BUSINESS BRIEFS
Board nominees approved at heated Citi meeting
Advertiser News Services
NEW YORK — The anger was evident at Citigroup Inc.'s annual meeting, where all nominated directors were elected but shareholders took turns at the microphone to object to how the bank has been operating.
The meeting is usually a well-attended affair lasting many hours as shareholders air grievances, and yesterday's gathering was as full of ire as ever.
Despite the rancor on the floor, all returning directors and four new ones were elected with at least 70 percent of the vote, according to preliminary results.
CHRYSLER LENDERS PROPOSE SWAP DEAL
DETROIT — Banks and hedge funds that hold $6.9 billion in Chrysler LLC debt have proposed forgiving $2.5 billion of it in exchange for about a 40 percent stake in a Chrysler-Fiat alliance, according to two people briefed on the proposal.One of the sources said the lenders delivered their counterproposal to Chrysler and the U.S. Treasury Department late Monday night. Neither person wanted to be identified because the negotiations are private.
The counteroffer comes as Chrysler races to meet a government-imposed April 30 deadline to swap debt for equity, cut labor costs and negotiate an alliance with Italy's Fiat Group SpA. If it misses the deadline, government aid will end and Chrysler likely faces liquidation.
DELTA AIR TO CHARGE $50 FOR 2ND SUITCASE
ATLANTA — Fee-weary travelers will get another dose of what they don't need, in time for the peak summer season. Delta Air Lines Inc. said most passengers will have to pay $50 to check a second bag on international flights, as it and the parent of United Airlines posted nearly $1.2 billion in combined first-quarter losses.United, AMR Corp.'s American Airlines and US Airways Group Inc. said they were studying Delta's decision, but didn't immediately announce plans to match it. Continental Airlines Inc. declined to comment. Among foreign carriers, British Airways has a fee for a second checked bag for some passengers to some international destinations.
