Other than that, life's uncertain. Therefore, eat dessert first.
Ha ! in view of all the uncertainty, I'll start with Port, and follow with Champagne...
Just like Napoleon:
In victory, you deserve champagne. In defeat, you need it.
And since it's economics we talk about, then we should follow the advice of an economist:
My only regret in life is that I did not drink more Champagne.
— John Maynard Keynes
And by the looks of this...
US sees Chapter 11 revival
By Andrew Hill in New York
Published: February 19 2001 02:12GMT | Last Updated: February 19 2001 02:31GMT
Chapter 11 is back in vogue. In the last few weeks, well-known US names such as Trans World Airlines, Bridge Information Systems, the business news provider, and Loews Cineplex, one of the biggest US movie theatre operators, have filed for bankruptcy protection.
The filings are part of a wave of bankruptcies triggered by an economic slowdown which has exposed operational weaknesses and punished heavily indebted corporations.
If the economy continues to weaken, and the high-yield bond market - which provides an escape hatch for troubled companies seeking funds - shuts down, as it did towards the end of last year, then experts believe these numbers could increase.
"There are a lot of companies out there that were either depending on refinancing or on divestment strategies," says Donald Bernstein of Davis Polk & Wardwell, the law firm.
markets.ft.com
They may have to celebrate with a 6 pack of Bud. -gg- |
