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Debt Collection

June 8, 2003 | Hugo Martin and Sue Fox, Times Staff Writers
Only three years after California overhauled its beleaguered child-support system, the state's budget crisis is expected to inflict layoffs, hiring freezes and spending cuts on agencies in some counties that already have among the state's worst records for collecting child support. Anticipating a $40-million cut in funding to child-support agencies statewide, San Bernardino County, with a collection rate of 36%, has issued layoff notices to 60 child-support workers.
January 18, 2003 | From Bloomberg News
Kmart Corp. demanded the repayment of all executive retention loans made before the discount retailer filed for bankruptcy protection and fired the five remaining recipients of the bonuses still with the company. An internal probe found that management under former Chairman Charles Conaway didn't properly disclose information with the board when it set up the loan program in 2001, Kmart said.
December 17, 2002 | Dennis Walters, Bloomberg News
A bankruptcy filing by a Los Angeles hospital that relied on financing from National Century Financial Enterprises Inc. leaves future payments on almost $19 million in municipal debt in doubt, a trustee for bondholders said. Granada Hills Community Hospital, which borrowed from National Century this year, filed for bankruptcy protection Nov. 26, and monthly principal and interest payments haven't been met since September, a Dec. 2 notice to investors from U.S. Bank said. The notice said U.S.
December 11, 2002 | From Reuters
Defense contractors Boeing Co. and General Dynamics Corp. said a federal appeals court blocked the Defense Department from collecting $2.3 billion it claims the two companies owe for a scrapped Navy fighter program. The U.S. Court of Federal Claims issued a stay of its August 2001 decision, saying immediate collection of the money is not in the national interest.
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.
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.
October 26, 2002 | From Associated Press
The number of mothers receiving all the child support they were due increased by more than 25% during the late 1990s, the Census Bureau reported Friday. A strong economy and stricter enforcement prompted more fathers to pay in full, analysts said. More than 2.8 million women collected all the child support they were owed, representing nearly 46% of all custodial mothers due payments in 1999. That was up from nearly 2.2 million, or almost 37% of the mothers owed support in 1993.
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.
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.
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.
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