Northwest Airlines has written off its entire $213 million investment in the partnership that owns financially stressed Midwest Airlines, a sign that Northwest expects the investment to be a total loss. Northwest, which bought a 47 percent share of Midwest Air Partners in January, disclosed the write-off in its quarterly report filed July 30 with the U.S. Securities and Exchange Commission. "The write-off is the result of the application of accounting rules relating to the probability that we will recover our investment," Northwest spokeswoman Tammy Lee said in a statement. "It does not imply any judgment on our part on the viability of Midwest." MILWAUKEE JOURNAL SENTINEL
ResCap expects liquidity stress into 2009 Residential Capital, Bloomington, disclosed that it expects continued liquidity pressures for the remainder of 2008 and the early part of 2009. According to a document filed with the Securities and Exchange Commission, the mortgage company expects the liquidity pressures to result from the obligation of its subsidiaries to advance delinquent principal, interest, property taxes, casualty insurance premiums and certain other amounts with respect to mortgage loans that become delinquent. ResCap is the mortgage subsidiary of GMAC.
DOW JONES NEWS SERVICE
Bunge buys 4 Cargill operations in Brazil Bunge Ltd., the world's biggest oilseed processor, said it bought a wheat mill and three distribution centers in Brazil from Minnetonka-based Cargill Inc. for about $20 million. The mill at Tatum, in the southeastern state of Sao Paulo, has about 100 workers, White Plains, N.Y.-based Bunge said. Bunge, which has seven wheat mills in Brazil, produces flour and premixes for bakeries and biscuit- and pasta-makers. Milling products accounted for 2.7 percent of Bunge's profit last year.
BLOOMBERG NEWS
