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BUSINESS
November 23, 2002 | From Bloomberg News
General Electric Co., which has been eliminating businesses with low growth, plans to sell a lending unit of its GE Capital arm for as much as $150 million by the end of the year, said people familiar with the matter. The unit makes loans to small businesses and includes assets of Heller Financial Inc., which GE bought for $5.3 billion in 2001. The loans being sold are partly guaranteed by the federal Small Business Administration and have a face value of $3 billion, the people said.
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BUSINESS
April 11, 1994 | From Reuters
Kemper Corp. Sunday urged its shareholders to vote against four people nominated to Kemper's board of directors by GE Capital Corp., which is trying to buy out Kemper with a $2.35-billion cash offer. Kemper said GE was trying to "strong-arm" Kemper shareholders into abandoning the chief executive officer and directors who Kemper said have engineered a turnaround in the company's results over the past two years.
BUSINESS
August 6, 2002 | Bloomberg News
Montgomery Ward's unsecured creditors won a bankruptcy judge's approval of a liquidation plan for the defunct retailer and the right to sue its owner, GE Capital Corp., for at least $500 million. U.S. Bankruptcy Judge Raymond Lyons approved the plan, which hinges on fraud claims by creditors against General Electric Co.'s GE Capital unit.
BUSINESS
August 15, 1992 | From Times Staff and Wire Reports
Businesses Leaving County: Mark Industries in Brea and GE Capital Corp., with two offices in Orange, said they are pulling out of Orange County, resulting in the loss of about 200 jobs. The Wisconsin parent company of Mark Industries, a manufacturer of heavy construction machinery, is consolidating operations in its Waverly, Iowa, facilities, effective Sept. 1. About 50 county jobs will be lost. GE Capital, the financial services arm of General Electric Co.
BUSINESS
June 23, 2001 | Bloomberg News
General Electric Co.'s finance unit agreed to buy National Mutual Life Assurance Society of Britain for almost $810 million as it tries to build a retirement-savings business in Europe's second-largest market. GE Capital Corp., the world's largest finance company that's not a bank, is acquiring National Mutual after failing to purchase at least two other British insurers in the last 12 months. The purchase of National Mutual, which has 250,000 policyholders and $6.
BUSINESS
August 6, 2002 | Bloomberg News
Montgomery Ward's unsecured creditors won a bankruptcy judge's approval of a liquidation plan for the defunct retailer and the right to sue its owner, GE Capital Corp., for at least $500 million. U.S. Bankruptcy Judge Raymond Lyons approved the plan, which hinges on fraud claims by creditors against General Electric Co.'s GE Capital unit.
BUSINESS
January 22, 2002 | Bloomberg News
Montgomery Ward & Co. creditors sued GE Capital Corp. for more than $1 billion, claiming the financial services unit of General Electric Co. benefited unfairly from the defunct department store chain's bankruptcy at their expense. Montgomery Ward filed for bankruptcy and announced it was going out of business 13 months ago. The Chicago-based company first filed for Chapter 11 in July 1997.
BUSINESS
January 22, 2002 | Bloomberg News
Montgomery Ward & Co. creditors sued GE Capital Corp. for more than $1 billion, claiming the financial services unit of General Electric Co. benefited unfairly from the defunct department store chain's bankruptcy at their expense. Montgomery Ward filed for bankruptcy and announced it was going out of business 13 months ago. The Chicago-based company first filed for Chapter 11 in July 1997.
BUSINESS
December 29, 2001 | Bloomberg News
Xerox Corp. received $340 million from General Electric Co. as part of a plan for its finance arm to take over most of the largest copier maker's customer equipment financing. The money from GE Capital, the biggest non-blank finance company, is secured by a portion of U.S. lease receivables. The financing was arranged in September, a Xerox spokeswoman said. Xerox increased its cash balance to about $3.9 billion with the financing and after the repayment of $1.
BUSINESS
December 19, 2001 | Bloomberg News
General Electric Co. is cutting 3,000 jobs at GE Capital, the source of about 40% of the company's profit, and will exit some financing businesses to reduce expenses and keep earnings rising. GE Capital is consolidating administration at some of its 24 businesses, such as European equipment financing. It has stopped selling mutual funds and other lower-margin products directly to consumers. The job cuts and exiting of product lines are expected to save $400million next year.
BUSINESS
December 15, 2001 | Bloomberg News
General Electric Co.'s GE Capital agreed to buy Security Capital Group Inc. for $4 billion in cash and stock to gain real estate assets including storage facilities, shopping centers and parking lots. GE Capital said it will pay $2.9 billion in cash to Security Capital Class B shareholders and $1.1 billion of ProLogis Trust shares held by Security Capital. The transaction values Security Capital at $26 a share. Security Capital's stock closed at $20.70, up 3 cents, before the deal was announced.
BUSINESS
September 12, 2001 | Reuters
Xerox Corp. said General Electric Co.'s GE Capital has agreed to be its primary vendor financing partner and provide it with $1 billion in financing. The agreement comes as part of Stamford, Conn.-based Xerox's plan, announced in October, to exit its business that finances customers' equipment, in an effort to trim its total debt of about $16 billion.
BUSINESS
June 23, 2001 | Bloomberg News
General Electric Co.'s finance unit agreed to buy National Mutual Life Assurance Society of Britain for almost $810 million as it tries to build a retirement-savings business in Europe's second-largest market. GE Capital Corp., the world's largest finance company that's not a bank, is acquiring National Mutual after failing to purchase at least two other British insurers in the last 12 months. The purchase of National Mutual, which has 250,000 policyholders and $6.
BUSINESS
August 18, 1998 | Bloomberg News
GE Capital Corp., a unit of General Electric Co. and the world's largest non-bank financial company, said it agreed to buy the commercial finance division of Metropolitan Life Insurance Co. Terms weren't disclosed, but people familiar with the sale said the price is about $1 billion. Bellevue, Wash.-based MetLife Capital Corp., with about 350 employees, made more than $2.2 billion in loans and leases last year.
BUSINESS
March 30, 1994 | From Reuters
The top executives at Kemper Corp. may be tempted to sell the company--the target of a hostile $2.35 billion takeover by GE Capital Corp.--because they have golden parachutes worth more than $19 million, analysts said Tuesday. "This will help cushion the blow to Kemper management if GE takes over and it may also preclude Kemper from fighting for control," said Michael Lewis, an analyst with Dean Witter. "It won't stop GE from moving forward."
BUSINESS
May 29, 2001 | Reuters
Bankrupt loan provider Finova Group Inc., which arranged a $6-billion bailout in March with Warren Buffett's Berkshire Hathaway Inc. and Leucadia National Corp., said it is prepared to review a $7-billion counteroffer from GE Capital, Goldman, Sachs & Co. and creditors. Scottsdale, Ariz.-based Finova, which filed for bankruptcy protection in March, said it had been contacted about a letter of intent a creditor group had entered into with GE Capital and Goldman Sachs.
BUSINESS
May 25, 2001 | Associated Press
General Electric Co.'s financial-services unit and Goldman Sachs Group Inc. signed an agreement with creditors of troubled commercial lender Finova Group Inc. to provide about $7 billion of liquidity for its Chapter 11 bankruptcy protection. GE Capital also said it will enter a servicing agreement to manage the company's assets. The move, if approved in U.S.
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