Reuters: Bankruptcy News: PRESS DIGEST-New York Times business news - Sept 4

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PRESS DIGEST-New York Times business news - Sept 4 Sep 4th 2013, 04:42 Sept 4 | Wed Sep 4, 2013 12:42am EDT Sept 4 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy. * By buying Nokia's handset business, Microsoft Corp may have strengthened its control over the destiny of its mobile operations and gained a potential new chief executive. But completing the $7.2 billion transaction was a lengthy process that was anything but straightforward, people briefed on the matter said on Tuesday. () * The collision of the $1 trillion in budget and the breakdown of the normal budgeting process is creating headaches not just for Washington but also for a vast web of offices dependent on federal financing. Many have been left uncertain as to how much money - if any - they will have to spend in the year ahead. () * A former high-ranking Chinese railroad official whose daughter's employment at JPMorgan Chase is a focus of an antibribery investigation in the United States has been indicted on bribery charges in a Beijing court. () * Jeffrey Bezos, the new owner of The Washington Post , kicked off a packed, two-day visit to the paper on Tuesday, his first since purchasing the newspaper for $250 million on Aug. 5. () * Bank of America Corp is aiming to raise as much as $1.5 billion by seeking to sell its remaining stake in China Construction Bank, according to a copy of a term sheet for the sale seen by DealBook on Tuesday. () * In one of its first moves since a corporate spinoff in June, News Corp said on Tuesday that it had sold 33 local publications to a private equity and hedge fund firm. The collection of small newspapers and niche publications, known as the Dow Jones Local Media Group, will be owned by an affiliate of the Fortress Investment Group. () * Kodak's trip through bankruptcy is now a memory, as it finished its restructuring and exited Chapter 11 on Tuesday. Kodak is now a commercial imaging company serving business markets like packaging and graphics. () * The hedge funds Glenview Capital Management and Hayman Capital Management have swooped in on J.C. Penney shares, joining a list of hedge funds that have disclosed bullish views on the struggling retailer. News of their positions comes weeks after William Ackman of Pershing Square Capital Management, resigned from the board and sold his roughly 18 percent stake in the company. () Link this Share this Digg this Email Reprints

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