Wednesday, December 31, 2008

Companies Disappearing in 2009

24/7 Wall Street published an article about companies disappearing in 2009. I can hardly believe it!

1. Chrysler
2. Sirius XM
3. AIG
4. Fannie Mae and Freddie Mac
5. Rite Aid
6. The New York Times
7. Nortel
8. Pier 1
9. Charter Communications
10. Hovnanian


Amanda said...

Uh...Charter can't's got a monopoly on cable in Auburn. What on Earth is going to replace it if this happens? :( (Not that I particularly love Charter...the people are real assholes and very difficult to talk to. It's just that I really want to watch television, lol.)

Did you hear that Borders didn't order any new inventory for 2009? It's likely they're going under as well. :\

Jack said...

What the article said about Charter:

Charter Communications (CHTR) has over $20 billion in debt. The cable business usually drives reasonable cash flow, but Charter has to upgrade its system to better compete with telecom companies. It does not have that money. Debt service is overwhelming operating income. Billionaire Paul Allen controls that company. The stock is down to $.15. Eighteen month ago, it was close to $5. Allen will get out while he can and sell to one of the other large cable companies. Charter recently said it is "exploring financial alternatives."