave Camp, R-Mich., a supercommittee member.

© gruntzooki

Fixed mortgage rates have gone down to the lowest levels in six decades. But it will be beneficial for those Americans who want to refinance or buy a home.
The average rate for the 30-year fixed mortgage has dropped to 4.12% from 4.22%. It's the lowest level on records since 1971. The last time rates were cheaper in 1951. The average rate on a 15-year fixed mortgage has collapsed to 3.33% from 3.39% which is the lowest rate ever on records according to the economists. Record-low mortgage rates have hardly done anything to boost the depressed housing market.
Since previous year, the average rate on the 30-year fixed mortgage has remained lower than 5%. But five years ago, the average 30-year fixed rate was near 6.5%.