GM reaches swap deal, but bankruptcy still looms

Date: Thu, 28 May 2009 12:01:32 -0400

GM reaches swap deal, but bankruptcy still looms

General Motors Corp. says it reached a new debt-swap deal with
bondholders that likely won't save the automaker from imminent
bankruptcy, but should help speed the process.

VISTEON FILES FOR CHAPTER 11

Auto parts maker Visteon says it and some of its U.S. subsidiaries
have filed. for Chapter 11 bankruptcy reorganization.

OPEC LEAVES OIL-OUTPUT QUOTA UNCHANGED

Oil ministers from the 13-nation Organization of Petroleu Exporting
Countries. leave production quotas unchanged at today's meeting in
Vienna.

RETAIL STOCKS FALL AFTER NEW HOME SALES REPORT

Retail stocks erase earlier gains in morning activity after sales of
new homes rose less than expected in April, offsetting positive data
on much stronger-than-expected new orders for U.S.-made capital goods.

INVESTOR GROUP CALLS FOR CHANGE IN TARGET BOARD

The Nominees for Shareholder Choice, a group backed by William
Ackman's Pershing Square Capital Management, say two members of
Target's board are required to resign promptly.