Wyndham Worldwide one of the world's largest hospitality companies recorded non-cash goodwill impairment charge of $1.3 billion vacation time share business related to adverse financial markets.
Lloyds Banking Group announced £7bn for 2008 impairments in the HBOS corporate banking business. They said it was only £1.6bn higher than it had expected when it issued its shareholder circular on the takeover at the HBOS business last year. It said that the "acceleration in the deterioration in the economy" and a "more conservative provisioning methodology consistent with that used by Lloyds" caused the higher impairment.
Lloyds Banking Group announced £7bn for 2008 impairments in the HBOS corporate banking business. They said it was only £1.6bn higher than it had expected when it issued its shareholder circular on the takeover at the HBOS business last year. It said that the "acceleration in the deterioration in the economy" and a "more conservative provisioning methodology consistent with that used by Lloyds" caused the higher impairment.
Avis Budget announced an impairment charge of $1.3 billion given “the significant decline in the company’s equity market value over the last several months, as well as soft economic conditions and financial market disruptions that have increased the cost of capital for many corporations.”
Charter Communications announced that it expects to record an impairment charge of $1.5 billion. Unlike other “good news” announcements emphasizing investor value, they said that they will restructure debt under bankruptcy protection, completely wiping out shareholders.
Malcolm McKay
