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Debt Collection

BUSINESS
December 4, 2002 | From Associated Press
The Pentagon said it would begin collecting $2.3 billion from General Dynamics Corp. and Boeing Co. for what the government considers debt owed on a canceled A-12 stealth aircraft project 11 years ago. Instead of asking the firms to turn over the $2.3 billion, the Pentagon plans to get the money by withholding about $128 million a month for 18 months on other government contracts held by the firms.
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BUSINESS
November 6, 2002 | Kathy M. Kristof, Times Staff Writer
The Internal Revenue Service plans to start charging a "user fee" when economically troubled taxpayers ask to pay less tax than they owe through a so-called offer in compromise. In proposed regulations issued Tuesday, the agency said taxpayers requesting an offer in compromise would have to pay a $150 fee.
BUSINESS
September 12, 2002 | Bloomberg News
AT&T Canada Inc., the money-losing phone and Internet-service provider that is 31% owned by AT&T Corp., will miss $51.2 million in bond payments this month as the company tries to conserve cash amid slowing demand. AT&T Canada said it has a 30-day window to make the two interest payments, which are due Sunday and Sept. 23. The company has enough cash to meet that deadline, spokesman Ian Dale said.
WORLD
May 16, 2002 | CHRIS KRAUL, TIMES STAFF WRITER
Seeking to quell a lingering and complex dispute, President Vicente Fox promised Wednesday to pay off a huge Mexican water debt to the United States that is causing economic hardship among Texas farmers. In a statement issued from Europe, where he is traveling on state business, Fox said he would announce in two weeks a water conservation plan and a schedule for his nation to reimburse its neighbor about 1.5 million acre-feet of water.
BUSINESS
August 20, 2001 | ANTHONY BOADLE, REUTERS
Argentina is negotiating a long-term plan with the International Monetary Fund that looks at fiscal and debt scenarios until 2010 in a bid to obtain new financial aid, Argentine officials said over the weekend. The novel program is the result of an ongoing debate on reforming international financing agencies that the Bush administration has insisted on pushing forward, they said. "The conversations are complex," Argentine Finance Secretary Daniel Marx told reporters late Saturday.
CALIFORNIA | LOCAL
August 11, 2001 | From Times Staff Reports
Child-support collections in Orange County rose 11.2% during the last fiscal year, to more than $159.3 million. Collections during the previous fiscal year were $143.3 million. Five years ago they were $65.6 million. Jan Sturla, division director of the Orange County district attorney's child-support section, said the steady five-year increase in collections stems from more staffing and improved business practices.
BUSINESS
July 10, 2001 | From Reuters
U.S. consumers in May racked up debt at their slowest pace since the end of last year, the Federal Reserve said Monday. The Fed said consumer credit outstanding rose by $6.5 billion to a seasonally adjusted $1.59 trillion in May. That was the smallest monthly dollar gain since December of last year. The annual rate of growth in May, 4.9%, was the smallest since October 1999. The figures raise the prospect that consumer spending, which has been a mainstay in an otherwise slowing U.S.
BUSINESS
July 9, 2001 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Many people who file for Chapter 7 bankruptcy don't understand their legal rights, which can make them vulnerable to abuses by creditors both during and after their filing, according to a survey recently released by a consumer group. The National Consumer Law Center, which surveyed 261 people who filed for liquidation bankruptcy, found few understood the process of "reaffirmation," which allows creditors to collect on debts that would have otherwise been erased in bankruptcy.
BUSINESS
July 7, 2001 | Bloomberg News
Calpine Corp. reached an agreement to collect $265.7 million owed by PG&E Corp.'s Pacific Gas & Electric and said it will continue to supply electricity to the cash-strapped California utility. The agreement was filed in Bankruptcy Court in San Francisco, where Pacific Gas sought Chapter 11 protection from creditors in April, and is expected to be approved by Judge Dennis Montali.
BUSINESS
June 27, 2001 | JERRY HIRSCH, TIMES STAFF WRITER
A financial rescue plan for Edison International was placed in doubt Tuesday when the company delayed a bond offering intended to pay off $618 million in bank loans that come due Saturday. The delay of the $1.
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