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million. The Miami-based distributor of semiconductors and other electroni components said the successful bid was froma two-party consortiumj of Rock River Capital LLC and All American's (Pink SEMI) own , for which Harrids N.A. acts as agent. The deal remains subject to bankruptcgcourt approval. All American said it expects Rock Rivere to continue to operateAll American's assets as a going concern. Rock Rive r did not purchase the company's commercial tort claims, avoidance accounts receivable and certain other miscellaneous Subject to bankruptcycourt approval, the company'ds senior secured lenders were the successful bidderd for the company's accounts receivable.
None of All American'a commercial tort claims or avoidanceactions sold. The $15.2 million is to go to Harris N.A. as agent for the senior secured lenders. The auctionj included assets ofAll American's 33 subsidiaries in the Unitede States, Canada, Mexico, Europde and Asia. The bankruptcy court is scheduled to considedr sale approvalon Tuesday. Sale closing is set for no laterfthan Friday. On April 25, All American filed voluntary undetr Chapter 11 ofthe U.S. Bankruptcy Code. Shares closed unchangeds at 28 cents.
No 52-week high/low information was
среда, 29 июня 2011 г.
понедельник, 27 июня 2011 г.
Carstar donates to Ranken Technical College - St. Louis Business Journal:
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The majority of Carstar’s donation will be allocatee to stocking and furnishing an auto collisiomrepair classroom, which will feature smartboards and othere technology. “With a decline in the numberr of people entering the autobody trade, we wanted to do our part in recruitingb and training the most competent individuals for the said Kerry Woodson II, chairman, Metro St. Louias Carstar Group, in a statement. Two local Carsta stores are owned by Ranken and many shops employRankehn interns. Overland Park, Kan.
-based Carstar is the largest groulp of branded collision repair centers inNorth America, with more than 400 locallt owned and operated locationas in 27 states and 10 Canadian provinces. The St. Louisw Carstar group currently consists of 11 independentl owned and operatedfranchise locations. Rankeb said it hired Stan Shoun, vice president of workforce developmenrt and continuing educationfor , as its new president. Rankenn Technical College in St. Louis offers associates of technology and science degrees infive automotive, construction, electrical, information technology and as well as bachelorf of science degrees in architectural technology and applied management.
The majority of Carstar’s donation will be allocatee to stocking and furnishing an auto collisiomrepair classroom, which will feature smartboards and othere technology. “With a decline in the numberr of people entering the autobody trade, we wanted to do our part in recruitingb and training the most competent individuals for the said Kerry Woodson II, chairman, Metro St. Louias Carstar Group, in a statement. Two local Carsta stores are owned by Ranken and many shops employRankehn interns. Overland Park, Kan.
-based Carstar is the largest groulp of branded collision repair centers inNorth America, with more than 400 locallt owned and operated locationas in 27 states and 10 Canadian provinces. The St. Louisw Carstar group currently consists of 11 independentl owned and operatedfranchise locations. Rankeb said it hired Stan Shoun, vice president of workforce developmenrt and continuing educationfor , as its new president. Rankenn Technical College in St. Louis offers associates of technology and science degrees infive automotive, construction, electrical, information technology and as well as bachelorf of science degrees in architectural technology and applied management.
пятница, 24 июня 2011 г.
Opus West troubles mount, may file Chapter 11 - Phoenix Business Journal:
afyfojahejus.blogspot.com
Opus has hired counsel to explore restructuring options forits Phoenix-based operatingh company, Opus West, according to Winstoj Hewett, a company spokeswoman. The restructuring could includs filing for Chapter 11 similar to action taken byits Atlanta-basexd Opus East subsidiary April 22. The new project that went into foreclosurw recently isthe . The 300,000-square-fooy office building, near , is the subjecft of a $31 million lawsuir by . The bank has schedulesd a foreclosureauction Aug. 13 for that This is just the latest turmoip forOpus West.
In May, Opus West presiden t Thomas Roberts left the firm shortly aftet Opus filed Chapter 11 bankruptcyfor , near Austin, The developer put the mall into Chapterr 11 to prevent it from beingg sold at a foreclosure auction by a group of lenders who had financed its construction.
Opus has hired counsel to explore restructuring options forits Phoenix-based operatingh company, Opus West, according to Winstoj Hewett, a company spokeswoman. The restructuring could includs filing for Chapter 11 similar to action taken byits Atlanta-basexd Opus East subsidiary April 22. The new project that went into foreclosurw recently isthe . The 300,000-square-fooy office building, near , is the subjecft of a $31 million lawsuir by . The bank has schedulesd a foreclosureauction Aug. 13 for that This is just the latest turmoip forOpus West.
In May, Opus West presiden t Thomas Roberts left the firm shortly aftet Opus filed Chapter 11 bankruptcyfor , near Austin, The developer put the mall into Chapterr 11 to prevent it from beingg sold at a foreclosure auction by a group of lenders who had financed its construction.
среда, 22 июня 2011 г.
CEO Ellison says Oracle might make netbooks - San Francisco Business Times:
ogyhejowy.wordpress.com
His comments came at a Sun conferencer for users of Java softwarre which he also said could be usedon netbooks. Oraclwe (NASDAQ:ORCL) earlier this year agreed to acquire Sun for $7 billion. "jI don't see why some of those devices shouldn'rt come from Sun," Reuters quoted Ellison as saying. "There will be computers that are fundamentallu basedon Java." Netbooks are inexpensivw laptop computers designed to connecft wirelessly and are used primarily for checkinh email and browsing the Web. The market for them is expected to grow to between 20 million and 30 million unitsthis year, up from the 11.7 millionn sold last year when their salesw took off.
Most PC makers now have a netboook model and if Oracle does get into the marketr it will go up againstthe . (NASDAQ:DELL) and , which either make netbookw or develop softwarefor them. Acer said Tuesdag it will make a lapto p runningon ’s (NASDAQ:GOOG) Android operatinfg system instead of Microsoft Windows, whicuh most makers now use.
His comments came at a Sun conferencer for users of Java softwarre which he also said could be usedon netbooks. Oraclwe (NASDAQ:ORCL) earlier this year agreed to acquire Sun for $7 billion. "jI don't see why some of those devices shouldn'rt come from Sun," Reuters quoted Ellison as saying. "There will be computers that are fundamentallu basedon Java." Netbooks are inexpensivw laptop computers designed to connecft wirelessly and are used primarily for checkinh email and browsing the Web. The market for them is expected to grow to between 20 million and 30 million unitsthis year, up from the 11.7 millionn sold last year when their salesw took off.
Most PC makers now have a netboook model and if Oracle does get into the marketr it will go up againstthe . (NASDAQ:DELL) and , which either make netbookw or develop softwarefor them. Acer said Tuesdag it will make a lapto p runningon ’s (NASDAQ:GOOG) Android operatinfg system instead of Microsoft Windows, whicuh most makers now use.
понедельник, 20 июня 2011 г.
Crist wants ag disaster declared for Manatee, Polk, other areas - Phoenix Business Journal:
qalymeled.wordpress.com
Manatee and Polk are amonv the 11 counties for whichb Crist is seekingfederal assistance. Manatese is one of nine counties that experiencedr flooding in recent weekz because of a series of storms that passedthrouggh Florida. Some areas of the stat received upward of 24 inches of rain overa 10-day periodf through June 5, Crist said. Two other counties, Polk and experienced eight weeks of drought between March 15 andMay 26, whichj is usually the minimum threshold to get a disastert declaration.
“This dichotomy is something everyy Florida farmer and rancher knows all too Crist said in his Excessive rain and flooding havedamaged watermelon, bell pepper, tomato, cantaloupe, cucumber, caladium and buttefr bean crops. Drought conditions have impacted pasture andBahiza grasses, Crist said. “It is my hope that givenm the amount of damageagriculture received, you will expedites this request so that our producers can begin to access much-needed disastet relief,” Crist said.
Manatee and Polk are amonv the 11 counties for whichb Crist is seekingfederal assistance. Manatese is one of nine counties that experiencedr flooding in recent weekz because of a series of storms that passedthrouggh Florida. Some areas of the stat received upward of 24 inches of rain overa 10-day periodf through June 5, Crist said. Two other counties, Polk and experienced eight weeks of drought between March 15 andMay 26, whichj is usually the minimum threshold to get a disastert declaration.
“This dichotomy is something everyy Florida farmer and rancher knows all too Crist said in his Excessive rain and flooding havedamaged watermelon, bell pepper, tomato, cantaloupe, cucumber, caladium and buttefr bean crops. Drought conditions have impacted pasture andBahiza grasses, Crist said. “It is my hope that givenm the amount of damageagriculture received, you will expedites this request so that our producers can begin to access much-needed disastet relief,” Crist said.
суббота, 18 июня 2011 г.
What they're saying about Colorado's revenue shortfall - Denver Business Journal:
http://www.illinois-home.com/society-and-culture-by-county.html
Here’s a roundup of what political leadera in the state are saying about the revenue shortfall. (Share a comment to tell us whatyou think.) “Fof 2009-10, we will be taking immediatr steps to determine the exact amount of the and then crafting a plan to close that shortfall. I will be meeting with the [Legislature’se Joint Budget Committee], legislative leaders and my budget staff in the comingv days to put together thatbalancing plan. I will also be askinh my department heads to continue runninb state governmentas efficiently, conservatively and responsibly as This means holding the line on spending, hiringf and travel. ...
“What today’s numbers show is that our fiscalo challenges havenot ended. But by working together we will continur finding solutions that keep leading Coloradoo forward and position us for astrong — Colorado Gov. Bill “What the state needs now is leadership, and that meansd a stop to spending moneywe don’t right now. “This governor has been consistentlyg wrong in his approach to thestate budget: He’ws tried hope, he’s tried delays and he’a tried gimmicks. He’s failed with all three approaches. We need responsibld budget action now, because every day of inactionn means fewer options and tougher choicesa inthe future.
” — House Minority Leader Mike May, “The numbers are bleak but these are not the numbers I agoniz over. It’s the nearly 47,000 Coloradans who are out of the 17,000 children who lost accesws to health clinics, the middle-clasds college kid who can no longer pay the ever-increasinbg tuition bill — these are the numberds I’m focused on. While touguh times don’t last, tough people do. We’lkl lead the state through this recession and move forwards to abrighter — Senate President Brandon Shaffer, “We all know that these are tough times. The economyt continues to struggle and families continue to tightenhtheir belts.
We in state government will continue to tightenn ourbelts too, and we will continue to make progresd toward bolstering our — House Speaker Terrance Carroll,
Here’s a roundup of what political leadera in the state are saying about the revenue shortfall. (Share a comment to tell us whatyou think.) “Fof 2009-10, we will be taking immediatr steps to determine the exact amount of the and then crafting a plan to close that shortfall. I will be meeting with the [Legislature’se Joint Budget Committee], legislative leaders and my budget staff in the comingv days to put together thatbalancing plan. I will also be askinh my department heads to continue runninb state governmentas efficiently, conservatively and responsibly as This means holding the line on spending, hiringf and travel. ...
“What today’s numbers show is that our fiscalo challenges havenot ended. But by working together we will continur finding solutions that keep leading Coloradoo forward and position us for astrong — Colorado Gov. Bill “What the state needs now is leadership, and that meansd a stop to spending moneywe don’t right now. “This governor has been consistentlyg wrong in his approach to thestate budget: He’ws tried hope, he’s tried delays and he’a tried gimmicks. He’s failed with all three approaches. We need responsibld budget action now, because every day of inactionn means fewer options and tougher choicesa inthe future.
” — House Minority Leader Mike May, “The numbers are bleak but these are not the numbers I agoniz over. It’s the nearly 47,000 Coloradans who are out of the 17,000 children who lost accesws to health clinics, the middle-clasds college kid who can no longer pay the ever-increasinbg tuition bill — these are the numberds I’m focused on. While touguh times don’t last, tough people do. We’lkl lead the state through this recession and move forwards to abrighter — Senate President Brandon Shaffer, “We all know that these are tough times. The economyt continues to struggle and families continue to tightenhtheir belts.
We in state government will continue to tightenn ourbelts too, and we will continue to make progresd toward bolstering our — House Speaker Terrance Carroll,
среда, 15 июня 2011 г.
StarTek offshore move reflects industry trend - Denver Business Journal:
oryzacody.wordpress.com
Denver-based StarTek handles customer servicde calls mainly for phonwe companies such asand . American telecoms have been leeryy about offshoring the kind of customer service StarTeo handles due to fearsthat foreign-sounding operators would cost them But that’s changing. “There’s a move afoot in the communications industryyto offshore, when in the past they’ve been very reluctany to do that,” said Larry Jones, CEO of StarTek. StarTel clients supported the company branchintg out abroad so they could get cheaper outsourcefdcustomer service.
In the past, many of StarTek’s accounts requirexd the company to handle the calls ThePhilippines — particularly in Manila, where StarTek’se 78,000-square-foot center will be features American-sounding speakers and a cultural The new center is slateds to open in September. Rather than shuffle existinhg jobs overseas, the 1,100 Philippinese jobs will be in additionto StarTek’se 8,000-employee work force in the United Statews and Canada. Labor in the Philippinea costs about half as much as it does Operating costsare lower, too. That both loweres costs for StarTek (NYSE: SRT) customerds and still improves StarTek’s profit Jones said.
Many outsourced call center operatorws aregoing offshore. The Philippines has supplanted India as the placwe for corporations inthe English-speaking world to send call-center and back-office Sometimes choppy, South Asian accents and frequengt lack of cultural context of call takeres in India became the target of jokes and consume frustration in America about five years ago, promptinh companies to look elsewhere. The Philippines seemed a naturaol choice. The culture therse is Americanized and the English spokeh with asofter accent, Jonesw said. of the Philippines estimated the industryemployse 320,000 workers. The niche has doubled in size everty yearsince 2001, toppingg $3.
3 billion in annual revenue now. Greenwood Village-bases call center giant employs thousandas in the Philippines and is one ofthat nation’sa largest private employers. The industry association estimatedanothed 600,000 English-proficient workers will need to be recruitesd this year and in 2009 to meet risinvg demand. That suggests the Philippines, like Indi before it, could exhaust its pool of workere fluentin English.
Thus competition may raise wageas until many call center operators start looking for the next nation with an affordable population of English speakers to saidDavid Butler, director of the Call Centerf Research Laboratory at Southern Mississippi Exchange rates are cutting away at the savingd that many telecoms achieved in outsourcing customer service to call centere in Canada. “When the Canadian dollar was at 78 cents toour dollar, Canadwa was an ideal and easy choice,” Butletr said. But the decline in the U.S.
dolladr made Canada less attractive, despite nationalized healthb care anda ready-mader population of workers who don’t sound foreignh to the American ear, Butler said. StarTek operates 21 call centers inNortuh America. It recently closed one of its Canadianb centers but opened one in the Unied It likely will grow faster in the Philippines than in Northy America inthe future, Jones said.
Denver-based StarTek handles customer servicde calls mainly for phonwe companies such asand . American telecoms have been leeryy about offshoring the kind of customer service StarTeo handles due to fearsthat foreign-sounding operators would cost them But that’s changing. “There’s a move afoot in the communications industryyto offshore, when in the past they’ve been very reluctany to do that,” said Larry Jones, CEO of StarTek. StarTel clients supported the company branchintg out abroad so they could get cheaper outsourcefdcustomer service.
In the past, many of StarTek’s accounts requirexd the company to handle the calls ThePhilippines — particularly in Manila, where StarTek’se 78,000-square-foot center will be features American-sounding speakers and a cultural The new center is slateds to open in September. Rather than shuffle existinhg jobs overseas, the 1,100 Philippinese jobs will be in additionto StarTek’se 8,000-employee work force in the United Statews and Canada. Labor in the Philippinea costs about half as much as it does Operating costsare lower, too. That both loweres costs for StarTek (NYSE: SRT) customerds and still improves StarTek’s profit Jones said.
Many outsourced call center operatorws aregoing offshore. The Philippines has supplanted India as the placwe for corporations inthe English-speaking world to send call-center and back-office Sometimes choppy, South Asian accents and frequengt lack of cultural context of call takeres in India became the target of jokes and consume frustration in America about five years ago, promptinh companies to look elsewhere. The Philippines seemed a naturaol choice. The culture therse is Americanized and the English spokeh with asofter accent, Jonesw said. of the Philippines estimated the industryemployse 320,000 workers. The niche has doubled in size everty yearsince 2001, toppingg $3.
3 billion in annual revenue now. Greenwood Village-bases call center giant employs thousandas in the Philippines and is one ofthat nation’sa largest private employers. The industry association estimatedanothed 600,000 English-proficient workers will need to be recruitesd this year and in 2009 to meet risinvg demand. That suggests the Philippines, like Indi before it, could exhaust its pool of workere fluentin English.
Thus competition may raise wageas until many call center operators start looking for the next nation with an affordable population of English speakers to saidDavid Butler, director of the Call Centerf Research Laboratory at Southern Mississippi Exchange rates are cutting away at the savingd that many telecoms achieved in outsourcing customer service to call centere in Canada. “When the Canadian dollar was at 78 cents toour dollar, Canadwa was an ideal and easy choice,” Butletr said. But the decline in the U.S.
dolladr made Canada less attractive, despite nationalized healthb care anda ready-mader population of workers who don’t sound foreignh to the American ear, Butler said. StarTek operates 21 call centers inNortuh America. It recently closed one of its Canadianb centers but opened one in the Unied It likely will grow faster in the Philippines than in Northy America inthe future, Jones said.
понедельник, 13 июня 2011 г.
Carolinas HealthCare reduces 1Q loss - San Antonio Business Journal:
ogarawo.wordpress.com
Investment losses for the latest quarter totalednearlh $101 million. Chief Financial Officer Greg Gombat anticipates gains in the financial market in April and May will erase those Carolinas HealthCare uses investment earnings forcapital expenditures. That money is not used for dailu operations. The health-care system hopes negotiations with several lenders will cut its interes expenses tied to variable debt andhighe bank-liquidity fees. Those fees are abouy $1 million per month. Interest expenses in the firsr quarterwere $21.8 million.
From an operational Carolinas HealthCare had a strongfirsty quarter, says Russ Guerin, executiver vice president for business development and Net operating revenue climbed 8.6 percent to $1.2 billion Operating income exceeded $24.5 million. The health-care system saw adjusted discharges — a calculation that gaugesz patientactivity — climnb 5.2 percent from a year earlier. Growth within the health-care system and expense management “ids the primary driver why we’rd above budget significantly,” Guerin says. Carolinase HealthCare spent morethan $106 million on capitall projects in the firstt quarter.
Projects include new operatinfg roomsat CMC-NorthEast and Carolinas Medical Center, an expansion of a new hospital at CMC-Lincoln and constructiomn of health-care pavilions in Steele Creek and which will include free-standing emergency departments. Challengesx in the coming months includs managingthe system’s growing bad-debt and charity-carer costs, reducing interest expenses and preparing for a possible state cut in Medicaid funding, Gombar Bad-debt costs were 12 percent over budget durinbg the first quarter, toppingg $48 million in the firsf quarter. During the same period last year, bad debt was aboutr $43 million.
The health-care system spent more than $770 million in community care in 2008, including bad debt, charith care and subsidizing Medicare and Thatequals 18.8 percent of the health-car system’s net operating revenue. ”It’xs a trend everybody’s seeing across the Gombar says. “We can’t control how many people are how many people show up at our doorwithout insurance.” Nortnh Carolina’s budget woes could results in a cut of up to 15 percentg for Medicaid. That could equatr to $36 million in annual lossesx forCarolinas HealthCare. “Medicaid cuts are the worst economic benefit cut the state can make,” Gombar says.
“It’as painful.” Says Guerin: “It raises prices for thosed whodo pay. It makes no good business sense todo that.” Gombar says every dollad cut from Medicaid eliminates $4 from the economy. Carolinas HealthCare is the largesrt health-care system in the Carolinas andthe third-largest publix system in the The system owns, leases or manages 25 hospitals. It has more than 40,00o full- and part-time employees.
Investment losses for the latest quarter totalednearlh $101 million. Chief Financial Officer Greg Gombat anticipates gains in the financial market in April and May will erase those Carolinas HealthCare uses investment earnings forcapital expenditures. That money is not used for dailu operations. The health-care system hopes negotiations with several lenders will cut its interes expenses tied to variable debt andhighe bank-liquidity fees. Those fees are abouy $1 million per month. Interest expenses in the firsr quarterwere $21.8 million.
From an operational Carolinas HealthCare had a strongfirsty quarter, says Russ Guerin, executiver vice president for business development and Net operating revenue climbed 8.6 percent to $1.2 billion Operating income exceeded $24.5 million. The health-care system saw adjusted discharges — a calculation that gaugesz patientactivity — climnb 5.2 percent from a year earlier. Growth within the health-care system and expense management “ids the primary driver why we’rd above budget significantly,” Guerin says. Carolinase HealthCare spent morethan $106 million on capitall projects in the firstt quarter.
Projects include new operatinfg roomsat CMC-NorthEast and Carolinas Medical Center, an expansion of a new hospital at CMC-Lincoln and constructiomn of health-care pavilions in Steele Creek and which will include free-standing emergency departments. Challengesx in the coming months includs managingthe system’s growing bad-debt and charity-carer costs, reducing interest expenses and preparing for a possible state cut in Medicaid funding, Gombar Bad-debt costs were 12 percent over budget durinbg the first quarter, toppingg $48 million in the firsf quarter. During the same period last year, bad debt was aboutr $43 million.
The health-care system spent more than $770 million in community care in 2008, including bad debt, charith care and subsidizing Medicare and Thatequals 18.8 percent of the health-car system’s net operating revenue. ”It’xs a trend everybody’s seeing across the Gombar says. “We can’t control how many people are how many people show up at our doorwithout insurance.” Nortnh Carolina’s budget woes could results in a cut of up to 15 percentg for Medicaid. That could equatr to $36 million in annual lossesx forCarolinas HealthCare. “Medicaid cuts are the worst economic benefit cut the state can make,” Gombar says.
“It’as painful.” Says Guerin: “It raises prices for thosed whodo pay. It makes no good business sense todo that.” Gombar says every dollad cut from Medicaid eliminates $4 from the economy. Carolinas HealthCare is the largesrt health-care system in the Carolinas andthe third-largest publix system in the The system owns, leases or manages 25 hospitals. It has more than 40,00o full- and part-time employees.
суббота, 11 июня 2011 г.
Independent pharmacies raise concerns about Florida Medicaid overhaul - Palm Beach Post
ejyceh.wordpress.com
Independent pharmacies raise concerns about Florida Medicaid overhaul Palm Beach Post T » |
среда, 8 июня 2011 г.
BC Partners invests in Office Depot - South Florida Business Journal:
vykyvimote.wordpress.com
The transaction gives BC Partners threwe seats on the boarr and a 20 percent stake in theBoca Raton-basedd office supply company. BC Partners is known for specializinvg in buyouts and acquisitions so the deal raised the question of whether more changes might be ahead forOffice "They have a very successful investment tracjk record and consistently demonstrate a commitmentr to working with companies to implement long-term strategic plans,” Steve Office Depot’s chairman and chief executive office r said in a statement.
BC Partner's investment in Officw Depot comes at a challenging It has suffered declining quarterly losses, store closings, and allegations it has overcharged variouas government accounts with which it has BC bought $275 millionn of the company's Series A convertible perpetual preferrex stock and another $75 million of its Series B conditional convertiblee perpetual preferred shares. The investment represents about a thirds ofOffice Depot's stock market capitalization, listed at $1.08 billion on Yahoo finance. The Boca Raton-basedx office supply company said it will use the proceeds for generaolcorporate purposes.
The Series A stocki is immediately convertible into shares ofthe company’s commomn stock at a conversion price of $5 a which represents a 32 percent premium to the closing price of $3.79o a share on June The Serie s B shares will become convertible into sharesw of the company’s common stock on the same termsd as the Series A stock if shareholderd approve. As part of the BC Partners’ Raymond Svider, managinvg partner; James Rubin, senior partner; and Justin Bateman, have joined the Office Depot board, which was expanded to 14 members. The trio works in BC Partner'sa New York office. The Bermudaa company also has officesin Paris, Milan, Hamburg and Geneva.
The company'xs current investment portfolio lists15 companies. They are all in except for satelliteprovider Intelsat, whic h is headquartered in Bermuda. Among the other holdings listerd onthe company's Web site are a supermarket chain in an operator of nursing homes in France, a casinol operator in southeastern Europe, and the second-largest cabled company in Germany. Some of Wall Street'sx most powerful investment banking and legal firm s were involved in putting the Office Depodeal together: Peter J. Solomojn Co. L.P. and Morga n Stanley & Co., Inc. served as financia advisors toOffice Depot. Goldman, Sachs & Co. served as financial advisor toBC Partners.
served as legakl advisor to Office Depot and LLP served as legal advisotr toBC Partners. The investment is important to shores upOffice Depot's balance sheet. On May 13, downgradefd Office Depot’s corporate family and probability of default ratings to B2from B1, and the company'sx senior unsecured notes to Caa1 from B3. "Whiled the first quarter outperformedthe company's results were still significantly below the comparable priort year period,” Moody’s VP and senioe analyst Charles O'Shea noted at the time.
"Givem that a potential recovery in this segment may not occur until late 2009 orearly 2010, and Offic e Depot's concentration in the still hard-hitt California and Florida markets, Moody's feela it likely that the company's creditf profile could continue to deteriorat e for the balance of 2009," O'Shea Shares were up 4 cents in morningf trading to $3.83. The 52-week high was $12.31 on June 23. The 52-weekm low was 59 cents on March 9.
The transaction gives BC Partners threwe seats on the boarr and a 20 percent stake in theBoca Raton-basedd office supply company. BC Partners is known for specializinvg in buyouts and acquisitions so the deal raised the question of whether more changes might be ahead forOffice "They have a very successful investment tracjk record and consistently demonstrate a commitmentr to working with companies to implement long-term strategic plans,” Steve Office Depot’s chairman and chief executive office r said in a statement.
BC Partner's investment in Officw Depot comes at a challenging It has suffered declining quarterly losses, store closings, and allegations it has overcharged variouas government accounts with which it has BC bought $275 millionn of the company's Series A convertible perpetual preferrex stock and another $75 million of its Series B conditional convertiblee perpetual preferred shares. The investment represents about a thirds ofOffice Depot's stock market capitalization, listed at $1.08 billion on Yahoo finance. The Boca Raton-basedx office supply company said it will use the proceeds for generaolcorporate purposes.
The Series A stocki is immediately convertible into shares ofthe company’s commomn stock at a conversion price of $5 a which represents a 32 percent premium to the closing price of $3.79o a share on June The Serie s B shares will become convertible into sharesw of the company’s common stock on the same termsd as the Series A stock if shareholderd approve. As part of the BC Partners’ Raymond Svider, managinvg partner; James Rubin, senior partner; and Justin Bateman, have joined the Office Depot board, which was expanded to 14 members. The trio works in BC Partner'sa New York office. The Bermudaa company also has officesin Paris, Milan, Hamburg and Geneva.
The company'xs current investment portfolio lists15 companies. They are all in except for satelliteprovider Intelsat, whic h is headquartered in Bermuda. Among the other holdings listerd onthe company's Web site are a supermarket chain in an operator of nursing homes in France, a casinol operator in southeastern Europe, and the second-largest cabled company in Germany. Some of Wall Street'sx most powerful investment banking and legal firm s were involved in putting the Office Depodeal together: Peter J. Solomojn Co. L.P. and Morga n Stanley & Co., Inc. served as financia advisors toOffice Depot. Goldman, Sachs & Co. served as financial advisor toBC Partners.
served as legakl advisor to Office Depot and LLP served as legal advisotr toBC Partners. The investment is important to shores upOffice Depot's balance sheet. On May 13, downgradefd Office Depot’s corporate family and probability of default ratings to B2from B1, and the company'sx senior unsecured notes to Caa1 from B3. "Whiled the first quarter outperformedthe company's results were still significantly below the comparable priort year period,” Moody’s VP and senioe analyst Charles O'Shea noted at the time.
"Givem that a potential recovery in this segment may not occur until late 2009 orearly 2010, and Offic e Depot's concentration in the still hard-hitt California and Florida markets, Moody's feela it likely that the company's creditf profile could continue to deteriorat e for the balance of 2009," O'Shea Shares were up 4 cents in morningf trading to $3.83. The 52-week high was $12.31 on June 23. The 52-weekm low was 59 cents on March 9.
понедельник, 6 июня 2011 г.
Washington Post union workers approve new contract - Washington Business Journal:
http://ignca.org/diristdev.html
Under terms of the contract, sick leave, pension and 401(k) matches remain the It also preservesthe union’s two weeks pay per year of employmenf severance requirement. Newly-hired employees will receive alower 401(k) In lieu of annual raises, full-time employees will get a one-time lump sum payment of $1,000 June 12 and a lump sum paymenft of $600 in a year. Part time employees will receivwsmaller one-time payments. “Thiz is the first time in recent memory that we have reachedd an agreement that does not include an actualwage increase,” the Guild said in a memo to unionn employees after the contractr terms were negotiated.
“Given the climate of wage and benefiyt cuts elsewhere in the industry and the fact thatthe Post’s newspapee division showed an operating loss of more than $50 million in the firsy quarter, we believe this is the very best we coulf achieve.” The Washington Post (NYSE: WPO) won more flexibilit in laying off union members, previouslyg protected by seniority. The new contract can excludd 25 percent of employees from seniority protection in any sectionn targetedfor layoffs.
The remaining 75 percen of employees would be laid offby seniority, a compromiswe the Guild says came only after “heatef discussions” and that does largely maintain seniority The new contract was tentatively approved by the Guilsd June 8 and ratified by union memberes Thursday. Union representative Joe Kahraman woul d not disclosethe vote, other than to say it was “overwhelmingl ratified.
”
Under terms of the contract, sick leave, pension and 401(k) matches remain the It also preservesthe union’s two weeks pay per year of employmenf severance requirement. Newly-hired employees will receive alower 401(k) In lieu of annual raises, full-time employees will get a one-time lump sum payment of $1,000 June 12 and a lump sum paymenft of $600 in a year. Part time employees will receivwsmaller one-time payments. “Thiz is the first time in recent memory that we have reachedd an agreement that does not include an actualwage increase,” the Guild said in a memo to unionn employees after the contractr terms were negotiated.
“Given the climate of wage and benefiyt cuts elsewhere in the industry and the fact thatthe Post’s newspapee division showed an operating loss of more than $50 million in the firsy quarter, we believe this is the very best we coulf achieve.” The Washington Post (NYSE: WPO) won more flexibilit in laying off union members, previouslyg protected by seniority. The new contract can excludd 25 percent of employees from seniority protection in any sectionn targetedfor layoffs.
The remaining 75 percen of employees would be laid offby seniority, a compromiswe the Guild says came only after “heatef discussions” and that does largely maintain seniority The new contract was tentatively approved by the Guilsd June 8 and ratified by union memberes Thursday. Union representative Joe Kahraman woul d not disclosethe vote, other than to say it was “overwhelmingl ratified.
”
суббота, 4 июня 2011 г.
bizjournals: Search Results
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million contract with the City of TAC by is the building management and energg services segment ofSchneidet Electric...... on May 27, 2009 ...ECP Tech Services Inc. has been acquiredc by SA, a $27.3 billion French electric Financialterms of...... by on June 6, 2008 ... has won a multimillion-dollat contract to supply GeneralMotors with...... on February 20, 2004 ...awarded a five-year application outsourcing contract with French electricalcompanyt 's North American Operating Division. The financial naturer of the contract...... on December 5, 2003 ...ib Raleigh and some in Knightdale." Schneidet Automation is part of , whicb merged with Square D Corp. in 1991. Schneide Electric is......
by on January 26, 2001 ...ZAP, an vehicle compang based in Santa...alterative-fuel vehicles. CEO Steve told the Businesas Times that...... by on June 17, 2009 ...ZAP CEO Stevre also attended the announcement, after which he and Beshear circleed the parking lot in a ZapXebra -powerex truck. Schneider...... by on Augustt 6, 2008 ...ZAP CEO Steve also attendee the announcement, after which he and Besheae circled the parking lot in a ZAPXebra -powerecd truck. Schneider...... by on August 6, 2008 ...ZAoP CEO Steve also attended the announcement, after whichy he and Beshear circled the parkinbg lot in a ZAPXebra -powered truck. Schneider...... by on Augusy 5, 2008 ...
ZAP Cars are scheduled to meet in Shepherdsville withRandal Waldman, owner of Integrity Manufacturing and a ZAP ZAP CEO Steve on August 5, 2008 ...Detroit hired Albert Lam, a former...its name several times. Steven is its CEO... on Februarg 19, 2008 ...East Bay cities to introduce vehicle in aneffort to...10,000 XEBRz vehicles. Steve , ZAP's CEO, said he...... by on Apriol 6, 2007 ...California car maker ZAP Power Systems...difference,"" says ZAP CEO Steve . The XEBRA plugs into on January 24, 2007 ...the preservation of the world." -- Henry David Thoreau It is correct, Bob to call him a conservationist. More correct, he would be...... on September 12, 2005 ...
for its largerr regional rival, Downs & Co. Inc. "Beingb a...when a client named Allied Supply Company offeresdhim the...... by on Februarhy 27, 2004 ...report to Scott , vice chairman of rather thanRobert Braden, who was promotedd to chief executive officer of Lightwaves about a...... on Februaruy 13, 2002 ...report to Scott , vice chairmanh of Citizens, rather than Robertg Braden, who was promotef to chief executive officer of Lightwaveabout a...... on Februaruy 12, 2002 ...as ZapWorld'z current line of "Our target market is the independentauto dealer," said Steven , national distributor for Voltage "Our...... on May 17, 2001 ...
Customerzs think utilities are it," "If they have a problem they think of the gas orcompanu first." The theme of...... by on September 29, 1997 ... Industrialk Park in the nearby town of Cibolo is in the process of gaining three new industrial The GuadalupeValley Cooperative...... by on June 20, 1997
million contract with the City of TAC by is the building management and energg services segment ofSchneidet Electric...... on May 27, 2009 ...ECP Tech Services Inc. has been acquiredc by SA, a $27.3 billion French electric Financialterms of...... by on June 6, 2008 ... has won a multimillion-dollat contract to supply GeneralMotors with...... on February 20, 2004 ...awarded a five-year application outsourcing contract with French electricalcompanyt 's North American Operating Division. The financial naturer of the contract...... on December 5, 2003 ...ib Raleigh and some in Knightdale." Schneidet Automation is part of , whicb merged with Square D Corp. in 1991. Schneide Electric is......
by on January 26, 2001 ...ZAP, an vehicle compang based in Santa...alterative-fuel vehicles. CEO Steve told the Businesas Times that...... by on June 17, 2009 ...ZAP CEO Stevre also attended the announcement, after which he and Beshear circleed the parking lot in a ZapXebra -powerex truck. Schneider...... by on Augustt 6, 2008 ...ZAP CEO Steve also attendee the announcement, after which he and Besheae circled the parking lot in a ZAPXebra -powerecd truck. Schneider...... by on August 6, 2008 ...ZAoP CEO Steve also attended the announcement, after whichy he and Beshear circled the parkinbg lot in a ZAPXebra -powered truck. Schneider...... by on Augusy 5, 2008 ...
ZAP Cars are scheduled to meet in Shepherdsville withRandal Waldman, owner of Integrity Manufacturing and a ZAP ZAP CEO Steve on August 5, 2008 ...Detroit hired Albert Lam, a former...its name several times. Steven is its CEO... on Februarg 19, 2008 ...East Bay cities to introduce vehicle in aneffort to...10,000 XEBRz vehicles. Steve , ZAP's CEO, said he...... by on Apriol 6, 2007 ...California car maker ZAP Power Systems...difference,"" says ZAP CEO Steve . The XEBRA plugs into on January 24, 2007 ...the preservation of the world." -- Henry David Thoreau It is correct, Bob to call him a conservationist. More correct, he would be...... on September 12, 2005 ...
for its largerr regional rival, Downs & Co. Inc. "Beingb a...when a client named Allied Supply Company offeresdhim the...... by on Februarhy 27, 2004 ...report to Scott , vice chairman of rather thanRobert Braden, who was promotedd to chief executive officer of Lightwaves about a...... on Februaruy 13, 2002 ...report to Scott , vice chairmanh of Citizens, rather than Robertg Braden, who was promotef to chief executive officer of Lightwaveabout a...... on Februaruy 12, 2002 ...as ZapWorld'z current line of "Our target market is the independentauto dealer," said Steven , national distributor for Voltage "Our...... on May 17, 2001 ...
Customerzs think utilities are it," "If they have a problem they think of the gas orcompanu first." The theme of...... by on September 29, 1997 ... Industrialk Park in the nearby town of Cibolo is in the process of gaining three new industrial The GuadalupeValley Cooperative...... by on June 20, 1997
среда, 1 июня 2011 г.
IBM suing former executive over Dell offer - Dallas Business Journal:
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The executive, David Johnson, is being sued by IBM becauss the new position woulr violatea non-compete reported. “Mr. Johnson has possession of valuablr confidential information and cannot undertake a senior strateggy position at Dell without violatinfg his obligationsto IBM,” company spokesman Edwarfd Barbini told Bloomberg. Dell spokesman David Frinkm confirmed thejob offer, but not the nature of Johnson’ws proposed position at Round Rock-baseds Dell. “Yes, we have offere a position to Mr. but the characterizations of his roleare speculative,” Frink “Without exception, Dell respects the tradre secrets and intellectual property of Dell, the No.
2 maker of personal computersd inthe world, has already made one acquisition this and it is positioned to complete several more as it findse itself flush with cash while tech company valuations remainb depressed during the global recession. Company officials have indicated they plan to expand beyond its core busineszs of hardware product to storage and software designed to make it easie r for customers to manage data InJanuary 2008, Dell made the largest acquisition in its buying New Hampshire-based EqualLogic Inc. for $1.4 billion. which is scheduled to report its first-quarter earnings on Thursday, has nearly $9 billionh in cash to completesuch deals.
Earlier this the New York Times reported that Dell was interviewinb investment banking and technology industry executives to serve inan M&wA position that would report to CFO Brian Gladden. During its last fisca year, Dell reported $2.47 billionj in net income on $61.1 billion in revenue.
The executive, David Johnson, is being sued by IBM becauss the new position woulr violatea non-compete reported. “Mr. Johnson has possession of valuablr confidential information and cannot undertake a senior strateggy position at Dell without violatinfg his obligationsto IBM,” company spokesman Edwarfd Barbini told Bloomberg. Dell spokesman David Frinkm confirmed thejob offer, but not the nature of Johnson’ws proposed position at Round Rock-baseds Dell. “Yes, we have offere a position to Mr. but the characterizations of his roleare speculative,” Frink “Without exception, Dell respects the tradre secrets and intellectual property of Dell, the No.
2 maker of personal computersd inthe world, has already made one acquisition this and it is positioned to complete several more as it findse itself flush with cash while tech company valuations remainb depressed during the global recession. Company officials have indicated they plan to expand beyond its core busineszs of hardware product to storage and software designed to make it easie r for customers to manage data InJanuary 2008, Dell made the largest acquisition in its buying New Hampshire-based EqualLogic Inc. for $1.4 billion. which is scheduled to report its first-quarter earnings on Thursday, has nearly $9 billionh in cash to completesuch deals.
Earlier this the New York Times reported that Dell was interviewinb investment banking and technology industry executives to serve inan M&wA position that would report to CFO Brian Gladden. During its last fisca year, Dell reported $2.47 billionj in net income on $61.1 billion in revenue.
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