Deal close on automaker bailout

he nation's leading automakers are likely to get at least some of the federal bailout assistance they've been lobbying for, with Congress and the White House reportedly close to a formal deal.

On Tuesday, White House press secretary Dana Perino indicated that "good progress is being made" on a bailout package, but acknowledged that various stumbling blocks remain. She also warned that automakers cannot expect to have long-term financing if they fail to show long-term viability.

Congressional Democrats are also saying they will hold the industry accountable as it tries to regain momentum. House speaker Nancy Pelosi said Tuesday that "there is not going to be an endless flow of money to this industry."

UPDATE: King Pharma, Pain Therapeutics Take Hit After FDA Nixes Pain Drug

By Dan Gallagher

SAN FRANCISCO (Dow Jones) - The U.S. Food and Drug Administration said it cannot approve a pain drug called Remoxy that is being developed by King Pharmaceutcicals and Pain Therapeutics.

Shares of Pain Therapeutics (PTIE) plunged more than 20% to $6.19 on the news Thursday morning. King (KG) shares were off 6% at $9.36.

In a letter to the companies, the FDA said it believes "additional non- clinical data" will be required to support the approval of the drug, which is designed as an abuse-resistant form of the popular pain drug oxycodone. The companies said the agency has not requested or recommended additional clinical efficacy studies prior to approval.

UPDATE: Boeing Again Delays 787, Shakes Up Commercial Division

By Christopher Hinton

NEW YORK (Dow Jones) -- Boeing Co. restructured its commercial-airplanes division on Thursday, following an announcement that it would have to postpone the launch of its flagship 787 Dreamliner for a fifth time because of problems within its supply chain and the recent machinists' strike.

In November, the Chicago manufacturer also announced delays in its 747-8 deliveries for the same reasons.

On her way out was Carolyn Corvi, in charge of airplane programs and responsible for streamlining the commercial division's supply chain. Boeing said the 34-year veteran will retire at the end of the year.