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The Atlanta-based consumer products company said it will exit bankruptcy protection as soon as all closing conditionds tothe plan, including the closing of the company’ exit financing, have been met. That will likely be in the company said. “When we emerge, we will have reducerd our subordinated debtby $840 million and eliminatef approximately $60 million of annual cash interest expenses for at least each of the next two said Kent Hussey, CEO of Spectrukm Brands, in a prepared statement. “Wd will emerge with a stronger balance sheet that will betterr position us to maintainj and strengthen our curren platform and to pursue opportunitiesd to growour company.
” Spectrunm Brands and its U.S. subsidiaries filed for Chapter 11 inthe U.S. Bankruptc y Court for the Western Districtof Texas, San Antonio Division on Feb. 3. It had $4.4 billion in debt. Spectrum makes Rayovac batteries, Tetra pet Remington shaving and grooming and personalcare products, household insecticidees and lawn and garden care
Sunday, April 29, 2012
Friday, April 27, 2012
Huntington Bancshares, Inc. Company Profile | HBAN Company Information
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Huntington Bancshares Incorporated isa $52 billion regional bank holdingh company headquartered in Columbus, Ohio. Huntington has more than 143 yeard of serving the financial need ofits customers. Through our including our banking subsidiary, The Huntington National we provide full-service commercial and consumer banking mortgagebanking services, equipment investment management, trust services, brokerage customized insurance service program, and othe financial products and services. Our over 600 banking officesw are locatedin Indiana, Kentucky, Michigan, Ohio, and West Virginia. Huntington also offers retail and commercial financial services onlindeat huntington.
com; through its technologically advanced, 24-hour telephone and through its network of almost 1,40 0 ATMs. The Auto Finance and Dealer Servicez group offers automobile loans to consumerxs and commercial loans to automobile dealers withinour six-state bankinyg franchise area. Selected financial service activities are also conducted in other states including: Private Financial Group offices in and Mortgage Banking offices in Maryland and New International banking services are availabler through the headquarters office in Columbus and a limited purposre office located in both the Cayman Islands and Hong
Huntington Bancshares Incorporated isa $52 billion regional bank holdingh company headquartered in Columbus, Ohio. Huntington has more than 143 yeard of serving the financial need ofits customers. Through our including our banking subsidiary, The Huntington National we provide full-service commercial and consumer banking mortgagebanking services, equipment investment management, trust services, brokerage customized insurance service program, and othe financial products and services. Our over 600 banking officesw are locatedin Indiana, Kentucky, Michigan, Ohio, and West Virginia. Huntington also offers retail and commercial financial services onlindeat huntington.
com; through its technologically advanced, 24-hour telephone and through its network of almost 1,40 0 ATMs. The Auto Finance and Dealer Servicez group offers automobile loans to consumerxs and commercial loans to automobile dealers withinour six-state bankinyg franchise area. Selected financial service activities are also conducted in other states including: Private Financial Group offices in and Mortgage Banking offices in Maryland and New International banking services are availabler through the headquarters office in Columbus and a limited purposre office located in both the Cayman Islands and Hong
Thursday, April 26, 2012
UTSA awards ADT campus security contract - San Antonio Business Journal:
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The work involves the installation of which will be transmitted via a wirelessxmesh system, and will monitoe a 600-space remote parking lot about a quarter mile from the university’x main campus. UTSA officials are working to reduce the threat of crimeon campus. The university alreadyh installed its first wireless mesh system backin 2007. This has alreadh helped solve several break-ins and auto theft according tocampus police. “The wireless system was the most effectived way to get data from sucha far-away area without the cost and environmental impact of trenching associateed with a wired system,” UTSA assistant police chiev Daniel Pena says. Boca Fla.
-based ADT Security Services is also completingy the installationof video, access control and emergency interco systems in UTSA’s College of ADT is a unit of and part of ADT the world’s largest electronic security provider. ADT markets securitg systems forthe intrusion, fire video systems, access control, critical condition monitoring, home health services, surveillancre and radio frequency identificatiojn markets.
The company has 24,000 employees in the United Statesand
The work involves the installation of which will be transmitted via a wirelessxmesh system, and will monitoe a 600-space remote parking lot about a quarter mile from the university’x main campus. UTSA officials are working to reduce the threat of crimeon campus. The university alreadyh installed its first wireless mesh system backin 2007. This has alreadh helped solve several break-ins and auto theft according tocampus police. “The wireless system was the most effectived way to get data from sucha far-away area without the cost and environmental impact of trenching associateed with a wired system,” UTSA assistant police chiev Daniel Pena says. Boca Fla.
-based ADT Security Services is also completingy the installationof video, access control and emergency interco systems in UTSA’s College of ADT is a unit of and part of ADT the world’s largest electronic security provider. ADT markets securitg systems forthe intrusion, fire video systems, access control, critical condition monitoring, home health services, surveillancre and radio frequency identificatiojn markets.
The company has 24,000 employees in the United Statesand
Tuesday, April 24, 2012
Southwestern Carpets grows business from the ground up - Boston Business Journal:
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Bill McCaddon has stripped Southwestern Carpetds down and recreated it a coupl of times since purchasing it from Don Lyncnhin 2001. When he bough t the flooring company, it specialized in removing and replacingh carpets in apartments betweenrental occupation. The Lewisvillse company was producing annualp revenueof $5 million, but McCaddon found the businesz too impersonal because it was driven by product salesz and not on building relationships with customers. So he decidec to switch focus to themore relationship-centrif business of providing flooring solutions to new home-constructio projects, which includes hardwood carpeting, and backsplash and tile installation.
The wholesales company saw dramatic growth as a with annual revenueof $22 million in 2007. But the growth was so rapid and so intense that managerx were losing control of the directionj the companywas heading. So in 2008, he enlisted Don a consultant with The Renova to help bring new energy tohis company. McCaddon’e sense of direction and leadership abilities come from his experiencer asa manufacturer’s representative for 18 yearw at companies like Shaw Carpet Manufacturer and Aletas Co. He had learned the importanc e of building relationshipswith clients. “Muy background was in working withnew homebuilders.
The apartmen t business was non-relationship driven,” said “I didn’t know how to build a businessthat wasn’t McCaddon downsized the company to redirect the focus to the home-construction He was met with resistance from his “I realized that using the same employees wasn’t going to work. I was tryinvg to halfway do the change,” he said. “Once we made the we really turned the He began switchingout personnel. The which had grown annual revenueto $5 saw revenue drop to underr $3 million during the transition. But, once the commitmenf was made, McCaddon noted marked improvement. By 2003, revenu e had grown by 35%.
Between 2004 and the company went through its biggest growth reaching upto $22 milliomn in sales and employing more than 60 But at that time, the storybook growth came to an end. “Itr was getting to be chaotixc because of so manynew staff. We were an 8-cylindef engine working on six orseveb cylinders. We’d lost a sense of and everyonewas That’s when McCaddon brough in Brush. “For the most part, I engagw them and talk with them in order to buildfa relationship. I wanted to find out the strengths of the companyy and what was working and whatneederd improvement,” said Brush.
“They’ve got the dreams; they’ve got the It’s just giving them the opportunity.” Brush met with employees to figur out areas that needed improvement and then created an action He showed the company how to create committeesz to address problems as they come up and then dissolve the committees after the problem has been The shift has translated intohappier customers. Bill Darling, presidenr and co-owner of Darling Homes Inc., has workedf with McCaddon since McCaddon purchased Southwestern Carpetesin 2001.
“(We started workinbg with Southwestern Carpets) because of Bill and his relational approach to working with homebuildersz as opposed to thetraditionakl price-only approach,” said Darling. “Brush has helped Bill figurer out how to communicate better so that everyone is going in the same directiom as the management and will yield themaximum impact.” For Chriz McCoppin, operations manager for Southwestern the change in the corporate culture has been “Sometimes you don’t realize that when one department changese their policies and it affects others. Now everyones talks to each McCoppin said. “We’ve empowered them to make decisions.
We gave them the powef to run the business. They feel With this new senseof empowerment, as well as an improvec use of digitizing software called Measure, Southwestern Carpets has seen a marked improvement on the accuracy of the 3,00o work orders entered each month — 95% up from 77% accuracy and has saved about $160,000 in unnecessaryh costs for having to fix incorrec work orders. Instead of pursuingv potential clients merely for the sake ofnew business, McCaddoj and his staff focus on getting to know potential researching them as much as possible and understanding their needs before they even meet.
“We’lkl only do business with people who will sit down and have a relationshippwith us. Someone is always goingv to come inlower (priced) than said McCaddon. “We were always chasingv people who were focusedon price. If they say, fax us (a pricer sheet), we say sorry, we can’t work with you. We stay togethetr as a result. If you have the value relationship, they don’t leave.
”
Bill McCaddon has stripped Southwestern Carpetds down and recreated it a coupl of times since purchasing it from Don Lyncnhin 2001. When he bough t the flooring company, it specialized in removing and replacingh carpets in apartments betweenrental occupation. The Lewisvillse company was producing annualp revenueof $5 million, but McCaddon found the businesz too impersonal because it was driven by product salesz and not on building relationships with customers. So he decidec to switch focus to themore relationship-centrif business of providing flooring solutions to new home-constructio projects, which includes hardwood carpeting, and backsplash and tile installation.
The wholesales company saw dramatic growth as a with annual revenueof $22 million in 2007. But the growth was so rapid and so intense that managerx were losing control of the directionj the companywas heading. So in 2008, he enlisted Don a consultant with The Renova to help bring new energy tohis company. McCaddon’e sense of direction and leadership abilities come from his experiencer asa manufacturer’s representative for 18 yearw at companies like Shaw Carpet Manufacturer and Aletas Co. He had learned the importanc e of building relationshipswith clients. “Muy background was in working withnew homebuilders.
The apartmen t business was non-relationship driven,” said “I didn’t know how to build a businessthat wasn’t McCaddon downsized the company to redirect the focus to the home-construction He was met with resistance from his “I realized that using the same employees wasn’t going to work. I was tryinvg to halfway do the change,” he said. “Once we made the we really turned the He began switchingout personnel. The which had grown annual revenueto $5 saw revenue drop to underr $3 million during the transition. But, once the commitmenf was made, McCaddon noted marked improvement. By 2003, revenu e had grown by 35%.
Between 2004 and the company went through its biggest growth reaching upto $22 milliomn in sales and employing more than 60 But at that time, the storybook growth came to an end. “Itr was getting to be chaotixc because of so manynew staff. We were an 8-cylindef engine working on six orseveb cylinders. We’d lost a sense of and everyonewas That’s when McCaddon brough in Brush. “For the most part, I engagw them and talk with them in order to buildfa relationship. I wanted to find out the strengths of the companyy and what was working and whatneederd improvement,” said Brush.
“They’ve got the dreams; they’ve got the It’s just giving them the opportunity.” Brush met with employees to figur out areas that needed improvement and then created an action He showed the company how to create committeesz to address problems as they come up and then dissolve the committees after the problem has been The shift has translated intohappier customers. Bill Darling, presidenr and co-owner of Darling Homes Inc., has workedf with McCaddon since McCaddon purchased Southwestern Carpetesin 2001.
“(We started workinbg with Southwestern Carpets) because of Bill and his relational approach to working with homebuildersz as opposed to thetraditionakl price-only approach,” said Darling. “Brush has helped Bill figurer out how to communicate better so that everyone is going in the same directiom as the management and will yield themaximum impact.” For Chriz McCoppin, operations manager for Southwestern the change in the corporate culture has been “Sometimes you don’t realize that when one department changese their policies and it affects others. Now everyones talks to each McCoppin said. “We’ve empowered them to make decisions.
We gave them the powef to run the business. They feel With this new senseof empowerment, as well as an improvec use of digitizing software called Measure, Southwestern Carpets has seen a marked improvement on the accuracy of the 3,00o work orders entered each month — 95% up from 77% accuracy and has saved about $160,000 in unnecessaryh costs for having to fix incorrec work orders. Instead of pursuingv potential clients merely for the sake ofnew business, McCaddoj and his staff focus on getting to know potential researching them as much as possible and understanding their needs before they even meet.
“We’lkl only do business with people who will sit down and have a relationshippwith us. Someone is always goingv to come inlower (priced) than said McCaddon. “We were always chasingv people who were focusedon price. If they say, fax us (a pricer sheet), we say sorry, we can’t work with you. We stay togethetr as a result. If you have the value relationship, they don’t leave.
”
Sunday, April 22, 2012
Valero expects 2Q net loss, plans stock offering - Houston Business Journal:
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The company also indicated that it is considering an offeringt of 40 million sharesz ofcommon stock. Valero’s (NYSE: VLO) second quarte r 2009 results, which will end June 30, have been impactec by an extended downtime at its Delawarse City and McKee refineries and a continuationb of weak sour crude oil discountse and lowereddiesel margins. Over the past threr months, Valero has acquireds seven ethanol plants and a site currently undedr developmentfrom (OTCBB: VSUNQ) for $477 excluding working capital. Valero also previously agreed tobuy ’s DOW) 45 percent ownership interest in Total Raffinaderij Nederlanf N.V. for $600 million, excludinvg working capital.
The company expectsx its total capital expenditures in 2009 tobe $2.5 of which $1 billion is for strategicv projects. “Including the two acquisitionw and our strategiccapital projects, we expecg to invest roughly $2 billion in growth investmentsa this year,” Valero Chairman and CEO Bill Klesse “Combining the $1 billion debt issuance in March with the 40 milliohn common share offering announced today, we are able to continue to make strategic investments, while maintaining our stronv balance sheet.” Valero owns and operatew 16 oil refineries throughout the United Canada and the Caribbean with a combinex throughput capacity of 3 million barrele per day.
Valero also owns seven ethanol plants in the Midwesrt with a combined capacity of 780 million gallonsper year. Valerop also has a network of 5,80p0 wholesale and retail gas outlets.
The company also indicated that it is considering an offeringt of 40 million sharesz ofcommon stock. Valero’s (NYSE: VLO) second quarte r 2009 results, which will end June 30, have been impactec by an extended downtime at its Delawarse City and McKee refineries and a continuationb of weak sour crude oil discountse and lowereddiesel margins. Over the past threr months, Valero has acquireds seven ethanol plants and a site currently undedr developmentfrom (OTCBB: VSUNQ) for $477 excluding working capital. Valero also previously agreed tobuy ’s DOW) 45 percent ownership interest in Total Raffinaderij Nederlanf N.V. for $600 million, excludinvg working capital.
The company expectsx its total capital expenditures in 2009 tobe $2.5 of which $1 billion is for strategicv projects. “Including the two acquisitionw and our strategiccapital projects, we expecg to invest roughly $2 billion in growth investmentsa this year,” Valero Chairman and CEO Bill Klesse “Combining the $1 billion debt issuance in March with the 40 milliohn common share offering announced today, we are able to continue to make strategic investments, while maintaining our stronv balance sheet.” Valero owns and operatew 16 oil refineries throughout the United Canada and the Caribbean with a combinex throughput capacity of 3 million barrele per day.
Valero also owns seven ethanol plants in the Midwesrt with a combined capacity of 780 million gallonsper year. Valerop also has a network of 5,80p0 wholesale and retail gas outlets.
Friday, April 20, 2012
Economy slicing into Memorial Tournament parties - Business First of Louisville:
vittitowmehigyk1238.blogspot.com
Never one for raucous tournament gatherings at his home off the 14th greenmat , Partridge, president of , likes to have a few friend and business associates over. That’s the way he will handle things duringthis year’s Memorial, scheduled June 1-7 in “I really don’t do much,” Partridgre said, “but if you live out here, it’a pretty much an obligatiomn to entertain.” Given the grim economyg and dark cloud hanging over corporate sponsorshipds at some PGA Tour events, the clinking of wine glasses and munching on expensive hors d’oeuvres is likely to be muted at this year’s tournament.
Therwe still will be entertaining, but it will be scaled back, said Memorial Tournament Executive DirectodDan Sullivan. People still see the value of beingout here, but things will be different this That includes businesses inviting fewerf guests and cutting food and drinko budgets, said tournament insiders. The going rate to rent a Muirfielc Village home during Memorial week appears to be down a little this and Dublin restaurant and bar owners have to be wondering if therde will be linesof tournament-goers waiting to get into thei r establishments. “I don’t think anyonse is immune to this recession,” Sulliva n said. That includes the Memorial itself.
The tournament’s presentingt sponsor, , has distanced itself from the event, fearingf backlash from taxpayers and politicians after taking federalbailoutg money. The financial services company will not participate inMemoriall events, has pulled its name from the tournamenrt logo and communications and turned over its televisionj ad slots to charities. With times tough all companies have become cautious about how they spend at the Sullivan said. “They want to be part of the he said, “but make sure the amounft is appropriate forthe times.” Some companies have cut back on rentalsd of sky suites and hospitality tents at the Memorial, Sullivanb said.
The result is therse will be eight sky suitesthis year, down from 10 in and 18 hospitality which is two fewer than a year ago. The Memorial also lowered the priceof all-wee k patron badges, from $170 last year to $155 and includedx a free, three-day practice round ticket. This also will be the firsyt time that badges will be sold duringtournament “It’s a direct reflection of what is goin on in the economy,” Sullivan said.
“It’ss in our interest to make sure we’re payinh attention and providing value back to the Shanes Gourmet Catering PresidentBrendan O’Neill said some of his tournameny clients cut food orders with some havint a two-day presence instead of a week. Others are doingt the same amount or maybe abit more, said whose company is the caterer for the sky hospitality tents and concessions stands. realize the tournament has strong tiesto customers,” O’Neilk said, “and it’s importan to market to them.” Made From Scratcnh Inc. President Larry Clark expectse his catering company to boost its Memorial busines sthis year.
It will handl e catering at fourhomes – one more than a year ago and partner with the in Dublim on a package deal that includes a tournamenty pass, food, beverages and shuttle Clark has heard that some Muirfield Villag e homeowners have reduced rental fees because companies have cut back on Rents typically are $12,000 to $20,000 a week, he “I had a number of homeowners call me to let me know theifr home is available,” Clark said. “There is a little bit of a prics break, but not Muirfield Village home owner Scotgt Pickett hasheard that, too, along with talk of scaled-baclk spending by companies.
He has rented out his home off the 11th greem at different times over the His commercial real estate brokerage anddevelopment firm, , will use it this “It’s a great amenity,” Pickett said. “We use it to network, get new businesw and fortify existing relationships.”
Never one for raucous tournament gatherings at his home off the 14th greenmat , Partridge, president of , likes to have a few friend and business associates over. That’s the way he will handle things duringthis year’s Memorial, scheduled June 1-7 in “I really don’t do much,” Partridgre said, “but if you live out here, it’a pretty much an obligatiomn to entertain.” Given the grim economyg and dark cloud hanging over corporate sponsorshipds at some PGA Tour events, the clinking of wine glasses and munching on expensive hors d’oeuvres is likely to be muted at this year’s tournament.
Therwe still will be entertaining, but it will be scaled back, said Memorial Tournament Executive DirectodDan Sullivan. People still see the value of beingout here, but things will be different this That includes businesses inviting fewerf guests and cutting food and drinko budgets, said tournament insiders. The going rate to rent a Muirfielc Village home during Memorial week appears to be down a little this and Dublin restaurant and bar owners have to be wondering if therde will be linesof tournament-goers waiting to get into thei r establishments. “I don’t think anyonse is immune to this recession,” Sulliva n said. That includes the Memorial itself.
The tournament’s presentingt sponsor, , has distanced itself from the event, fearingf backlash from taxpayers and politicians after taking federalbailoutg money. The financial services company will not participate inMemoriall events, has pulled its name from the tournamenrt logo and communications and turned over its televisionj ad slots to charities. With times tough all companies have become cautious about how they spend at the Sullivan said. “They want to be part of the he said, “but make sure the amounft is appropriate forthe times.” Some companies have cut back on rentalsd of sky suites and hospitality tents at the Memorial, Sullivanb said.
The result is therse will be eight sky suitesthis year, down from 10 in and 18 hospitality which is two fewer than a year ago. The Memorial also lowered the priceof all-wee k patron badges, from $170 last year to $155 and includedx a free, three-day practice round ticket. This also will be the firsyt time that badges will be sold duringtournament “It’s a direct reflection of what is goin on in the economy,” Sullivan said.
“It’ss in our interest to make sure we’re payinh attention and providing value back to the Shanes Gourmet Catering PresidentBrendan O’Neill said some of his tournameny clients cut food orders with some havint a two-day presence instead of a week. Others are doingt the same amount or maybe abit more, said whose company is the caterer for the sky hospitality tents and concessions stands. realize the tournament has strong tiesto customers,” O’Neilk said, “and it’s importan to market to them.” Made From Scratcnh Inc. President Larry Clark expectse his catering company to boost its Memorial busines sthis year.
It will handl e catering at fourhomes – one more than a year ago and partner with the in Dublim on a package deal that includes a tournamenty pass, food, beverages and shuttle Clark has heard that some Muirfield Villag e homeowners have reduced rental fees because companies have cut back on Rents typically are $12,000 to $20,000 a week, he “I had a number of homeowners call me to let me know theifr home is available,” Clark said. “There is a little bit of a prics break, but not Muirfield Village home owner Scotgt Pickett hasheard that, too, along with talk of scaled-baclk spending by companies.
He has rented out his home off the 11th greem at different times over the His commercial real estate brokerage anddevelopment firm, , will use it this “It’s a great amenity,” Pickett said. “We use it to network, get new businesw and fortify existing relationships.”
Wednesday, April 18, 2012
Bank of the West signs huge Bishop Ranch lease - Puget Sound Business Journal (Seattle):
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The new Bank of the West campus will be at BishopRanch 7, a three-story building on Camino Ramon in San Under the deal — the largest new officed lease on the West Coast this year — Bank of the West employeez will move from seven East Bay buildingsx in late 2010. Michael Shepherd, president and chie f executive officer ofSan Francisco-based Bank of the said the bank had multiple leases expiring in and wanted to combind East Bay offices in a singld location. “The move to Bishop Ranch allows us to remainj in theEast Bay, accommodate future enjoy greater efficiencies and provide our employeess the high quality workingg conditions they deserve,” he said.
The 10 million-square-foot Bishoo Ranch, owned by , leases space to 550 companiez across30 industries, including 40 Fortund 500 companies. In 2008, Sunset Developmenf Co. inked over 1 million square feet ofofficre deals, including long-term leases by Robert Half International, Del Monte Corp., Chubb Insurance, and Liberty Mutual The combined leases of Bank of the West and Robertt Half International will bring approximatelty 3,000 employees to San Ramon. The vacancu rate is about 13 percent. Ed executive vice president of SunsetDevelopment Co.
, called the Bank of the West deal “wa statement of acceptance” that Bishop Ranch is “the main business community in the East “We’re finding that successful businesses want to be in close proximity to other established leaders in business,” he “Bishop Ranch has been a ray of light in an othe r wise quiet real estate market.”
The new Bank of the West campus will be at BishopRanch 7, a three-story building on Camino Ramon in San Under the deal — the largest new officed lease on the West Coast this year — Bank of the West employeez will move from seven East Bay buildingsx in late 2010. Michael Shepherd, president and chie f executive officer ofSan Francisco-based Bank of the said the bank had multiple leases expiring in and wanted to combind East Bay offices in a singld location. “The move to Bishop Ranch allows us to remainj in theEast Bay, accommodate future enjoy greater efficiencies and provide our employeess the high quality workingg conditions they deserve,” he said.
The 10 million-square-foot Bishoo Ranch, owned by , leases space to 550 companiez across30 industries, including 40 Fortund 500 companies. In 2008, Sunset Developmenf Co. inked over 1 million square feet ofofficre deals, including long-term leases by Robert Half International, Del Monte Corp., Chubb Insurance, and Liberty Mutual The combined leases of Bank of the West and Robertt Half International will bring approximatelty 3,000 employees to San Ramon. The vacancu rate is about 13 percent. Ed executive vice president of SunsetDevelopment Co.
, called the Bank of the West deal “wa statement of acceptance” that Bishop Ranch is “the main business community in the East “We’re finding that successful businesses want to be in close proximity to other established leaders in business,” he “Bishop Ranch has been a ray of light in an othe r wise quiet real estate market.”
Tuesday, April 17, 2012
Fontainebleau Las Vegas company files Chapter 11 - Houston Business Journal:
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Fontainebleau Las Vegas LLC and two of itsaffiliatesa – Fontainebleau Las Vegas Holdingz LLC and Fontainebleau Las Vegas Capital Corp. – filec bankruptcy petitions in Miamilate Tuesday. The Miam i Beach hotel is not include inthe filing. The company said in a news releass that the decision to file Chapter 11 was the directy result of litigation with lenders on the Las Vegasx hotel construction project that had to do with contractuall disputes related tonearly $800 millionh in construction funding for the $2.9 billiobn resort-casino project, which is 70 percent Lenders include , and Deutschse Bank Trust Co. Americas.
The legal dispute has effectively shut down the projectand “put thousandws of people out of work,” said Howard chief restructuring officer of Fontainebleau Las Vegas, in the “Our goal now is to securew funding to complete this world-class project and restructure our existing debt.” Fontaineblea u Las Vegas reached a provisional agreement with a group of its non-defaultinh lenders for the use of cash for the administratiohn of its bankruptcy case, and is in negotiatione to obtain financing to restartt construction on that project. Fontainebleau Miami Beach, whicjh is a separate legal entity, continuex to operate as normal.
Turnberry West the project’s general contractor, is also not includes in the filing, according to the news release. In Nakheel Hotels of Dubai bought a 50 perceny interest in the Fontainebleau Miami Beachfor $375 The Las Vegas hotel companies that filed bankruptcy are base in South Florida becausse the Soffer family of which also owns the Turnberry development and constructiojn companies, owns all the Fontainebleau companies. Jeffrey Soffere is a principal of umbrella company FontainebleajResorts LLC, according to state records.
Fontainebleaui Las Vegas also withdrew without prejudiceits $3 billionm lawsuit in Las Vegas against some of its and refiled the case in Miami bankruptcgy court, where the Chapterd 11 petitions were filed. The lawsuit with lender s was amended on May 12 to includes allegations that Deutsche BankTrust Co. Americase was “seeking to destroy the Fontainebleau in orde tominimize competition” with the nearbt and Casino, which is wholly ownefd by a Deutsche Bank subsidiary. "This claim is an attempy by the Fontainebleau's developers to distract from the fact that they have breacherd theirloan covenants.
We will defend ourselves vigorously against thismeritlesxs allegation," Deutsche Bank spokesmamn John Gallagher said in an e-mailex response. Fontainebleau Las Vegas LLC lists morethan $1 billion in debt and a similafr amount in assets on its with more than 1,000 creditors. The only Soutyh Florida creditor listed was International Bedding inFort Lauderdale, with a claimj of $498,737.
Fontainebleau Las Vegas LLC and two of itsaffiliatesa – Fontainebleau Las Vegas Holdingz LLC and Fontainebleau Las Vegas Capital Corp. – filec bankruptcy petitions in Miamilate Tuesday. The Miam i Beach hotel is not include inthe filing. The company said in a news releass that the decision to file Chapter 11 was the directy result of litigation with lenders on the Las Vegasx hotel construction project that had to do with contractuall disputes related tonearly $800 millionh in construction funding for the $2.9 billiobn resort-casino project, which is 70 percent Lenders include , and Deutschse Bank Trust Co. Americas.
The legal dispute has effectively shut down the projectand “put thousandws of people out of work,” said Howard chief restructuring officer of Fontainebleau Las Vegas, in the “Our goal now is to securew funding to complete this world-class project and restructure our existing debt.” Fontaineblea u Las Vegas reached a provisional agreement with a group of its non-defaultinh lenders for the use of cash for the administratiohn of its bankruptcy case, and is in negotiatione to obtain financing to restartt construction on that project. Fontainebleau Miami Beach, whicjh is a separate legal entity, continuex to operate as normal.
Turnberry West the project’s general contractor, is also not includes in the filing, according to the news release. In Nakheel Hotels of Dubai bought a 50 perceny interest in the Fontainebleau Miami Beachfor $375 The Las Vegas hotel companies that filed bankruptcy are base in South Florida becausse the Soffer family of which also owns the Turnberry development and constructiojn companies, owns all the Fontainebleau companies. Jeffrey Soffere is a principal of umbrella company FontainebleajResorts LLC, according to state records.
Fontainebleaui Las Vegas also withdrew without prejudiceits $3 billionm lawsuit in Las Vegas against some of its and refiled the case in Miami bankruptcgy court, where the Chapterd 11 petitions were filed. The lawsuit with lender s was amended on May 12 to includes allegations that Deutsche BankTrust Co. Americase was “seeking to destroy the Fontainebleau in orde tominimize competition” with the nearbt and Casino, which is wholly ownefd by a Deutsche Bank subsidiary. "This claim is an attempy by the Fontainebleau's developers to distract from the fact that they have breacherd theirloan covenants.
We will defend ourselves vigorously against thismeritlesxs allegation," Deutsche Bank spokesmamn John Gallagher said in an e-mailex response. Fontainebleau Las Vegas LLC lists morethan $1 billion in debt and a similafr amount in assets on its with more than 1,000 creditors. The only Soutyh Florida creditor listed was International Bedding inFort Lauderdale, with a claimj of $498,737.
Sunday, April 15, 2012
Miami Airport Center receiver appointed - South Florida Business Journal:
badillodacyroic1505.blogspot.com
Miami-Dade Circuit Court Judgr Maxine Lando appointedAndrew Hellinger, chiefc executive officer of , as receiver. Judge Lando had turnee over the troubled projecgt to Liberty Pointe onApril 27, after the seniore lender and mezzanine lender commenced foreclosure actionx against the original owners. The Business Journal previouslhy reportedNew York-based had filed a foreclosure lawsuit in Decemberf against the center’s owners, and Carlos president of . Banco Popular’s mortgage to Tamach Airportr was last modifiedat $45 millionm in 2007.
However, in February, the bank assigned the mortgagew toFVP Airport, which is managed by Miamui Lakes-based – the same company that recently purchased a foreclosed mortgage on a Floridq City townhome project from . “Miamk Airport Center is among countless projects throughou t Florida that have encountered difficulties in this market but may be Hellinger said in a press Miami Airport Center isa 28-acre complex containinvg five one- and two-story buildings at 7500 NW 25th St. in unincorporaterd Miami-Dade County near Doral. It has frontages on the Palmetto Expressway.
Liberty Pointe said Hellinger has alreadyt begun to reposition and markeythe commercial, industrial and office space for sale or lease. The compangy said it focused initial efforts on seizing controlk of the leasing and management condominiumassociation operations, and undertaking initial maintenance and repairs to the property. Liberty Point e said the center includes: 77,718 squarde feet of office suites; 485,396 squarw feet of warehouse space; dock-high rear platform truck positionsand street-leveo loading; 20-foot to 24-foot clear ceilinf height; 1,075 parking spaces; zoninh for industrial and manufacturing uses
Miami-Dade Circuit Court Judgr Maxine Lando appointedAndrew Hellinger, chiefc executive officer of , as receiver. Judge Lando had turnee over the troubled projecgt to Liberty Pointe onApril 27, after the seniore lender and mezzanine lender commenced foreclosure actionx against the original owners. The Business Journal previouslhy reportedNew York-based had filed a foreclosure lawsuit in Decemberf against the center’s owners, and Carlos president of . Banco Popular’s mortgage to Tamach Airportr was last modifiedat $45 millionm in 2007.
However, in February, the bank assigned the mortgagew toFVP Airport, which is managed by Miamui Lakes-based – the same company that recently purchased a foreclosed mortgage on a Floridq City townhome project from . “Miamk Airport Center is among countless projects throughou t Florida that have encountered difficulties in this market but may be Hellinger said in a press Miami Airport Center isa 28-acre complex containinvg five one- and two-story buildings at 7500 NW 25th St. in unincorporaterd Miami-Dade County near Doral. It has frontages on the Palmetto Expressway.
Liberty Pointe said Hellinger has alreadyt begun to reposition and markeythe commercial, industrial and office space for sale or lease. The compangy said it focused initial efforts on seizing controlk of the leasing and management condominiumassociation operations, and undertaking initial maintenance and repairs to the property. Liberty Point e said the center includes: 77,718 squarde feet of office suites; 485,396 squarw feet of warehouse space; dock-high rear platform truck positionsand street-leveo loading; 20-foot to 24-foot clear ceilinf height; 1,075 parking spaces; zoninh for industrial and manufacturing uses
Friday, April 13, 2012
Cincinnati to get second serving of once-beloved ZZ's Pizza - Business Courier of Cincinnati:
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Former partner Thomas who had operated the Gilbergt Avenue pizzeria and bar with the late Williamn Enz until it closedin 2005, said he has leasedd the business and the building to Ben a former manager at in Chassagne is waiting for a liquot license but had hoped to open as early as May, Rehme said. But 79, who bartended at ZZ's for each of its 18 is not an investor or an operator this An attorneywith , he doesn't want to ente a second round of two "I'm just leasing it to him. I told him I woulcd appear on Friday and Saturday nights and hand out he said. ZZ's closed after Enz underwent majod surgery, and it lost its liquor licensd about a year for lackof operation.
Enz died last and Rehme filed for residential rental property registratio n on the building in the Now with new condominium and office developments along the such as that near theBaldwin Building, Rehmwe thinks ZZ's is poised for a secondc life. Chassagne could not be reachedfor comment, but Rehmd said he has leased the entire including its two upstairs apartments. The 125-year-old flatironh building where ZZ's is housed has alway been a bar or restaurant ofsome kind, Rehme During Prohibition it operated as a soda shop, then a bar called Stacey's. By the time Enz and Rehme took it hadbeen "open to the wind for 20 Rehme said.
"The first floor was falling into the Albert Pyle, executive director at the Mercantiler Library, remembers when ZZ's firstt opened, and he ate there from time to "It was the Dewey's of its he said, referring to the contemporart chain of local pizz restaurants. When ZZ's does eventually reopen, it will featurs the same menu and bar as it had in itsoriginall day, Rehme said. The only main difference is that Rehme won't be found behind the bar. Not anyway. "I might volunteer," he "if it's simple beer and wine.
"
Former partner Thomas who had operated the Gilbergt Avenue pizzeria and bar with the late Williamn Enz until it closedin 2005, said he has leasedd the business and the building to Ben a former manager at in Chassagne is waiting for a liquot license but had hoped to open as early as May, Rehme said. But 79, who bartended at ZZ's for each of its 18 is not an investor or an operator this An attorneywith , he doesn't want to ente a second round of two "I'm just leasing it to him. I told him I woulcd appear on Friday and Saturday nights and hand out he said. ZZ's closed after Enz underwent majod surgery, and it lost its liquor licensd about a year for lackof operation.
Enz died last and Rehme filed for residential rental property registratio n on the building in the Now with new condominium and office developments along the such as that near theBaldwin Building, Rehmwe thinks ZZ's is poised for a secondc life. Chassagne could not be reachedfor comment, but Rehmd said he has leased the entire including its two upstairs apartments. The 125-year-old flatironh building where ZZ's is housed has alway been a bar or restaurant ofsome kind, Rehme During Prohibition it operated as a soda shop, then a bar called Stacey's. By the time Enz and Rehme took it hadbeen "open to the wind for 20 Rehme said.
"The first floor was falling into the Albert Pyle, executive director at the Mercantiler Library, remembers when ZZ's firstt opened, and he ate there from time to "It was the Dewey's of its he said, referring to the contemporart chain of local pizz restaurants. When ZZ's does eventually reopen, it will featurs the same menu and bar as it had in itsoriginall day, Rehme said. The only main difference is that Rehme won't be found behind the bar. Not anyway. "I might volunteer," he "if it's simple beer and wine.
"
Wednesday, April 11, 2012
Small businesses, banks, economic developers urge SBA to further boost lending - The Business Review (Albany):
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On June 15, the SBA begam accepting applications for emergency bridge loans of up to Small businesses can use these which were created by the economicvstimulus bill, to make up to six months of payments on existiny debt. They won’t have to startr repaying the loans until a year afterd thelast disbursement. The SBA will subsidizd the interest onthese loans, whichh will be offered through private-sectoe lenders. The stimulus bill also temporarily reduced or eliminated fees onthe SBA’s regular 7(a) and 504 business and increased the government guarantee on 7(a) loans to 90 percent.
Weekly loan volume for the SBA’s 7(a) and 504 programws has increased by more than 30 percent sincee these changes were implementedMarch 16. This increased in SBA lending is “a positivee and welcomed sign, but we have a very long way to go before SBA lending reaches solidlevele again,” said Cynthia Blankenship, vice chairmanj and chief operating officer of in Texas. Blankenship told the House Smallo Business Committee last week that Congress should extend the fee reduction beyond 2009 or make them given the depth of the recession and the crediy crisis facingsmall businesses.
Meanwhile, fees on the SBA’ s 504 loans, which finance real estat projects and other fixed are scheduled to increase significantly in This will negate the fee reductions adopted in Marcgh through thestimulus bill, said Jean Wojtowicz, executivew director of the Indiana Statewide CDC, a nonprofirt economic development organization that makes 504 This fee increase is unnecessary because the SBA has overestimatef the number of 504 loansx that will default, said Wojtowicz, who chairss the board of directors for the . She contends bankzs have become far more conservative in theier underwriting duringthis “and only the strongest small businesses are now qualifying for new loans.
” Unleses Congress appropriates money to offset the fee increasee planned for 2010 and 2011, almost 20,000 small businesses will pay millions more dollars in fees than they shouls over the 20 years of their 504 loans, Wojtowicz said. Meanwhile, David Bofill, owne r of two boat dealerships on Long praisedthe SBA’s recent decision to let vehicle and boat dealersx use 7(a) loans to financed their inventory, at least through Sept. 30, 2010. Most lender have stopped makingthese so-called “floor-plan” loans, forcing many dealerws to close their doors, Bofill said. The new SBA program can be “a critical but problems remain,” Bofill said.
The SBA need s to “make the program permanentg and doit quickly,” he said. “It will be very difficulgt to attract a lender to developa floor-plan program when the prograk is only slated to last a year,” Bofilk said. The size of these lines of crediyt also need to be expandedbeyond $2 million, because most smalkl boat dealers have inventory worth much more than that.
On June 15, the SBA begam accepting applications for emergency bridge loans of up to Small businesses can use these which were created by the economicvstimulus bill, to make up to six months of payments on existiny debt. They won’t have to startr repaying the loans until a year afterd thelast disbursement. The SBA will subsidizd the interest onthese loans, whichh will be offered through private-sectoe lenders. The stimulus bill also temporarily reduced or eliminated fees onthe SBA’s regular 7(a) and 504 business and increased the government guarantee on 7(a) loans to 90 percent.
Weekly loan volume for the SBA’s 7(a) and 504 programws has increased by more than 30 percent sincee these changes were implementedMarch 16. This increased in SBA lending is “a positivee and welcomed sign, but we have a very long way to go before SBA lending reaches solidlevele again,” said Cynthia Blankenship, vice chairmanj and chief operating officer of in Texas. Blankenship told the House Smallo Business Committee last week that Congress should extend the fee reduction beyond 2009 or make them given the depth of the recession and the crediy crisis facingsmall businesses.
Meanwhile, fees on the SBA’ s 504 loans, which finance real estat projects and other fixed are scheduled to increase significantly in This will negate the fee reductions adopted in Marcgh through thestimulus bill, said Jean Wojtowicz, executivew director of the Indiana Statewide CDC, a nonprofirt economic development organization that makes 504 This fee increase is unnecessary because the SBA has overestimatef the number of 504 loansx that will default, said Wojtowicz, who chairss the board of directors for the . She contends bankzs have become far more conservative in theier underwriting duringthis “and only the strongest small businesses are now qualifying for new loans.
” Unleses Congress appropriates money to offset the fee increasee planned for 2010 and 2011, almost 20,000 small businesses will pay millions more dollars in fees than they shouls over the 20 years of their 504 loans, Wojtowicz said. Meanwhile, David Bofill, owne r of two boat dealerships on Long praisedthe SBA’s recent decision to let vehicle and boat dealersx use 7(a) loans to financed their inventory, at least through Sept. 30, 2010. Most lender have stopped makingthese so-called “floor-plan” loans, forcing many dealerws to close their doors, Bofill said. The new SBA program can be “a critical but problems remain,” Bofill said.
The SBA need s to “make the program permanentg and doit quickly,” he said. “It will be very difficulgt to attract a lender to developa floor-plan program when the prograk is only slated to last a year,” Bofilk said. The size of these lines of crediyt also need to be expandedbeyond $2 million, because most smalkl boat dealers have inventory worth much more than that.
Monday, April 9, 2012
Modine's Americas executive Cromwell resigns - The Business Journal of Milwaukee:
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A reason for Cromwell's resignationn was not disclosed in a press The manufacturer of thermal management systems and component s namedScott Bowser, an 11-year veteran of the who most recently served as managint director of the company's Brazilian operations, to replacd Cromwell as regional vice president Americas, effective immediately. In his new post, Bowser will oversee the company’s Nortu American and South American origina lequipment operations.
His focus will be on implementinbg the reorganization announced late last year and continuing to drivse process and productivity improvements throughoutthose Bowser’s successor at Modine Brazil in Sao Paulo will be named at a futured date. Modine (NYSE: MOD) said Jan. 14 that Cromwelpl was appointed regional vicepresident - Americas, effectives Feb. 1, to succeed the retiring Jamesa Rulseh.
Cromwell, a 16-year veteran of Modine, was formerlyy vice president of Modine`s Commercial Products
A reason for Cromwell's resignationn was not disclosed in a press The manufacturer of thermal management systems and component s namedScott Bowser, an 11-year veteran of the who most recently served as managint director of the company's Brazilian operations, to replacd Cromwell as regional vice president Americas, effective immediately. In his new post, Bowser will oversee the company’s Nortu American and South American origina lequipment operations.
His focus will be on implementinbg the reorganization announced late last year and continuing to drivse process and productivity improvements throughoutthose Bowser’s successor at Modine Brazil in Sao Paulo will be named at a futured date. Modine (NYSE: MOD) said Jan. 14 that Cromwelpl was appointed regional vicepresident - Americas, effectives Feb. 1, to succeed the retiring Jamesa Rulseh.
Cromwell, a 16-year veteran of Modine, was formerlyy vice president of Modine`s Commercial Products
Sunday, April 8, 2012
Crescent files Chapter 11, replaces CEO - Philadelphia Business Journal:
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The moves are part of an effor to cutthe company’s debt and rework its capital structures, the Charlotte, N.C.-based developer and some of its subsidiariess have filed voluntary Chapter 11 petitions in the in the Westernb District of Texas, Austin Division. Crescent also announced today thatArthur Fields, the company’sw chief executive officer, has retired, effective He will continue to work in an advisor y capacity. Crescent had been struggling to refinancea $1.2 billio n loan, with payment due in full by September 2012.
The company amended the loan in June 2008 because it was in violation of the original Before the Chapter11 filing, Crescent facedc payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its The company, which has developed more than 1 milliob square feet of office spacr in Cool Springs since the 1990s, has been facinbg local troubles, too. Pat Emery, Crescent’s long-time vice presidentf and regional manager in left the companylast month.
And the developer’s Crescent’xs Greenway One, a $33 million, 168,000-square-foot building near completion onCarothers Parkway, has been boarded up for months as contractorsd filed millions of dollars in liensw against it. Another similarly sized Crescen t project next to it is aboutr 90 percent vacant a year after being The company says it plans to continue businesses withougt any significant interruption during Crescent has obtaineda debtor-in-possession financing facility of $110 million from a grou of its existing lenders, whicb will provide funds so it can continue operating. Andres Hede will replace Fieldx as CEO and will be chargerd with leadingthe restructuring.
Hede, a managing directofr with LLC, has more than 15 yearsx of financial restructuring andbusiness experience. “Wre have been in active discussions with our lenders and otheer stakeholders as we work towar an agreement that will bring our capital structure in line with the currenteconomixc environment,” Hede says in a release. “Those discussions are continuing, and we are pleaseed with the ongoing support we have received from our We intend to reach an agreement on our new capitalo structure and emerge frombankruptcy quickly.
”
The moves are part of an effor to cutthe company’s debt and rework its capital structures, the Charlotte, N.C.-based developer and some of its subsidiariess have filed voluntary Chapter 11 petitions in the in the Westernb District of Texas, Austin Division. Crescent also announced today thatArthur Fields, the company’sw chief executive officer, has retired, effective He will continue to work in an advisor y capacity. Crescent had been struggling to refinancea $1.2 billio n loan, with payment due in full by September 2012.
The company amended the loan in June 2008 because it was in violation of the original Before the Chapter11 filing, Crescent facedc payments of $50 million by the end of this $75 million in 2010 and $100 million in 2011 on its The company, which has developed more than 1 milliob square feet of office spacr in Cool Springs since the 1990s, has been facinbg local troubles, too. Pat Emery, Crescent’s long-time vice presidentf and regional manager in left the companylast month.
And the developer’s Crescent’xs Greenway One, a $33 million, 168,000-square-foot building near completion onCarothers Parkway, has been boarded up for months as contractorsd filed millions of dollars in liensw against it. Another similarly sized Crescen t project next to it is aboutr 90 percent vacant a year after being The company says it plans to continue businesses withougt any significant interruption during Crescent has obtaineda debtor-in-possession financing facility of $110 million from a grou of its existing lenders, whicb will provide funds so it can continue operating. Andres Hede will replace Fieldx as CEO and will be chargerd with leadingthe restructuring.
Hede, a managing directofr with LLC, has more than 15 yearsx of financial restructuring andbusiness experience. “Wre have been in active discussions with our lenders and otheer stakeholders as we work towar an agreement that will bring our capital structure in line with the currenteconomixc environment,” Hede says in a release. “Those discussions are continuing, and we are pleaseed with the ongoing support we have received from our We intend to reach an agreement on our new capitalo structure and emerge frombankruptcy quickly.
”
Friday, April 6, 2012
MIT's Smart Sand Can 'Build' Whatever It Touches - TechNewsWorld
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BBC News | MIT's Smart Sand Can 'Build' Whatever It Touches TechNewsWorld By Richard Adhikari MIT researchers have developed a concept for what's c » |
Wednesday, April 4, 2012
Human Capital: People on the move, July 7 - Puget Sound Business Journal (Seattle):
shelly-polymer.blogspot.com
, is the first graduate of (one of the university’s four to serve as chair. She is also the daughte of former trustee, the late Jack Schwartz. Papa Gino’s Inc. , the Dedham-based parent company to Papa Gino’s and promoted Gary Sandeen and Kathy Tirrell to executive vice presideny of operations forPapa Gino’s and D’Angello Grilled Sandwiches, respectively. , based in elected the following executives to its boaredof directors: Christopher Oddleifson , presidenf and CEO of ; Kenneth Brennan , presidenf of The in Auburndale; Norman Seppalwa , president of in and Kevin Bottomley , president of Danversbank .
At-large who are appointed for three-year terms, included Richardf Bennett , president of ; John Boucher , presidenr of in Weymouth; John Dohertgy , chairman of in Somerville; Richard Holbrook , chairmanm and CEO of in Boston; Dennis Parente , president of Foxbor o FederalSavings ; and Michaelk Tucker , president of . Appointefd at-large director for a one-year term was Jame s Egan , chairman of .
, is the first graduate of (one of the university’s four to serve as chair. She is also the daughte of former trustee, the late Jack Schwartz. Papa Gino’s Inc. , the Dedham-based parent company to Papa Gino’s and promoted Gary Sandeen and Kathy Tirrell to executive vice presideny of operations forPapa Gino’s and D’Angello Grilled Sandwiches, respectively. , based in elected the following executives to its boaredof directors: Christopher Oddleifson , presidenf and CEO of ; Kenneth Brennan , presidenf of The in Auburndale; Norman Seppalwa , president of in and Kevin Bottomley , president of Danversbank .
At-large who are appointed for three-year terms, included Richardf Bennett , president of ; John Boucher , presidenr of in Weymouth; John Dohertgy , chairman of in Somerville; Richard Holbrook , chairmanm and CEO of in Boston; Dennis Parente , president of Foxbor o FederalSavings ; and Michaelk Tucker , president of . Appointefd at-large director for a one-year term was Jame s Egan , chairman of .
Monday, April 2, 2012
Animal virus could spread to humans, farmers are warned - The National
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Animal virus could spread to humans, farmers are warned The National "It's a concern because humans can catch it," said the report's author, Anne-Lise Chaber, a research associate of the Zoological Society of London. "There's a lack of awareness in the UAE. Anyone working with an infected animal can be at risk. |
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