Business briefs

Former mortgage lending executive pleads not guilty

The former head of a mortgage lending company accused of scheming to steal more than $500 million from the government's financial bailout fund has pleaded not guilty in the case. Lee Bentley Farkas entered the plea Friday in Alexandria, Va., to charges including conspiracy, bank fraud and wire fraud in connection with the alleged plot at Taylor, Bean & Whitaker Corp. U.S. District Judge Leonie Brinkema set a Nov. 1 trial date.

GM looks for $5B credit line

General Motors Co. plans to file its initial public offering in mid-August, sources said Friday. The automaker is also in talks with banks for a revolving credit line worth $5 billion, sources said. The U.S. Treasury, which owns nearly 61 percent of the automaker's common shares after a $50-billion bailout, plans to sell $10 billion to $12 billion in shares, sources said. An IPO is a key step for the automaker to wean itself away from government support. GM spokeswoman Noreen Pratscher declined to comment.

Delta, US Airways to drop airport slot swaps

Delta Air Lines and US Airways say they'll drop their proposed swap of takeoff and landing rights in Washington, D.C., and New York rather than accept government restrictions on the deal. They'll go to court instead. A Delta spokesman said an appeal would be filed Friday with the U.S. Court of Appeals for the District of Columbia. The airlines have claimed previously that the government lacked the authority to deny the transaction.

From wire reports