BUSINESS BRIEFS

VIRGINIA

WRIC owner files for bankruptcy protection

NORFOLK -- Young Broadcasting Inc., owner of 10 television stations including WRIC in Chesterfield County, filed for bankruptcy protection in New York yesterday.

The company said the stations would continue to operate as it restructures. Five of its stations, including WRIC, are affiliated with the ABC network.

The New York-based company listed assets of $575.6 million and debt of $980.4 million.

Credit rating is cut for Genworth mortgage unit

Moody's Investors Service yesterday cut the rating of Genworth Financial Inc.'s mortgage-guaranty business from AA3 to Baa2.

The downgrade reflects "higher mortgage-loss expectations resulting from the weak economic environment and continued deterioration in housing fundamentals," Moody's said.

Genworth, the Henrico County-based insurer spun off in 2004 by General Electric Co., has laid off 1,000 workers, including 400 in the Richmond area, as it works to cut costs and stabilize its finances.

Virginia Natural Gas had some incorrect readings

About 1,700 Virginia Natural Gas customers will receive credit on their bills because of inaccurate meter readings by an automated system that date back to August 2007.

About 1,700 other customers owe the utility money because of the errors.

Virginia Natural Gas began notifying the affected customers of the errors in November.

The Norfolk-based utility installed automated meter readers for its 270,000 customers in southeast Virginia between 2006 and 2008. It says the average overcharge was $475 and the average undercharge was $285.

THE NATION

Foreclosures on hold pending Obama plan

WASHINGTON -- The biggest players in the mortgage industry are halting home foreclosures while the Obama administration develops its plan to help struggling homeowners.

The White House said President Barack Obama on Wednesday will outline his much-anticipated plan to spend at least $50 billion to prevent foreclosures. His speech will be in Arizona, one of the states hit hardest by the foreclosure crisis.

Though lenders have beefed up their efforts to aid borrowers over the past year, their action hasn't kept up with the worst housing recession in decades.

Government-controlled mortgage finance companies Fannie Mae and Freddie Mac, and major banks JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp., said yesterday that they are halting foreclosures through March 6.

New York-based Citigroup Inc. said its halt will extend until the administration has completed the details of the loan-modification program or March 12, whichever is earlier.

Auto suppliers seek up to $25 billion in U.S. aid

WASHINGTON -- Auto suppliers asked the Obama administration yesterday for up to $25.5 billion in loans and government guarantees to stabilize the battered U.S. auto industry.

Two trade groups, the Original Equipment Suppliers Association and the Motor & Equipment Manufacturers Association, said the aid would prevent a shortage of parts for key vehicle models and follow massive loans to U.S. automakers.

General Motors Corp. has received $9.4 billion in federal loans and is expected to receive $4 billion more, while Chrysler LLC has received $4 billion in loans and is hoping to access an additional $3 billion.

The two companies must submit plans to Treasury next week showing how they will restructure their companies to become viable in the future.

Elsewhere

THE WORLD

Finance ministers meet to discuss recession

ROME -- The job of the Group of Seven finance ministers meeting on solutions to the financial crisis looked even more difficult yesterday as new economic data showed Europe's recession deepening.

The meeting, which began with dinner yesterday and will continuing with a daylong session today, marks U.S. Treasury Secretary Timothy Geithner's international debut.

Officials from the leading industrial nations will discuss new financial-market rules, concerns about protectionist measures in stimulus plans and the effect of the crisis on poorer countries. But a major breakthrough would be a surprise, with the meeting coming ahead of a broader, 20-country summit in April. -- From Staff and Wire Reports