BRIEF-Lakeland Industries files for mixed shelf offering of up to $30 mln - SEC Filing
* Files for mixed shelf offering of up to $30.0 million - SEC filing Source text: [http://bit.ly/2o0CMez] Further company coverage:
May 14 Ally Financial Inc must sign a deal to resolve claims that it owes billions of dollars to creditors of its Residential Capital LLC unit by 11 a.m. EDT Tuesday (1500 GMT) to avoid the publication of a potentially damaging report into its role in ResCap's bankruptcy.
Negotiations between the auto lender, which is three-quarters owned by the U.S. government, and creditors of its home lending subsidiary have already dragged beyond an initial deadline of Friday.
At the same time, a court-appointed independent examiner was expected to publish his report into claims that Ally stripped ResCap of valuable assets and loaded it with liabilities before it was put into bankruptcy, short-changing creditors.
That report's publication was postponed from Friday's initial deadline to allow more time for mediated talks between Ally and ResCap creditors.
The examiner's report was filed on Monday, but under seal. If Ally reaches a deal with ResCap creditors, the report will remain under seal at least until May 21. Without a deal, the report will be unsealed at 11 a.m., according to an order by U.S. Bankruptcy Judge Martin Glenn.
A settlement between Ally and ResCap's creditors would form the basis of a plan to allow ResCap to exit bankruptcy and repay its creditors, which includes about $3 billion owed to bondholders.
In addition, investors who bought mortgage bonds issued by ResCap claim they are owed money because they were misled about the quality of the mortgages backing those bonds.
The settlement would allow Ally to put behind it problems tied to mortgage lending so it can focus on its U.S. auto lending business.
Ally has raised billions of dollars by selling its international business and wants to use that money to repay the U.S. government.
The U.S. government rescued Ally, formerly known as General Motors Acceptance Corp, in the wake of the 2008 financial crisis with a $17 billion bailout.
SAN FRANCISCO, March 24 Connecticut will return to the U.S. municipal market on Tuesday when it will sell $750 million in general obligation bonds as the state faces negative outlooks from two of the three biggest Wall Street credit rating agencies.