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Jersey
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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European buyout firm Triton offered to acquire insolvent German department store chain Karstadt in its entirety, submitting the one and only bid to the court-appointed administrator by the Friday deadline, Reuters reported. Triton said it presented a strategic concept to continue operating the chain as a going concern, but warned it would need Karstadt's lessors and its staff to make more sacrifices before the acquisition plans could proceed.
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Chrysler LLC should be required to return billions of dollars in government loans if Italian carmaker Fiat takes a majority stake in the company, a New Jersey senator said Thursday. Sen. Bob Menendez, a Democrat from New Jersey, urged President Barack Obama to prevent the auto industry bailout from being used to help foreign automakers. The Bush administration provided Chrysler with $4 billion in federal loans earlier this month to help the company reorganize and the Auburn Hills, Michigan-based automaker is seeking another $3 billion.
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