IN BRIEF
NEW YORK
Delphi OK’d to solicit bankruptcy plan votes
Delphi Corp. can begin soliciting votes for its plan to exit bankruptcy, the company’s lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country.
Delphi attorney Jack Butler said bankruptcy Judge Robert Drain approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order on Monday.
Delphi’s reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.
Its proposal would ultimately eliminate 27,000 of 33,000 union jobs and would sell or close 20 factories across the nation and one in Mexico.
NEW YORK
Oil futures recede after November jobs news
Oil futures retreated Friday, giving back much of the previous session’s big gain after the government’s November jobs report wasn’t as robust as some traders had hoped.
Retail gasoline prices, meanwhile, declined again, dropping 1.1 cents overnight to $3.023 a gallon, according to AAA and the Oil Price Information Service. Gasoline prices have fallen nearly 9 cents, or 3 percent, since mid-November and are expected to retreat below $3 a gallon as long as oil prices generally keep falling.
Light, sweet crude for January delivery fell $1.95 to settle at $88.28 a barrel on the New York Mercantile Exchange after rising $2.74 on Thursday.
CompUSA acquired; store closings to come
CompUSA, the consumer-electronics retailer owned by Mexican billionaire Carlos Slim, said it was acquired by restructuring firm Gordon Brothers Group, which plans to close or sell its 103 stores.
CompUSA stores will remain open during the holiday season, the Dallas-based company said Friday in a statement. Financial terms weren’t disclosed.
Bill Weinstein, principal at Gordon Brothers, will serve as interim president of CompUSA.
The chain was founded in 1984. It operates one local store, at 3535 W. Sahara Ave.
NEW YORK
Jobless news sparks sell-off for Treasurys
Treasury prices sold off sharply Friday, driving the 10-year yield well above 4 percent after the latest monthly employment report showed an acceptable jobs growth pace for a challenged economy.
The benchmark 10-year Treasury note dropped 1.78 to 101.125, with a yield of 4.11 percent, up from 4.02 percent late Thursday. Prices and yields move in opposite directions.
