In Brief
Fatburger in Nevada, California seeks haven
A restaurant chain known for putting fried eggs on cheeseburgers is more than nutritionally bankrupt, it's financially broke, too.
This week Fatburger Restaurants in California and Nevada filed for Chapter 11 bankruptcy protection, meaning it will continue to operate as it restructures its debt.
The filing in Southern California affects dozens of Nevada businesses, including Station Casinos, a company that could soon be in bankruptcy itself.
Fatburger owes myriad Station properties in which it does business of more than $250,000.
According to a U.S. Bankruptcy Court filing in California, Fatburger Restaurants owes $2.2 million or more in debts.
Representatives of Fatburger did not respond to requests for comment. Station officials would not comment.
The filing covers 37 company-owned stores in California and Nevada. It was prompted by a notice from GE Capital Business Funding Corp. notifying the company it was in risk of breaching a contract unless it made payments on $3.85 million in loans, according to the Portland Business Journal.
NEW YORK
Tougher concessions sought for GM, Chrysler
The federal government is pushing for tougher concessions from the creditors of General Motors Corp. and Chrysler LLC, according to a published report, as the troubled automakers face looming deadlines to restructure or seek bankruptcy protection.
The Treasury Department wants GM to offer its bondholders a small amount of its stock in exchange for their $29 billion of GM debt, The Wall Street Journal reported Friday, citing unnamed sources.
The new offer is much less generous than a similar offer GM made two weeks ago, which would have included cash, new debt and a larger portion of the company's stock, according to the report.
Representatives from GM and the government's auto task force declined to comment. Messages were left seeking comment from Chrysler.
WASHINGTON
Banks told to keep mum on stress tests
Federal regulators have told the nation's largest banks to keep quiet about their performance on government stress tests. They fear investors could punish companies with nothing to brag about.
In letters to the 19 banks undergoing tests of their financial strength, regulators told the companies not to disclose their performance during upcoming earnings announcements, according to industry and government officials who requested anonymity because they are not authorized to discuss the process.
The order was the latest in a series of government moves designed to keep good news about strong banks from dooming others to a downward spiral of falling share prices and financial weakness. If banks receiving the highest marks trumpet their results, the fear is investors might push down share prices of those companies that make no such announcements.
Government officials want to announce the results all at once, at the end of the month.
SEATTLE
Microsoft-Yahoo may be talking deals again
The chief executives of Microsoft Corp. and Yahoo Inc. met recently to discuss possible business deals, news reports said Friday.
Under one possible scenario, Microsoft would sell Yahoo's search ads while Yahoo would manage Microsoft's display ads.
The meeting marks one of the most significant moves toward a new deal since Yahoo walked away from Microsoft's unsolicited $47.5 billion buyout offer last year.
Neither company would comment on the meeting.
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U.S. financial markets were closed Friday for Good Friday.
