Air India asked to expedite restructuring plan

August 21st, 2009 Six Flags lays out Ch. 11 restructuring planWILMINGTON, Del.

August 11th, 2009 NEW DELHI - Following the conviction of Burma's pro-democracy leader Daw Aung San Suu Kyi, the Indian Government on Tuesday said that it has emphasized to the Myanmar Government to expedite their political reform. This was said by an official spokesperson of the Ministry of External Affairs in response to a question on sentencing of Suu Kyi.

July 25th, 2009 NEW DELHI - Union Home Minister P.Chidambaram emphatically said India has no role in the unrest in Balochistan province of Pakistan. Speaking to a news channel Chidambaram ruled out the reports of differences in the Congress Party on Indo-Pak joint statement.

July 25th, 2009 NEW DELHI - The government has asked the beleaguered national carrier Air India to drastically cut costs and manage revenues better if it expects any financial assistance to stay afloat, while the finance ministry examines the extent of funding required. "Any assistance from the government would have to be matched by an aggressive cost reduction and a better revenue management," an official statement said Saturday after a committee of secretaries examined options before the government to help the turnaround of National Aviation Co of India that runs Air India.

July 18th, 2009 NEW DELHI - Cash-strapped state-run carrier Air India is reworking the employees' productivity-linked incentive (PLI) scheme as part of its restructuring plan. PLI accounts for almost half of the company's Rs.3,000 crore wage bill.

July 11th, 2009 American Axle working through restructuring planNEW YORK — American Axle is working with longtime legal and financial advisers to consider restructuring options, but the company and a law firm representing it are stopping short of saying they are considering bankruptcy. "After discussions with our bankruptcy group we are not in a position to comment," a Shearman & Sterling spokesman said.

July 2nd, 2009 NEW DELHI - Employees of India's flagship carrier Air India have announced they will be on strike for two hours on Friday in protest against the non-payment of salaries. Air India has said it will not be able to pay the salaries tomorrow as scheduled.

July 2nd, 2009 NEW DELHI - Civil Aviation Minister Praful Patel on Thursday clarified that there will be no retrenchment in Air India, and added that Air India has been asked to provide a restructuring plan in next 30 days. A threat had been looming over employees of the national carrier, which has a total staff strength of around 23,000.

June 25th, 2009 NEW DELHI - Union Civil Aviation Minister Praful Patel has said that the government is ready to help Air India on condition that the struggling state carrier must become "leaner and trimmer" to secure backing it needs to get through a liquidity crunch. The carrier, which has said it wants to cut employee costs by five billion rupees annually and has asked senior employees to forego salaries and incentives in July, has sought extra cash through equity and soft loans from the government.

June 24th, 2009 NEW DELHI - Civil Aviation Minister Praful Patel Wednesday said the government would support and help bail out the loss-making national carrier Air India, but stopped short of spelling out the size or nature of the package. Patel discussed a bailout plan with Prime Minister Manmohan Singh.

June 23rd, 2009 NEW DELHI - Power Minister Sushil Kumar Shinde Tuesday asked the coal and environment ministries for coal linkages and quick environmental clearance for upcoming power projects. Shinde made the request at a state power ministers' conference here, which was also attended by Environment Minister Jairam Ramesh, Minister of State for Coal Shriprakash Jaiswal, and New and Renewable Energy Minister Farooq Abdullah.

June 22nd, 2009 Station Casinos gets fourth extension on debt planLAS VEGAS — Station Casinos Inc. says it is continuing to negotiate a restructuring plan with bondholders and has extended its deadline to next month.

June 10th, 2009 NEW DELHI - With India's gas production set to double in a few months, the construction of a pipeline network should keep pace to enable its equitable distribution, Petroleum Minister Murli Deora said Wednesday. Speaking at a meeting with Petroleum and Natural Gas Regulatory Board officials, Deora said both the ministry and the regulator should work together to expedite the construction of trunk pipelines.

March 1st, 2009 KOLKATA - City-based public sector lender United Bank of India (UBI) is hopeful that the government would approve its proposal to reduce equity capital by March 31, a top official said here Saturday. 'We believe the finance ministry will approve our capital restructuring proposal by the end of the current financial year,' S.C.

February 12th, 2009 RANCHI - Steel major ArcelorMittal will be given government land to set up its proposed Rs.400-billion (Rs.40,000-crore) steel project in Jharkhand, state Industries Director Rahul Sharma said Friday. 'We have asked ArcelorMittal representatives to deposit Rs.12.5 crore (Rs.125 million) to Gumla district to get 1,000 acres of government land.