The Daily Deal articles from December 2003

The Daily Deal archives from December 2003

Letter from Delaware.
December 1, 2003... Byline: Shanon D. Murray, with staff reports A new corporate disclosure bankruptcy rule that requires a debtor or party to an adversary proceeding to file a corporate ownership statement is set to take effect Dec. 1. At issue: concern...

Exide wins reorg plan extension.
December 1, 2003... Byline: Soma Biswas Exide Technologies Inc. has won an extension until Dec. 18 to file its own reorganization plan. Exide's unsecured creditors have been battling with the bankrupt car battery maker and its banks over a reorganization...

Icahn again leads Philip exit.
December 1, 2003... Byline: Jonathan Berke Carl Icahn will once again gain a stake in Philip Services Corp., after a federal bankruptcy judge approved the scrap iron recycler's reorganization plan on Wednesday, Nov. 26. The New York buyout veteran...

South Dakota broadcaster files Ch. 11.
December 1, 2003... Byline: Paul Burton KEVN Inc., the parent of Fox Broadcasting Co. affiliate KEVN-TV in Rapid City, S.D., has filed for Chapter 11. In its Nov. 20 filing with the U.S. Bankruptcy Court for the District of South Dakota, KEVN said it...

Golden Tree gets James Cable stake.
December 1, 2003... Byline: Terry Brennan Golden Tree Asset Management will be the largest shareholder of James Cable Partners LP when the cable service emerges from bankruptcy in mid-December. The New York hedge fund swapped its $30 million financing and...

NorthWestern closes Expanets sale.
December 1, 2003... Byline: Jonathan Berke Northwestern Corp. has closed the sale of its Expanets communications services unit to Avaya Inc. for $152 million. Northwestern, a bankrupt Sioux Falls, S.D., utility, gets $70 million in proceeds from the sale....

Vanguarde titles up for grabs.
December 1, 2003... Byline: Peter Lauria Honey, Heart & Soul and Savoy magazines will be sold as part of publisher Vanguarde Media Inc.'s Chapter 11 filing, which the publisher said it would make Wednesday, Nov. 26, in U.S. Bankruptcy Court in New York. ...

Samueli may covet hockey's Ducks.
December 1, 2003... Byline: Jonathan Berke A bankruptcy court hearing in New York scheduled for Wednesday, Dec. 3, could go a long way toward resolving the future of hockey's Mighty Ducks of Anaheim. Covanta Energy Corp. will seek approval from the U.S....

Amerco files amended reorg plan.
December 1, 2003... Byline: Jonathan Berke Amerco Inc. filed an amended reorganization plan with the U.S. Bankruptcy Court for the District of Nevada in Reno on Wednesday, Nov. 26. The plan was filed to reflect the settlement the Phoenix-based parent of...

DIP dimensions: Sonic Telecommunications.
December 1, 2003... Byline: Jonathan Berke Sometimes the leash can get very short. Sonic Telecommunications International Ltd. filed for bankruptcy on June 9, yet by the time PanAmSat Corp. acquired it earlier this month, it had gotten seven extensions on its...

Building the village.
December 1, 2003... Byline: Matt Miller In August 2000, broadcast veteran Douglas McCormick took the reins of iVillage Inc. The once-high-flying women's online site, founded by new-media star Candice Carpenter, had lofty ambitions and even loftier expenses....

Orbitz IPO could raise $304M.
December 1, 2003... Byline: Peter Moreira Internet travel company Orbitz Inc. said Wednesday its initial public offering could comprise 11 million class A shares to be sold at $22 to $24 each -- a higher range than it had previously indicated. ...

Great Wall Auto promotes $197M IPO.
December 1, 2003... Byline: Shu-Ching Jean Chen in Hong Kong China's largest pickup truck maker, Great Wall Automobile Holding Co. Ltd., on Nov. 26 set a market price range for its planned HK$1.53 billion ($197 million) initial public offering -- ahead of a...

Cayman insurer drops IPO price.
December 1, 2003... Byline: Peter Moreira Cayman Islands-based United National Group Ltd., said Nov. 26 that its planned initial public offering later this month will likely raise a maximum of $202 million, less than the $230 million the property and casualty...

IPO Outlook: Dec. 1, 2003.
December 1, 2003... Orbitz Internet travel company Orbitz Inc. on Nov. 26 upped the range of its long-awaited initial public offering, saying it hoped to sell 11 million Class A shares at between $22 and $24 apiece. The shares to be sold include 7 million...

Cineplex Galaxy.
December 1, 2003... Byline: The Daily Deal Canada's Cineplex Galaxy Income Fund said Nov. 26 that it has completed its initial public offering of 17.5 million units at C$10 each for proceeds of C$175 million ($133.6 million). The fund was created by...

Orbitz.
December 1, 2003... Byline: The Daily Deal Internet travel company Orbitz Inc. on Nov. 26 upped the range of its long-awaited initial public offering, saying it hoped to sell 11 million Class A shares at between $22 and $24 apiece. The shares to be sold...

Calculator.
December 1, 2003... Byline: L.J. Davis So Rupert Murdoch has finally gotten his satellite over the continental USA, courtesy of Hughes Electronics Corp.'s DirecTV, and perhaps John Malone will do the deal with him (it hasn't closed yet, but it will). The hole...

Coke's juice deal turns sour.
December 1, 2003... Byline: Josey Puliyenthuruthel A plan by Coca-Cola Co.'s Australian affiliate to buy local fruit juice market leader Berri Ltd. has skidded after the country's antitrust regulator said it would oppose any deal. In a preemptive move,...

NYSE amends constitution.
December 1, 2003... Byline: Donna Block The New York Stock Exchange's board of directors voted to further amend its constitution and add an individual investor representative to its newly planned advisory panel, according to statement released Wednesday, Nov....

American Financial gets St. Louis building.
December 1, 2003... Byline: The Daily Deal American Financial Realty Trust has acquired a St. Louis office building called Bank of America Plaza for about $82 million from GE Pension Trust. The 750,000-square-foot building is 96% leased to Bank of America...

Eastman Kodak completes Algotec buy.
December 1, 2003... Byline: The Daily Deal Eastman Kodak Co. has completed its $42.5 million cash buy of Algotec Systems Ltd., a developer of archiving systems for x-ray images. The Nov. 18 deal is part of the Rochester, N.Y., photographic product giant's...

Folksamerica buys Sierra Health unit.
December 1, 2003... Byline: The Daily Deal Folksamerica Holdings Co. has agreed to buy the California Indemnity Insurance Co. workers compensation division of Las Vegas-based Sierra Health Services Inc. for as much as $79.5 million. Folksamerica, which is...

Harper & Harper in Chinese power deal.
December 1, 2003... Byline: The Daily Deal Chinese power generation equipment maker, Shijiazhuang Dongfang Thermoelectric Co. said it's being sold to Canadian investment company Harper & Harper Ltd. for $80 million. The Canadian firm gains control by...

J.P. Morgan buys Citigroup finance unit.
December 1, 2003... Byline: The Daily Deal J.P. Morgan Chase & Co. is buying Citigroup Inc.'s Electronic Financial Services Inc. division for $380 million. The unit handles government benefit payments and prepaid store cards used by state and federal agencies...

Northwestern finishes sale of Expanets.
December 1, 2003... Byline: The Daily Deal Northwestern Corp. has closed the sale of its Expanets communications services unit to Avaya Inc. for $152 million. Northwestern, a bankrupt Sioux Falls, S.D., utility, gets $70 million in proceeds from the sale. ...

Parent of S.D. TV station files Chapter 11.
December 1, 2003... Byline: The Daily Deal KEVN Inc., the parent of Fox Broadcasting Co. affiliate KEVN-TV in Rapid City, S.D., has filed for Chapter 11. In its Nov. 20 filing with the U.S. Bankruptcy Court for the District of South Dakota, KEVN said it opted...

Shinsei Bank to aid in property buys.
December 1, 2003... Byline: The Daily Deal Shinsei Bank Ltd., the Japanese bank owned by a consortium led by Ripplewood Holdings LLC, said it would contribute to a [yen]50 billion ($458 million) real estate program launched by Osaka railroad company Hankyu...

Sohu.com closes two Web site deals.
December 1, 2003... Byline: The Daily Deal Chinese Internet company Sohu.com Inc. said it has closed two recent acquisitions for $36.5 billion. The company said it paid $20.5 million for online game Web site 17173.com and $16 million for real estate...

Windrose Medical buys properties.
December 1, 2003... Byline: The Daily Deal Windrose Medical Properties Trust has acquired medical office buildings for $69.6 million. The office buildings are in Sacramento, Calif., Voorhees, N.J., Coral Springs, Fla., Lewisville, Texas, and Reno, Nev. The...

Woori Financial mulls merging unit.
December 1, 2003... Byline: The Daily Deal South Korea's No. 3 financial services company, Woori Financial Group, is considering merging its flagship Woori Bank with credit card unit Woori Credit Card Co. The latter's overdue loans stand at W990 billion ($823...

Banknorth to acquire Foxborough.
December 1, 2003... Byline: The Daily Deal Portland, Me.-based Banknorth Group Inc. has agreed to buy Foxborough Savings Bank for $89.6 million in cash to move into markets south of Boston. Banknorth has expanded in New England, but has avoided the...

Boosey & Hawkes is sold to Hg Capital.
December 1, 2003... Byline: The Daily Deal The fat lady sang for Boosey & Hawkes plc after private equity house Hg Capital announced its offer for the U.K. music publisher was unconditional. Hg said it had 90% acceptances from shareholders for its 215 pence...

Calpine sheds half of Virginia power plant.
December 1, 2003... Byline: The Daily Deal San Jose, Calif., power producer Calpine Corp. said it closed the sale of its half interest in a 240-megawatt power plant in Gordonsville, Va., to Dominion Virginia Power, a unit of Dominion Resources Inc., for $34.6...

Atlantic Coast shareholders win more time.
December 1, 2003... Byline: Peter Moreira In the latest twist in its hostile bid battle, Atlantic Coast Airlines Holdings Inc on Tuesday, Nov. 25, said the process of seeking written consent from shareholders has been delayed and that will give investors more...

Germany's MAN nears industrial sale.
December 1, 2003... Byline: Andrew Bulkeley in Berlin Spurred by a failed boardroom coup in July, German industrial conglomerate MAN AG appears finally to be progressing on a divestiture plan. MAN said Nov. 26 that talks on the sale of its 51% stake in...

U.K. travel group seeks buyer.
December 1, 2003... Byline: Lisa Clifford in London British holiday company Saga Group Ltd. has appointed UBS Investment Bank to help it find a buyer, a sale that could fetch more than [pounds sterling]1 billion ($1.7 billion). The company, well known in...

Atlantic amends Mesa lawsuit.
December 1, 2003... Byline: Lou Whiteman Atlantic Coast Airlines Holdings Inc. on Wednesday, Nov. 26, amended its lawsuit against hostile suitor Mesa Air Group Inc., accusing its rival and United Airlines parent UAL Corp. of violating federal antitrust laws....

AT&T Wireless connects Texas dots.
December 1, 2003... Byline: Chris Nolter Continuing an extended series of tweaks and adjustments to its network, AT&T Wireless Services Inc. said Wednesday, Nov. 26, that it would buy the south Texas operations of U.S. Cellular Corp. for $95 million. The...

Koch-Ripplewood vie for BP unit.
December 1, 2003... Byline: Lisa Gewirtz Wichita, Kan., conglomerate Koch Industries Inc. is facing off against New York private equity firm Ripplewood Holdings LLC for oil giant BP plc's specialty intermediate chemicals business, sources said. The unit,...

Gadfly investors target First Years.
December 1, 2003... Byline: Ron Orol in Washington If Opportunity Partners LP and Santa Monica Partners LP stay true to form, expect the two activist investment firms to intensify pressure on The First Years Inc. to arrange a sale of the stagnating children's...

Granada, Carlton, boost savings estimate.
December 1, 2003... Byline: Brian Cattell in London The planned [pounds sterling]4.5 billion ($7.6 billion) merger of U.K. broadcasters Granada plc and Carlton plc will create [pounds sterling]100 million in annual cost savings, nearly twice the previous...

Cepsa questions dog Santander.
December 1, 2003... Byline: Danny Fortson in Barcelona Spanish bank Banco Santander Central Hispano SA said Nov. 26 it has closed its tender for Spain's second-largest oil refiner after paying [Euro]908.9 million ($1.071 billion) to boost its stake by 12.13%....

Novartis hunts to fill pipeline.
December 1, 2003... Byline: Andrew Morse Buying a small biotech company with a promising product has long been a popular Big Pharma strategy to fill drug pipelines. In theory it's a good idea: A small entrepreneurial company has the latitude to try...

Bigger savings expected from British TV merger.
December 1, 2003... Byline: Brian Cattell in London The planned [pounds sterling]4.5 billion ($7.6 billion) merger of U.K. broadcasters Granada plc and Carlton Communications plc will create [pounds sterling]100 million in annual cost savings, nearly twice the...

IDG prospers in China tech.
December 1, 2003... Byline: Shu-Ching Jean Chen in Hong Kong Yahoo! Inc.'s recent purchase of China's biggest search engine company underlines the success that International Data Group has enjoyed in China. San Francisco-based IDG in late November sold...

Movers & Shakers: Dec. 1, 2003.
December 1, 2003... Byline: compiled by Lisa Camerlengo Royal Bank of Scotland has appointed Pascal Werner as managing director and head of leveraged finance in France. Werner will be responsible for the development of the bank's leveraged finance...

Black flag.
December 1, 2003... Byline: Richard Morgan An abiding interest in statesmen recently turned Conrad Black into a biographer of Franklin Delano Roosevelt, though the Canadian native's obsession with all things military has always invited comparisons to...

United National IPO value falls.
December 1, 2003... Byline: Peter Moreira Cayman Islands-based United National Group Ltd., indicated on Wednesday, Nov. 26, its initial public offering will likely raise a maximum of $202 million, less than the $230 million envisaged by the property and...

Platinum Equity grabs Hays unit.
December 1, 2003... Byline: Jonathan Braude in London Los Angeles private equity firm Platinum Equity LLC forged ahead with its European expansion Nov. 26 with the announcement that it will buy Hays Logistics from British human resources services group Hays...

Hughes buys Century Maintenance.
December 1, 2003... Byline: Kelly Holman and David Carey Construction materials wholesaler Hughes Supply Inc. said Wednesday, Nov. 26, it has agreed to buy the apartment supplies company Century Maintenance Supply Inc. for $360 million, including assumed...

Onex raises $1B for fund.
December 1, 2003... Byline: Laura King in Toronto Canadian private equity firm Onex Corp. said Wednesday, Nov. 26, it has raised more than $1 billion for its Onex Partners LP fund and anticipates an additional $600 million in commitments in the first quarter...

Latitude for change.
December 1, 2003... Byline: Olaf de Senerpont Domis Cisco Systems Inc.'s return to the acquisition trail last month -- spending $80 million in cash to buy Web conferencing technology developer Latitude Communications Inc. -- signaled a host of complex changes...

Market plays.
December 1, 2003... Byline: Joshua Jaffe Microsoft is mulling an acquisition of Google, eh? The New York Times reported in November that Microsoft Corp. broached the possibility of buying Google Inc. outright in the course of a business development meeting...

Swiss biotech gets 1st round.
December 1, 2003... Byline: Jonathan Braude in London Switzerland's Glycart Biotechnology AG, a privately held company developing antibody therapies that treat cancer and autoimmune diseases, has closed a Sfr18 million ($13.7 million) Series A financing...

Canada's Chronogen gets $13M boost.
December 1, 2003... Byline: Laura King in Toronto Drug discovery company Chronogen Inc. has raised C$17 million ($13 million) in an initial closing of its Series B financing, as venture capital investment in biopharmaceuticals continues to top other sectors...

Big Bear Networks.
December 1, 2003... Byline: The Daily Deal Sunnyvale, Calif.-based Big Bear Networks has raised $18 million in a third round of venture capital led by Menlo Ventures and including previous investors Accel Partners, Austin Ventures, Oak Investment Partners and...

Chronogen.
December 1, 2003... Byline: The Daily Deal Montreal-based Chronogen Inc., a drug discovery company developing therapeutics to treat illness connected with aging, held an initial C$17 million ($13 million) closing of its Series B financing round. New investor...

Glycart Biotechnology.
December 1, 2003... Byline: The Daily Deal Zurich-based Glycart Biotechnology AG, a developer of antibody therapies for the treatment of cancer and autoimmune diseases, has closed an Sfr18 million ($14 million) Series A financing round. Gilde Investment...

Klotz Digital.
December 1, 2003... Byline: The Daily Deal Munich, Germany-based Klotz Digital has completed a $10 million round led by Deutsche Venture Capital and including other undisclosed investors. Klotz, a maker of audio/media platform technology, will use the...

Pharma Novagali.
December 1, 2003... Byline: The Daily Deal Pharma Novagali, based in Evry, France, and in Jerusalem, has raised [Euro]5 million ($5.9 million) in a second round of financing. Participating in the round were CDC Ixis Innovation, Multinova Ventures, French...

FAO tumbles back into Ch. 11.
December 3, 2003... Byline: Jonathan Berke FAO Inc. won't be coming home for the holidays. Instead, the parent of famed FAO Schwarz will spend the time liquidating in bankruptcy court. FAO said Tuesday, Dec. 2, that it would file for bankruptcy...

Air Canada debtors lobby court.
December 3, 2003... Byline: Laura King in Toronto Some Air Canada creditors reportedly want an Ontario court to consider an unsolicited offer for the insolvent carrier by Cerberus Capital Management that they say is superior to a deal with Victor Li's Trinity...

CART rescue deal in trouble.
December 3, 2003... Byline: Peter Moreira Auto racing company Championship Auto Racing Teams, Inc. admitted on Tuesday, Dec. 2, that it's rescue bid from a group of shareholders is in trouble and raised the prospect of seeking Chapter 11 bankruptcy...

Miller: Liquidations set to rise.
December 3, 2003... Byline: Terry Brennan Liquidation will replace reorganization in the U.S. over the next few years as bankrupt companies increasingly sell their assets, a leading bankruptcy attorney predicted. The unique U.S. concept that a company has...

Republic Engineered seeks severance pay.
December 3, 2003... Byline: Paul Burton Ten executives of Republic Engineered Products LLC are in line for severance packages totaling more than $3.5 million if they lose their jobs when the bankrupt Fairlawn, Ohio, steelmaker's assets are sold. An...

Zell group buys Covanta.
December 3, 2003... Byline: Jonathan Berke Samuel Zell's Danielson Holding Corp. said Tuesday, Dec. 2, it is acquiring bankrupt Covanta Energy Corp. for $30 million. The deal replaces Covanta's plan to hand over most of its equity to workers in its...

Owens Corning reorg plan gets half nod.
December 3, 2003... Byline: Soma Biswas Owens Corning Corp. has received conditional approval for its reorganization plan. Judge Judith Fitzgerald in the U.S. Bankruptcy Court for the Western District of Pennsylvania in Pittsburgh on Monday approved the...

UAL creditors want no PE investors.
December 3, 2003... Byline: Soma Biswas The official creditors committee for UAL Corp. is pushing United Airlines' parent to get out of bankruptcy without help from private equity investors. "We're not encouraging United to look for any equity infusion,"...

Enron creditors cleared to sue firms.
December 3, 2003... Byline: Jonathan Berke A judge is allowing Enron Corp.'s unsecured creditors to sue two Houston law firms, Arthur Anderson and several dozen executives for negligence and fraud. Judge Arthur Gonzalez issued the order on Monday, Dec. 1, in...

Avianca to seek extension again.
December 3, 2003... Byline: Terry Brennan Avianca Airlines will ask a New York judge on Wednesday, Dec. 3, for a fourth extension of its exclusive right to file a reorganization plan. The embattled Colombian carrier is seeking an extension until Jan. 31...

Bahrain sheik mulls bid for Leeds.
December 3, 2003... Byline: Lisa Clifford Bahrain sheik Abdulrahman Al Kalifa confirmed Tuesday, Dec. 2, he was considering a buyout of troubled British football club Leeds United plc. Al Kahlifa told the London Stock Exchange that he is exploring a...

Dometic braves Nordic IPO chill.
December 3, 2003... Byline: Patricia Koza in Warsaw Swedish specialty refrigerator maker Dometic AB will start trading Wednesday, Dec. 3, on the Stockholm stock exchange, seeking to raise up to 4.3 billion Swedish kronor ($570 million). Dometic's initial...

Ace plans financial guaranty IPO.
December 3, 2003... Byline: Peter Moreira Bermuda-based insurer Ace Ltd. said Tuesday, Dec. 2, it would sell shares in its financial guaranty business in an initial public offering in the United States in the first half of 2004. The insurer, which...

IPO Outlook: Dec. 3, 2003.
December 3, 2003... Byline: Josey Puliyenthuruthel in Bangalore and Peter Moreira International Steel Richfield, Ohio-based International Steel Group Inc., said Monday, Dec.1, that it will sell about 15 million shares at $22 to $24 each in an initial...

EQT, Dometic cancel IPO.
December 3, 2003... Byline: Patricia Koza Swedish refrigerator maker Dometic AB and its principal owner, Nordic buyout firm EQT Northern Europe, said on Wednesday, Dec. 3, they are withdrawing an initial public offering of 15.7 million shares in Dometic. ...

Archipelago.
December 3, 2003... Byline: The Daily Deal Electronic stock exchange Archipelago Holdings LLC said Monday that it would sell shares in an initial public offering in the next year. The Chicago-based company, which owns and operates the Archipelago Exchange, or...

International Steel.
December 3, 2003... Byline: The Daily Deal Richfield, Ohio-based International Steel Group Inc., said Monday that it will sell about 15 million shares at $22 to $24 each in an initial public offering, giving the steelmaker an estimated value of $2.3 billion...

Virgin Blue.
December 3, 2003... Byline: The Daily Deal Richard Branson's Virgin Group Ltd. may sell about 4% more equity, or 49.92 million extra shares, than originally planned in the initial public offering of Australian discount airline Virgin Blue Holdings Ltd. Huge...

Italian Senate passes media revamp.
December 3, 2003... Byline: Heather O'Brian in Milan A law remaking the Italian media sector received its final stamp of approval from Parliament on Tuesday, Dec. 2, with a large Senate majority voting in favor of the controversial measure. Critics have...

Media compromise will spur deals.
December 3, 2003... Byline: Ron Orol in Washington The Thanksgiving compromise on U.S. media ownership limits should be good news for companies that want to do deals because it clarifies the rules of the game. Experts said establishing a permanent 39% cap...

Executive Life talks collapse again.
December 3, 2003... Byline: Ross Tieman and David Shabelman Last-ditch talks between federal prosecutors in Los Angeles and French Finance Ministry officials have failed to resolve a criminal case arising from the 12-year-old Executive Life insurance affair....

Ambev buys leading Ecuador brewery.
December 3, 2003... Byline: The Daily Deal Cia. de Bebidas das Americas, Brazil's biggest beverage producer, on Tuesday agreed to pay $36 million to buy Ecuador's No. 2 brewery Cerveceria Suramericana. Sao Paulo-based AmBev, as the company is known in Brazil,...

P&O sells stake in Associated Bulk Carriers.
December 3, 2003... Byline: The Daily Deal Peninsular & Oriental Steam Navigation Co. said Tuesday it has sold its half stake in Associated Bulk Carriers Ltd. to Eurotower Holdings SA, a unit of Monrovia, Liberia-based First Omega Shipping Inc., for $64...