Wednesday, November 30, 2011
J.L. French files Chapter 11 - San Antonio Business Journal:
The Sheboygan-based company and its domestic affiliatezs will completea pre-negotiated restructuring under Chapter 11 and has filed voluntary petition in the for the Districyt of Delaware. The company indicated that it intendzs to file its Chapter 11 plan of reorganizationn and disclosure statement within the In responseto U.S. automotive production declinesand industry-widee credit restrictions, J.L. Frencu management said it plans to reduce its secureds debt fromapproximately $280 million to $65 millio n through debt-for-equity swaps with first and second-lien term loan lenders to provide a stable financialp foundation for the company’s future operations.
None of the company’e foreign operations are included in the Chapterr11 filing. These businesses will remain unaffectexd by the filings and will continuew operationsas usual. J.L. Frenc h also announced an agreement with certain first lien lenderx fora $15 million debtor-in-possession facility to fund working capitap needs that may arise during the reorganization. This facilityh will also serve as the foundatiom forthe company’s exit financing. “Ouf company has a strong business modeol with distinct technological and quality advantages that position us well with ourcustomee base,” Thomas Musgrave, J.L. French’s president, and CEO, said in a statement.
sales have dropped commensurate with the dramaticf decline in the North American automotive production to the extenft that we cannot service the existingydebt structure.” By significantly reducing its debt, J.L. Frencbh will eliminate the “balance sheet barrierz that have historically prevented us from securing awardas of certain new business contracts and will provide the company with additional operating liquidity,” Musgrave said. The company intends to emergs from Chapter 11 protectiojn within90 days, he said. Founde d in 1968, J.L.
French Automotive Castings is a manufacturer of highly engineeredc aluminum die cast automotive parts including oil enginefront covers, engine blocks and transmission The company employs more than 800 people in its U.S.
Monday, November 28, 2011
Genmar warranties still good - Austin Business Journal:
Tracy Carrell says the lettetr came after boat manufacturer on Monday filexd for Chapter 11bankruptcyh protection. Genmar owns 15 differenty brandsof boats, which mean s dealers everywhere are impacted. She says cash customers for boatzs at her dealership haveremained strong. But troubles financing in the current economy means othere have been forced tohold off. “The boatingy business has been affectedr a lot likecars have,” she says. The petitiohn to reorganize its debts was filedin U.S. Bankruptcy Courtt in Minneapolis — where the company is headquarteres — along with more than 20 related subsidiaries.
Genmaf has between 100 and 199 It lists its assets in the rageof $10 millioh to $50 million and its liabilities between $100 million and $500 million, according to courft documents. The largest unsecured creditorsare Maslon, Edelman, Brand, a Minneapolis-based law firm which is owed $186,700. Merchant & Gould, a law firm in Minneapolis, is owed The only secured creditors are and FifthThir Bank, according to a story in the Minneapoliss Star Tribune.
Genmar said it has received commitmenty fora debtor-in-possession (DIP) financing proposal from both In a statement, Genmar Chairman, CEO and largesr shareholder Irwin Jacobs said sales of the company’as fishing boats, luxury yachtw and other products started to decline in but worsened in recengt months. The company’s sales in fiscal which ends in June, are likely to be abou $460 million, off by more than 50 percent fromfiscakl 2008. “If someone would have said to me as recentlyt as even one month ago that Genmaer would someday be filing forChapteer 11, I would have said it was not even a remot e possibility,” Jacobs said.
Genmar had been making some strategy changes inrecent months, announcing plans to launch a line of less-expensivde aluminum boats. A spinoff company, Greenville, Pa.-basefd VEC Technology, and other Jacobs-relate d companies aren’t included in the filing. VEC is now in the businessw of making giant bladesfor energy-generating windmills. Law firm Fredrikson Byron in Minneapolis, is representing Genmare in thebankruptcy case.
Saturday, November 26, 2011
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Thursday, November 24, 2011
JR Martinez Wins 'Dancing With The Stars' - MTV.com
Contactmusic.com | JR Martinez Wins 'Dancing With The Stars' MTV.com Ricki Lake and Rob Kardashian leave empty-handed as war hero nabs season 13 mirror-b » |
Monday, November 21, 2011
United Way optimistic it will reach $82M goal - Tampa Bay Business Journal:
“We are going to do our best to get said MiltonLittle , presidenr of Atlanta’s United Way, in a phons interview March 9. “I remain optimistic.” One reasonh for the optimism has been the succeses ofthe “Critical Needs” which sought to raise $2.5 million in immediates dollars to help agencies servin g those hardest hit by the economix downturn. Thanks to a $2 million gift from the Josephb B. , the Critical Needs campaign actually hasraised $3.5 million. “We know that individual families and households are reallg hurtingright now,” said Russ Hardin , president of the Whitehead Foundation.
“United Way offered us an idea l way to help throughout themetro area. It was an easy decisiob for us.” Little said another high point was thatUniteds Way’s top donors raised $170,000 in addition to their annua l gifts for the Critical Needs campaign. “Th spirit of generosity is a cultureof Atlanta, and that’x what has helped sustain us during this time,” Little said. This year’xs campaign has had several bright spots under the leadershipof ’s Ed Heys . “Ww were able to launch United Way campaignsa in 150 newcompanies — large and Little said. Those included two big and In all, Uniterd Way runs about 2,000 campaignws every year.
Yet some companies had to suspend campaignethis year. “Unfortunately, given the recession, we had some campaignxs that didn’t do as well as they had in previoua campaigns mainly due to headcounft reductions,” said Little, who didn’t want to identify thoswe companies. As a teaser, Little said: “There is a good chance theree will bea brand-new No. 1 Last year, topped the corporats donor list by raisingnearly $4.4 million. was seconds with $4.3 million. , a longtimed top donor, came in third with $4 million.
Other entitiexs raising at least $1 million were the Combined Federalkcampaign (47,000 federal employees), , , Georgiaw Power/ , , QuikTrip, , , the state of , Deloitte LLP, , LLP, and Co. Little said that ther e will be two new donors inthe million-dollar club and As tough as this year has been, the 2009 Unites Way campaign may be tougher. The chair will be John Somerhalder , CEO of AGL Resourcesd Inc. “It certainly is going to be as largew a challenge as we haveever had,” Somerhaldedr said. His strategy? “We are tryinv to start early.” The Woodruff Arts Centedr annual corporate campaign also is swimming upstream to reacg a record goalof $9 million.
So far, the campaigh has raised $5.1 or 57 percent of that according to MichaelGarrett , ’se president, who is chairing the campaign. “Althoughg this year’s campaign is proving challenging, we have chosen not to reduce the goal and remainh committed to reaching thefull $9 million,” Garrettr wrote in an e-mail. To meet that the campaign cabinet is sweetening the dealfor
Saturday, November 19, 2011
KAI Design, McCormack Baron team on $100M redevelopment of New Orleans neighborhood - St. Louis Business Journal:
The two St. Louis-based companies are co-developin g the project, which will include 410 garden and townhouse units; a 40-unit, three-story apartment building; and renovationb of an existing administration building, community center and a three-story residential apartment building. The plan includea redeveloping two neighborhood schools and a communitt building that will house support servicee programs and abusiness center. Construction is expecteed to begin in October and be completed inJanuaru 2011.
KAI Design & Build and McCormac Baron Salazar are teaming with the to redevelop the NONDC isa non-profit organization whose mission is to increasw the availability of quality affordabld housing in New Orleans' Central City KAI Design & Build will serve as the architect of record for the projecrt and will manage and coordinate the team of engineering McCormack Baron Salazar specializes in the developmenft and management of mixed-income communities in inner-citty neighborhoods throughout the country.
Thursday, November 17, 2011
This Bauer bankruptcy traces back to Spiegel events - Orlando Business Journal:
In 2003, , which had owned Eddied Bauer since 1988, filed for bankruptcy protection. And as part of the the company famous forits women’s wear catalo g gave its creditors its stakr in Eddie Bauer. So, in 2005, Eddie Bauer emerge d as a stand-alone company for the firstf time in34 years. The company also emerged with a $300 million seniorr secured term loan agreement with lendersa and the task of rebuildingh a brand that had drifted away fromthe company’ss roots. Under Spiegel, grew rapidly, from 58 to 399 retail stores and from three to102 outlets. The company also addefd internet sales.
But it also was a time when the Eddide Bauer brand lost its as the company shifter from its heritage as an outdoor outfitter to a seller of casual clothes targetecd primarilyat women. Company executives have said the debt terms from the Spiegel bankruptcy case have continuex to hamper efforts to turn things around atEddie Bauer. Despite efforts to recapture some of the old Eddie Bauer has not been able to establish a sustainablw run ofprofitable quarters. The company racked up nine consecutiv quartersof loses, and has seen losses of nearlhy a half-billion dollars in the past three years.
The struggl became a financial crisis as the recession has worsenecd and consumers haveslowed spending.
Tuesday, November 15, 2011
Seventeenth Street Plaza sold to HRPT - The Business Review (Albany):
Newton, Mass.-based HRPT (NYSE: HRP), a real estatw investment trust that owns and operatex office andindustrial buildings, paid cash for the The sales price was not announced. Seventeenth Streeg Plaza is located at 122517th St., across from the Tabor Center office, retail and hotel complex. It was developed by what’ss now Jones Lang LaSalle Inc. of and was completed in 1982. Previousx owners include Equitable Real Estate InvestmenttManagement Inc. (ERE), part of the Equitable insurances company. Australian real estate giantg LendLease Corp. Ltd. took over the building in the 1990e after itacquired ERE.
JPMorgan quietly put the building on the marke t inearly 2008, asking $385 per square or roughly $250 million, brokers said. Brookfield Properties of New York and Toronto had the buildinvg under contract to purchase last summefrfor $225 million, but the deal was not consummatedr because of the debt crisis’ impact on Brookfield’s said real estate brokers knowledgeable about the As of October, the buildingt was off the The building, with an attached parking is 93 percent leased and includes Ink! Coffee and Heidi’s Brooklyn Deli outlets. It is home to the headquartersd of Molson CoorsBrewing Co.
Sunday, November 13, 2011
Gold, gold, gold: taxpayers hit with $1bn Games bill - The Australian
Gold, gold, gold: taxpayers hit with $1bn Games bill The Australian TAXPAYERS will wear a billion-dollar bill for the 2018 Commonwealth Games on the Gold Coast, as the Queensland government starts pushing for federal funding. With Queensland's budget still $1.5bn in deficit, the state government is counting on a return ... |
Friday, November 11, 2011
Harleysville National misses OCC deadline - Philadelphia Business Journal:
A company spokesman said Wednesday that Harleysvilld National has not yet heard from regulators and does not expec animmediate penalty. The company has said regulators may deem noncompliancr to be an unsafee and unsound banking practice which wouldc subject the bank to administrativre actions or sanctions Harleysville said it has yet to raisde any money or sell off any asset but is working hard todo so. the bank’s capital levels are less than those requires underthe ’s newly required minimumj individual capital ratios. CEO Paul Geraghtyy has said Harleysville National hopes toraise $65 million to $120 milliojn in equity.
He has said he believesd the OCC’s required capital ratios are achievable, but did not thinkl it could be done byJune 30. The company said it was conductingv due diligence on options forraisinbg capital, reducing its assets or The spokesman said not to expecgt any sale of fee businesses such as its wealth managemengt division, which Harleysville National considers tremendously valuable. He said a more likelg option would be sellingoff loans. Harleysville has said its ability to increasee its capital levels to meetthe OCC’ss requirements will largely depene on its financial performance and conditions in the capitapl markets, which are outside its control.
It added that raisinbg capital through the issuance of common stockj or other securities would likely dilute the valuwe of itscommon stock. Harleysville’s capital ratios have been negativel y affected by the economic downturn and its effecf on the businesses and homeowners with whom it does Geraghty said the company has been working to strengthencreditr administration, add to its loan workout staff, and actively managee the troubled loans that are weighinf down its portfolio.
At its most recentg annual meeting thispast spring, Geraghty told shareholders he intends to meet regulator requirements for a well-capitalized bank by the end of the Now that plan will have to be The Harleysville, Pa.-based bank (NASDAQ:HNBC) has $5.6 billionj in assets and is the largest locallyu based bank in the eight-countuy Philadelphia region with last year’s addition of Willoew Financial Bancorp.
It has the seventh-mos deposits in the region with just morethan $3
Tuesday, November 8, 2011
Four Strange Places to Find Open Source - PCWorld
Four Strange Places to Find Open Source PCWorld A prosthetic limb starts at five figures, and in these here kindly times good luck getting insurance to pay, because it's become a one-way flow -- we're supposed to pay our premiums without desiring to collect any benefits. And so, once again, ... |
Sunday, November 6, 2011
Historic Southern Pacific steam locomotive passing through New Mexico, heading ... - The Republic
Historic Southern Pacific steam locomotive passing through New Mexico, heading ... The Republic The locomotive, built in 1944 as the last steam-powered locomotive purchased by the Union Pacific Railroad, is taking part in the celebration of New Mexico's 100th anniversary of statehood. About 60 people met up with the train in Carrizozo and hitched ... Historic train makes way to Arizona for Centennial tour History steams into Alamo |
Friday, November 4, 2011
UW-Whitewater, Milwaukee 7 Water Council to jointly train students - Wichita Business Journal:
The program will begin enrolling students in the fallsemesterd and, because many students have alreadt taken relevant courses, should be graduatinyg its first water management specialists within a year, said Kirstenn Crossgrove, associate professor of biology at UW-Whitewater and coordinatotr of the school’s integrated science-business major. The programj is designed to give students a basic backgrounxd inwater law, environmental law, naturao resources and environmental economics as well as aquatic chemistry and ecology.
Students will servw internships with the Milwaukee 7 Water an organizationof business, academia and government in the seven-countgy area in southeastern Wisconsin that is workingv to establish the Milwaukew region as a global center for freshwate research, economic development and education. “Recognizingy where the world is headed, businessz students with a unique educationall background in water will have a leg up in the making a program like this especially saidRich Meeusen, chairman, president and CEO of Brown Deer-baseed , co-chair of the Milwaukee 7 Water Council and an alumnuz of UW-Whitewater’s business school.
The council already has a relationships with the graduatse program atthe ’s . UWM also is developing a graduate-levelo School of Freshwater Sciences, whilse ’s Law School will beginj a water law curriculumthis fall. “Oner of our goals is to help develop seamless talenf pipelines between universities and water saidPaul Jones, chairman and CEO of Milwaukee-base d and co-chair of the Water Council.
“UW-Whitewater’sz one-of-a-kind new track adds to the impressiver array of higher education institutions in the region working to ensure our world watere hub status in the yearsto
Wednesday, November 2, 2011
Franklin Templeton Limited Duration Income Trust Reports Asset Allocation - MarketWatch (press release)
Franklin Templeton Limited Duration Income Trust Reports Asset Allocation MarketWatch (press release) (6) Duration calculated using internal methodologies. Rounded to the nearest year. (7) Preferred shares issued by the Fund and mortgage dollar rolls used for leverage divided by total assets of the Fund. |