Late Wednesday Headlines

Brief headlines here as we go thru the Madoff list and try to determine if Kim Kardashian is now trustfundless:

• Ford in talks to sell Volvo to China's Geely Auto (Bloomberg)
• Here come the Treasuries (FT)
• Bank Rossii's generosity will be the reason for its downfall (Bloomberg)
• Credit card delinquencies at record high (FT)
• Hedge Fund Galleon Group is expanding aggressively into Asia (Bloomberg)
• Unlike the U.S., Russia tells businesses not to rely on state (Moscow Times)
• Bankrupt copper miner Asarco likely to be acquired by Sterlite (Bloomberg)

Oh and a bit more on Aleris: sources inform us that the Company has hired Weil Gotshal and Alvarez & Marsal, both of Lehman bankruptcy fame, to advise on the upcoming restructuring, and that the extruded aluminum products maker is seeking an up to $400 million DIP. However, when it heard about the cost (at least L+1000) it may have decided against it. As a reference point, if the situation at Aleris goes from bad to worse, it will likely imply that debt-free aluminum heat-plate competitor Kaiser Aluminum may stand to benefit as Aleris' woes mount.

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