Financially troubled plants are being abandoned by the boss, leaving behind unpaid workers and debts.By Don LeeNovember 3, 2008 Reporting from Shaoxing, China — First, Tao Shoulong burned his company’s financial books. He then sold his private golf club memberships and disposed of his Mercedes S-600 sedan. And then he was gone. And just like [...]

Steel industry shutting down 17 of 29 U.S. blast furnaces. Published: October 25, 2008 The steel mills, big suppliers to many sectors of the economy, are shutting 17 of the nation’s 29 blast furnaces — a startling indicator of how quickly output is declining as corporate America struggles to adjust to the spreading crisis. “We [...]

Steel industry shutting down 17 of 29 U.S. blast furnaces. Published: October 25, 2008 The steel mills, big suppliers to many sectors of the economy, are shutting 17 of the nation’s 29 blast furnaces — a startling indicator of how quickly output is declining as corporate America struggles to adjust to the spreading crisis. “We [...]

In a report released Tuesday, ratings agency Standard & Poor’s says there are 140 large U.S. companies in danger of not being able to pay their bills in the next few months, up nearly twofold from the beginning of this year. Among the troubled firms on the agency’s list are such household names as clothing [...]