The Daily Deal articles from April 2004

The Daily Deal archives from April 2004

Commissioners try to block PG&E plan.
April 1, 2004... Byline: Peter Moreira San Francisco-based utility PG&E Corp.'s plan to emerge from bankruptcy protection in April hit a snag on Tuesday, March 30, when two dissident regulators asked a court to block the company's reorganization plan. ...

Bush Industries files pre-pack.
April 1, 2004... Byline: Greg Johnson Bush Industries Inc., the ready-to- assemble furniture maker, has readied a pre-packaged reorganization plan. The company said it has locked up support for a restructuring with holders of 85% of its debt. ...

NorthWestern equity holders seek committee.
April 1, 2004... Byline: Shanon D. Murray Citing severe prejudice, three NorthWestern Corp. shareholders have asked a Delaware judge to appoint an official equity holders' committee. In a joint motion, RCG Carpathia Master Fund Ltd., Performance...

Sprint affiliate iPCS files reorg plan.
April 1, 2004... Byline: Chris Nolter Bankrupt wireless carrier iPCS Inc. filed a plan of reorganization on Wednesday, March 31, putting the company on a path to exit Chapter 11 protection and to end contentious litigation with Sprint Corp. The...

PG&E blasts PUC court motion.
April 1, 2004... Byline: Cheryl Meyer San Francisco utility Pacific Gas & Electric Co. defended its plan to emerge from bankruptcy, and criticized positions held by two California energy commissioners, Loretta Lynch and Carl Wood, who tried to hold up the...

Air Canada, union strike deal.
April 1, 2004... Byline: Laura King in Toronto Just a day before the one-year anniversary of its bankruptcy filing, Air Canada has reached a deal with its biggest union on a pension issue that has dogged the restructuring process for months. The...

Just for Feet closing stores.
April 1, 2004... Byline: Paul Burton Just for Feet has been stopped dead in its tracks as its bankrupt West Nyack, N.Y., parent Footstar Inc. is shuttering three of its San Diego-area stores. They're some of of 88 outlets due to close across the U.S....

SES Americom wins Verestar.
April 1, 2004... Byline: Terry Brennan SES Americom has bested two rival bidders in a marathon auction to win bankrupt satellite company Verestar Inc. with an offer of more than $24 million. The sale price nearly tripled when SES outlasted...

FiberMark files for Chapter 11.
April 1, 2004... Byline: Tim Maddux Blaming high debt and lingering costs from three acquisitions, FiberMark Inc. has filed for Chapter 11 bankruptcy protection. In its filing on Tuesday, March 30, in the U.S. Bankruptcy Court for the District of...

Dan River sinks into Ch. 11.
April 1, 2004... Byline: Jonathan Berke Dan River Inc. has joined the long line of textiles makers that have sought bankruptcy protection in recent years, but analysts believe that unlike many of them, the Danville, Va.-based company may not have a niche...

Genzyme wins key Impath divisions.
April 1, 2004... Byline: Terry Brennan Genzyme Corp. won court approval Wednesday, March 31, to pay $215 million in cash to buy nearly all the assets of Impath Inc. Judge Prudence Carter Beatty in U.S. Bankruptcy Court for the Southern District of New...

Trump Hotels indeed in trouble.
April 1, 2004... Byline: Jonathan Berke Trump Hotels & Resorts' auditor Ernst & Young warned investors that the company could file for bankruptcy if its unable to complete its $400 million refinancing deal with DLJ Merchant Banking Partners, an arm of...

Worldspan plans $315 million IPO.
April 1, 2004... Byline: Peter Moreira Atlanta-based Worldspan Technologies Inc., which processes online travel transactions, revealed plans on Tuesday, March 30, to raise about $315 million in an initial public offering that could mark an exit for two...

BOE mulls IPO of South Korean unit.
April 1, 2004... Byline: Shu-Ching Jean Chen in Hong Kong Beijing-based BOE Technology Group Co. Ltd. is considering a range of financing options, including an initial public offering, to bankroll the group's expensive foray into the advanced flat-panel...

Cutera prices at bottom of range.
April 1, 2004... Byline: Andrew Morse in San Francisco Weakness in the market for new shares of life sciences companies was evident again Wednesday, March 31, as a surgical instruments maker priced at the bottom of its range and a drug developer said it was...

Cohen & Steers to offer IPO.
April 1, 2004... Byline: Jonathan Berke Prominent money manager Cohen & Steers has decided to follow the path of the real estate investment trusts it's invested in and go public itself. The New York-based asset management powerhouse made a filing for...

FTC blocks mining merger.
April 1, 2004... Byline: Jaret Seiberg in Washington The Federal Trade Commission is seeking to stop Arch Coal Inc.'s $364 million acquisition of Triton Coal Co. LLC, contending the deal would reduce competition for the mining of low-sulfur coal. ...

Antitrust bill to be revised.
April 1, 2004... Byline: Jaret Seiberg in Washington Senators are trying to resurrect legislation that would give judges greater oversight of consent decrees between the Justice Department and merging companies. Sources said members of the Senate...

DOJ appoints merger enforcer.
April 1, 2004... Byline: Jaret Seiberg The Department of Justice has named Covington & Burling partner Thomas O. Barnett as deputy assistant attorney general responsible for civil antitrust enforcement, including some merger investigations. He will replace...

FASB moves on options.
April 1, 2004... Byline: Donna Block in Washington Bucking pressure from corporate lobbyists and lawmakers, the Financial Accounting Standards Board on Wednesday, March 31, unveiled a proposal that requires companies to expense employee stock options. ...

Powell spurns indecent proposal.
April 1, 2004... Byline: Ron Orol in Washington Federal Communications Commission Chairman Michael Powell ascended Capitol Hill Wednesday, March 31, to rebut criticism that media industry consolidation is contributing to indecency on the nation's airwaves....

Manitoba Telecom challenge fails.
April 1, 2004... Byline: Laura King in Toronto Shareholders in Canadian phone company Manitoba Telecom Services who oppose a planned C$1.7 billion ($1.3 billion) acquisition of Allstream Inc. have lost a bid to force a vote on the takeover. The Toronto...

Mitsui buys into Aussie oil works.
April 1, 2004... Byline: Charles Smith in Tokyo Japanese trading company Mitsui and Co. said Wednesday, March 31, it agreed to acquire a 40% stake in two offshore oil concessions in Western Australia from Woodside Energy Ltd. for $464.5 million. The...

Santander buys again.
April 1, 2004... Byline: Danny Fortson in Barcelona and Patricia Koza in Warsaw Spain's Banco Santander Central Hispano SA on Wednesday, March 31, continued its rollup of foreign consumer finance companies, agreeing to pay [Euro]400 million ($487 million)...

Ratings Review: March 31, 2004.
April 1, 2004... Byline: Gerald C. Magpily A chemical fusion of enormous proportions occurred March 29 as Lyondell Chemical Co. agreed to buy rival Millennium Chemicals Inc. for $2.3 billion in stock and debt. The deal creates the third-largest...

Iamgold, Wheaton River to merge.
April 1, 2004... Byline: Laura King in Toronto Bullion producer Iamgold Corp. is taking over larger rival Wheaton River Minerals Ltd. in a friendly C$2.9 billion ($2.2 billion) stock swap that creates a heftier gold company in a consolidating sector. ...

Circuit City goes Canadian.
April 1, 2004... Byline: Tara Croft Moving the battleground in consumer electronics across the border, U.S. retailer Circuit City Stores Inc. said Wednesday, March 31, it would buy InterTAN Inc., the Radio Shack of Canada, for $284 million in cash. ...

Slim keeps buying Global Crossing.
April 1, 2004... Byline: Chris Nolter Carlos Slim Helu has purchased even more shares of Global Crossing Ltd., according to papers filed with the U.S. Securities and Exchange Commission. As of Monday, March 29, an entity controlled by a Slim family...

Developers Diversified go malling.
April 1, 2004... Byline: Jonathan Berke Developers Diversified Realty Corp. will bolster its presence in the New York metropolitan area after announcing Wednesday, March 31, a $2.3 billion acquisition of 110 shopping centers from privately held Benderson...

Titan warns investors.
April 1, 2004... Byline: Lou Whiteman Titan Corp. late Wednesday, March 31, updated investors on its proposed $1.8 billion sale to Lockheed Martin Corp., warning in a Securities and Exchange Commission filing that government investigations into the company...

Plains buys Link pipelines, assets.
April 1, 2004... Byline: Claire Poole Houston energy company Plains All American Pipeline LP said Wednesday, March 31, it agreed to buy the North American crude oil and pipeline operations of Link Energy LLC, a former affiliate of Enron Corp., for $330...

Movers & shakers: Apr. 1, 2004.
April 1, 2004... Byline: compiled by Lisa Camerlengo Blackstone Group has announced the appointment of James Quella as a senior managing director. Quella joins from DLJ Merchant Banking Partners and CSFB Private Equity, where he was a managing director...

Blackstone clinches Celanese.
April 1, 2004... Byline: Andrew Bulkeley in Berlin Despite last-minute rumors to the contrary, New York private equity house Blackstone Group has secured German chemicals group Celanese AG in what is the country's largest-ever public-to-private buyout at...

KKR gets inside track on Vendex.
April 1, 2004... Byline: Renee Cordes in Brussels Finally bowing to pressure from shareholders, troubled Dutch retail group Royal Vendex KBB NV said Wednesday , March 31, it has entered into exclusive negotiations with a consortium of private equity firms...

Apax acquires German telecom.
April 1, 2004... Byline: Patricia Koza London-based Apax Partners has gained a majority stake in fast-growing German alternative telecom carrier Tropolys GmbH through a cash purchase of the German unit of Finnish telecommunications company Elisa Oyj for...

Pacific Crossing presses claims.
April 1, 2004... Byline: Chris Nolter Lawyers for Pacific Crossing Ltd., a bankrupt subsidiary of the former Asia Global Crossing Ltd., will seek permission to pursue litigation Thursday, April 1, in one of a number of disputes that have imperiled the...

Isilon raises $15.5M.
April 1, 2004... Byline: Paul Bonanos Aiming to enter new markets, digital media storage specialist Isilon Systems Inc. said Wednesday, March 31, it has landed $15.5 million in third-round funding from a new investor. New York-based Lehman Brothers...

Salmedix gets $45M.
April 1, 2004... Byline: Andrew Morse in San Francisco San Diego-based drug developer Salmedix Inc. said late Tuesday, March 30, it had completed a $45 million Series C financing that will be used to further its lead product candidate for treating lymphoma....

Alta Partners.
April 1, 2004... Byline: The Daily Deal San Francisco venture firm Alta Partners said it closed two new biotechnology funds worth a combined $475 million. The Alta BioPharma Partners III LP fund will invest in later-stage pharmaceutical and other medical...

NextHop Technologies.
April 1, 2004... Byline: The Daily Deal Software routing systems developer NextHop Technologies Inc. of Mountain View, Calif., said it has secured $4 million in second-round funding. Participating in the round were prior investors Labrador Ventures, New...

TechnoCom.
April 1, 2004... Byline: The Daily Deal Wireless location service technology developer TechnoCom Corp. of Los Angeles said it has raised $6.75 million in a new round of venture funding. San Diego's Timeline Ventures led the investment, with iSherpa Capital...

Tuft group gets Doctors Community.
April 2, 2004... Byline: Soma Biswas Paul Tuft will regain control of the company he founded and then took into bankruptcy, Doctors Community Healthcare Corp. The fate of the Scottsdale, Ariz.-based hospital operator, which went into Chapter 11 after...

Bush Industries wins interim DIP.
April 2, 2004... Byline: Greg Johnson The prepack reorganization plan of Bush Industries Inc. passed its first hurdle as the company easily won approval to use its cash collateral and a third of a $15 million debtor-in-possession loan. The Jamestown,...

Hale-Halsell's 'emergency' hearing delayed.
April 2, 2004... Byline: Terry Brennan When is an emergency not really an emergency? That's the question raised by Hale-Halsell Co.'s Chapter 11 filing after an Oklahoma judge signed an order Thursday, April 1, postponing an emergency hearing on the...

Parmalat Brasil readies piecemeal sales.
April 2, 2004... Byline: Michael Kepp in Rio de Janeiro Some of the Brazilian operations of Italian dairy company Parmalat Finanziaria SpA look to be headed for auction. A Sao Paulo judge has appointed an administrative board to restructure the unit,...

Reuters sheds more weight.
April 2, 2004... Byline: Brian Cattell in London Britain's Reuters Group plc said Thursday, April 1, it has completed another divestiture as part of its strategy to concentrate on providing financial information and news. The London-based company said...

Williams exits refining.
April 2, 2004... Byline: Claire Poole in Houston Tulsa, Okla., natural gas producer Williams Cos. said Thursday it closed the sale of its Alaska businesses for $290 million after adjustments for the value of petroleum inventories. The deals, announced...

Aussie casino operator seeks IPO.
April 2, 2004... Byline: Shu-Ching Jean Chen in Hong Kong A Malaysian-backed Australian gaming company, Lasseters International Holdings Ltd., looks set to survive intense scrutiny by Singapore to becoming the city-state's first casino operator to stage an...

Peoples Telephone IPO disappoints.
April 2, 2004... Byline: Shu-Ching Jean Chen in Hong Kong Hong Kong's fourth-largest mobile telecom operator, China Resources Peoples Telephone Co. Ltd., stumbled on its trading debut Thursday, April 1, making it the latest in a series of recent casualties...

British IPOs price at bottom.
April 2, 2004... Byline: Lisa Clifford in London Two high-profile British public offerings were priced at the bottom of their ranges Thursday, April 1, tempering expectations the IPO market is rebounding even as James Bond film studio Pinewood Shepperton...

Kvaerner.
April 2, 2004... Byline: The Daily Deal Norway's Aker Kvaerner ASA said Thursday, April 1, that the share issue for its energy and engineering spinoff is fully subscribed in the lower end of its indicative price range of 130 to 155 Norwegian kroner and...

Taleo.
April 2, 2004... Byline: The Daily Deal San Francisco-based recruitment company Taleo Corp. revealed plans Wednesday to raise about $115 million in an initial public offering. The company filed a preliminary prospectus with the Securities and Exchange...

Plan B: Execs plan appeals.
April 2, 2004... Byline: Jaret Seiberg Get ready for the (pyro)technicalities. Now that Martha Stewart has been convicted and chances dwindling that former Tyco International Ltd. chief executive L. Dennis Kozlowski and Adelphia Communications Corp....

Pension reform bill advances.
April 2, 2004... Byline: Shanon D. Murray in Washington Up against two deadlines, House and Senate negotiators approved a controversial pension reform bill Thursday, April 1, that would save companies $80 billion in pension payments over the next two years....

Power of the press.
April 5, 2004... Byline: Richard Morgan They've been messy at times, and they've been emotional throughout, but credit the auctions of Hollinger International Inc. and Freedom Communications Inc. with returning newspaper companies to center stage. Interest...

Judge clears Verestar asset sale.
April 5, 2004... Byline: Terry Brennan A judge on Friday, April 2, approved the sale of satellite company Verestar Inc. to SES Americom for at least $24.5 million. Judge Allan Gropper in the U.S. Bankruptcy Court for the Southern District of New York...

Dongbu Steel bids for Hanbo Iron.
April 5, 2004... Byline: Roger du Mars in Seoul South Korea's Dongbu Steel on Friday, April 2, said it would like to acquire rival Hanbo Iron & Steel Co. Ltd. Dongbu Steel thus adds its name to a group of bidders that include Posco, INI Steel, Dongkuk...

UAL gets split decision on leases.
April 5, 2004... Byline: Soma Biswas Bankrupt companies generally seek Chapter 11 protection because it gives them the ability to break contracts and leases, but UAL Corp., the bankrupt parent of United Air Lines Inc., won a victory when a Chicago judge...

Judge OKs Archibald Candy sale.
April 5, 2004... Byline: Terry Brennan A Chicago judge Friday, April 2, approved the $38.9 million sale of bankrupt Archibald Candy Corp., a price that more than doubled after more than 250 bids came during a Thursday auction. Judge Bruce Black of the...

Hawaiian Air draws Chinese interest.
April 5, 2004... Byline: Greg Johnson China Southern Airlines Co. Ltd. is interested in owning part of bankrupt Hawaiian Airlines Inc., according to one of the sponsors of a plan to reorganize the Honolulu-based carrier. "They sent a lawyer and asked...

GenChem emerges from Chapter 11.
April 5, 2004... Byline: Soma Biswas General Chemical Industrial Products Inc., a Parsippany, N.J.-based maker of chemicals used in water treatment, disk drives and semiconductors, has emerged from bankruptcy with $62.5 million in exit loans from Harbert...

Concert wins bankruptcy stay.
April 5, 2004... Byline: Paul Burton Concert Industries Ltd. of Gatineau, Quebec, has received its second extension in bankruptcy protection under Canada's Companies' Creditors Arrangement Act, from March 31 to April 30. The company, which makes diaper...

RCN wins loan extension.
April 5, 2004... Byline: Soma Biswas RCN Corp. has again won an extension from its bank lenders to continue restructuring talks. The beleaguered telecom now has until May 3 to arrange a conversion to equity of $1.1 billion in notes. Last week, RCN...

Clock ticks for Air Canada.
April 6, 2004... Byline: Laura King As U.S. taxpayers scramble to file their returns on time, Air Canada is struggling to meet its own make-or-break mid-April deadline. A bankruptcy court judge has extended the carrier's protection from creditors until...

Weirton sale to ISG to proceed.
April 6, 2004... Byline: Greg Johnson A judge on Monday, April 5, swept aside bondholder's attempts to block the sale of Weirton Steel Corp. to International Steel Group Inc. The bondholders on Friday had asked for up to a three-week delay to give...

FastForward auction in May.
April 6, 2004... Byline: Soma Biswas Bankrupt FastForward Inc. can do just that with an auction to sell itself. A Pittsburgh judge on Friday, April 2, approved a May 11 auction for the software company. FastForward filed for Chapter 11 protection...

XO wins Allegiance Telecom clearance.
April 6, 2004... Byline: Chris Nolter XO Communications Inc. on Monday, April 5 received Federal Communications Commission approval to complete its $563 million acquisition of Allegiance Telecom Inc., the company said. The Reston, Va.-based telecom,...

Atlantic Coast severs tie with UAL.
April 6, 2004... Byline: Lou Whiteman Regional airline company Atlantic Coast Airlines Holdings Inc. has struck a deal to exit a contract with United Air Lines Inc., clearing a major hurdle toward the company's goal of re-launching as a discount carrier...

Teco sheds coal fuel unit.
April 6, 2004... Byline: Claire Poole in Houston Tampa, Fla., electric utility Teco Energy Inc. said Monday, April 5, it agreed to sell 40% of its coal-based synthetic fuels unit to improve liquidity and pay down debt. The sale, subject to a final...

CEO shuffle: April 5, 2004.
April 6, 2004... Byline: David Ehrlich After 41 years on the job, Robert Tillman announced plans to retire next January as head of Lowe's Cos. Inc. Mooresville, N.C.-based Lowe's, the No. 2 U.S. home improvement retailer, said Monday, April 2, that Tillman...

IPO Outlook: April 6, 2004.
April 6, 2004... Byline: compiled by Peter Moreira Advertising.com Internet marketing company Advertising.com Inc. on Friday filed for an initial public offering to raise up to $100 million. Goldman, Sachs & Co., Deutsche Bank Securities Inc. and Piper...

Advertising.com.
April 6, 2004... Byline: The Daily Deal Internet marketing company Advertising.com Inc. on Friday filed for an initial public offering to raise up to $100 million. Goldman, Sachs & Co., Deutsche Bank Securities Inc. and Piper Jaffray & Co. are...

Sheriff's sale.
April 6, 2004... Byline: Robert Willens A merger of some size is announced and, as a matter of course, is subjected to intense regulatory scrutiny. Numerous agencies -- including, most notably, the Federal Trade Commission -- examine the proposed...

Tesco faces expansion plan battle.
April 6, 2004... Byline: Lisa Clifford in London The U.K.'s largest retailer, Tesco plc, faces an obstacle in its bid for a bigger slice of the [pounds sterling]20 billion ($37 billion) a year British convenience store market. The Federation of...

CBO backs stock option book plan.
April 6, 2004... Byline: Donna Block in Washington Lawmakers are not expected to let a critical Congressional Budget Office report sidetrack legislation overturning a Financial Accounting Standards Board plan to require the expensing of stock options. ...

Anglo American buys out Frapag.
April 6, 2004... Byline: The Daily Deal Anglo American plc said Monday that it would buy the 30% of paper and packaging group Frantschach AG that it doesn't already own from Frapag Industrieholding for [Euro]320 million ($384 million) in cash and shares....

GTech Holdings in Carib deal.
April 6, 2004... Byline: The Daily Deal West Greenwich, R.I., lottery systems operator GTech Holdings Corp. said Monday it has agreed to buy Leeward Islands Lottery Holding Co. in Antigua and St. Croix for about $40 million in cash. GTech expects to close...

Inergy gets Hometown Propane.
April 6, 2004... Byline: The Daily Deal Kansas City, Mo., propane marketer Inergy LP said Monday it picked up the assets of Hometown Propane Gas in central Arkansas for an undisclosed sum. Hometown delivers propane to 2,600 customers from two locations....

Infocrossing finishes SSI buy.
April 6, 2004... Byline: The Daily Deal Leonia, N.J., information technology services provider Infocrossing Inc. has completed its $36.9 million acquisition of data center outsourcing company Systems Management Specialists Inc. Infocrossing paid $35...

Kiwi gamer in $61M expansion.
April 6, 2004... Byline: The Daily Deal New Zealand's biggest gaming company, Sky City Entertainment Group Ltd., said Monday it has agreed to buy a 41% stake in Christchurch Casinos Ltd. for NZ$93.8 million ($61 million). This is Sky City's second...

NetIQ buys FirstPlace division.
April 6, 2004... Byline: The Daily Deal San Jose, Calif., security software supplier NetIQ Corp. said Monday it has acquired the WebPosition product of Orlando, Fla., rival FirstPlace Software Inc. Terms of the deal were not disclosed. NetIQ expects to...

Optimal Robotics sells unit.
April 6, 2004... Byline: The Daily Deal Fujitsu Transaction Solutions Inc. has agreed to acquire Optimal Robotics Corp.'s self-checkout business for $35 million, topping a $30 million bid from NCR Corp. NCR, which agreed to terms with Optimal Robotics in...

Teco sheds coal fuel unit.
April 6, 2004... Byline: The Daily Deal Tampa, Fla., electric utility Teco Energy Inc. said Monday it agreed to sell 40% of its coal-based synthetic fuels unit to improve liquidity and pay down debt. The sale, subject to a final sales agreement and due...

UBS to aid J.W. Childs buy.
April 6, 2004... Byline: The Daily Deal UBS is providing $375 million in senior bank debt to support Boston private equity firm J.W. Childs Associates LP's purchase of the Sunny Delight and Punica juice brands from Procter & Gamble Co., according to credit...