The Daily Deal articles from February 2003

The Daily Deal archives from February 2003

Core.
February 28, 2003... TOKYO - Japanese computer software developer Core Corp. set a tentative price range Thursday of between [yen]500 and [yen]650 ($4.25 to $5.53) a share for its book-building exercise of one million shares in its initial public offering. The...

Rivals hover over UAL assets.
February 28, 2003... Byline: Lou Whiteman in Atlanta As United Airlines plods through bankruptcy reorganization, a number of industry rivals are laying plans to carve up the carrier should it eventually fail. Although the Elk Grove, Ill.-based company...

Holders' suit against Enron blocked.
February 28, 2003... Byline: Jonathan Berke A federal bankruptcy judge Thursday, Feb. 27, denied a motion from Enron Corp.'s shareholders to lift a stay on their lawsuit against the company, citing the costs to Enron as it struggles to repay creditors. ...

AK Steel's bid for NatSteel advances.
February 28, 2003... Byline: Greg Johnson AK Steel Corp.'s $1.12 billion offer for bankrupt National Steel Corp. has cleared one antitrust hurdle. The Federal Trade Commission has closed the waiting period involving the deal ahead of schedule. A second...

Laidlaw's reorg plan approved.
February 28, 2003... Byline: Terry Brennan Transportation giant Laidlaw Inc. on Thursday, Feb. 27, won U.S. court approval for its reorganization plan and will trek to court in Toronto on Friday hoping for a similar nod in Canada. Judge Michael Kaplan in...

Receiver sues former Teleglobe directors.
February 28, 2003... Byline: Laura King Montreal telecom BCE Inc. said Thursday, Feb. 27, that receiver Kroll Restructuring Ltd. is suing five directors of its former Teleglobe Inc. subsidiary. In a statement Thursday, BCE said Kroll claims that...

Celox prepares to liquidate.
February 28, 2003... Byline: Terry Brennan Telecom equipment maker Celox Networks Inc. staged its first meeting of creditors Thursday, Feb. 27, as it winds down operations. The Southborough, Mass.-based company once attracted about $155 million in...

Reinsurer gears up for IPO.
February 28, 2003... Byline: Donna Block With investors shying away from anything remotely risky, Endurance Specialty Holdings Ltd. is still hoping for a successful debut Feb. 28. The IPO market is one of the hardest sells on Wall Street these days, and...

Georgia-Pacific yanks $1B IPO.
February 28, 2003... Byline: Frances A. McMorris Georgia-Pacific Corp. on Thursday, Feb. 27, withdrew the $1 billion initial public offering of its consumer goods and packaging unit, CP&P Inc. In a filing Thursday, Feb. 27, with the Securities and...

Convio.
February 27, 2003... Austin, Texas-based Convio has closed a $5.6 million third round of financing, bringing its total funding to $22.1 million. The capital came from Granite Ventures, Austin Ventures, Silverton Partners and individual investor Neil Webber....

Lai Fai International Holdings.
February 27, 2003... HONG KONG -- Shares of Lai Fai International Holdings Ltd. were trading at HK$1.12 (14 cents) early in their debut Wednesday on Hong Kong's Growth Enterprise Market board, about 12% higher than a placing price of HK$1 each. The company is a...

Meridian Automotive.
February 27, 2003... WASHINGTON -- Dearborn, Mich.-based Meridian Automotive Systems Inc. withdrew its proposed initial public offering of up to $172.5 million of common stock, according to a filing Tuesday with the Securities and Exchange Commission. Meridian...

Morgan Stanley.
February 27, 2003... NEW YORK -- The Securities and Exchange Commission, expanding an investigation into alleged IPO abuses, has signaled it may file civil charges against Morgan Stanley, the Wall Street Journal reported Wednesday. Citing sources, the newspaper...

Phiar.
February 27, 2003... Boulder, Colo.-based Phiar Corp., a developer of high-speed photonic components based on light detection pulse technology, has announced a $3 million first round of funding from Menlo Ventures. The financing, which came in two tranches,...

Sanko Marketing.
February 27, 2003... TOKYO -- Japanese restaurant chain operator, Sanko Marketing Foods Co., said Wednesday it has set a pre-market price of [yen]185,000 a share for its IPO of 12,075 shares.The company's shares begin trading March 6 on Japan's Jasdaq market....

Valere Power.
February 27, 2003... Richardson, Texas-based Valere Power, a provider of DC power distribution systems for the telecom industry, closed on an $11 million third round of financing to finance sales growth and new product development. The round, which brings...

Letter from Delaware: Gorilla in the attic.
February 27, 2003... Byline: Shanon D. Murray with staff reports Most companies that have filed asbestos-related Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware have completed the slow crawl to settlement with asbestos claimants....

Reisman eases Ottawa Senators' debt.
February 27, 2003... Byline: Laura King in Toronto Toronto hotelier Sam Reisman has injected C$5 million into the insolvent Ottawa Senators hockey club to help the team pay down its C$160 million ($107 million) in debt. Reisman's Rose Corp., which owns...

DIP Dimensions: Ameripol Synpol Inc.
February 27, 2003... Byline: Jonathan Berke Bankrupt Ameripol Synpol Inc. will find out this week how patient Congress Financial Corp. really is. Congress furnished Ameripol, a synthetic rubber producer for the tire industry, with a $4.5 million...

When failure pays.
February 27, 2003... Byline: Matt Miller In late May 2002, WKI Holding Co. and its primary subsidiary, World Kitchen Inc., declared bankruptcy. Days later, the ailing kitchen products maker and retail outlets concern presented the U.S. Bankruptcy Court for...

Last ride for Japanese theme park.
February 27, 2003... Byline: Charles Smith in Tokyo Japanese theme park operator Huis Ten Bosch Co. filed for bankruptcy Wednesday, Feb. 26, with debts of [yen]229 billion ($1.9 billion), but the company was granted a rehabilitation application under Japan's...

IDT silenced in Global Crossing bid.
February 27, 2003... Byline: Chris Nolter A U.S. bankruptcy judge on Wednesday, Feb. 26, rebuffed IDT Corp.'s efforts to disrupt a court-approved buyout of Global Crossing Ltd. IDT vice chairman and chief executive James Courter asked to be recognized...

Tokheim cleared for asset sale.
February 27, 2003... Byline: Greg Johnson With its North America businesses set for sale, bankrupt Tokheim Corp. now looks to complete the divestiture of its European assets. The U.S. Bankruptcy Court for the District of Delaware in Wilmington on...

iPCS wins access to collateral.
February 27, 2003... Byline: Greg Johnson Newly bankrupt iPCS Inc. has won permission to use the cash collateral of its prepetition lenders on an interim basis. A final hearing on the use of the collateral will be heard April 7 in U.S. Bankruptcy Court for...

Two join Conseco Finance fray.
February 27, 2003... Byline: Jonathan Berke If a bidding war between a Fortress Investment Group-led consortium and Berkshire Hathaway Co. doesn't produce the desired value for bankrupt Conseco's consumer finance unit, Goldman, Sachs & Co. is prepared to...

Kmart poised to exit Ch. 11.
February 27, 2003... Byline: Soma Biswas With Kmart Corp.'s disclosure statement now approved, the stage is set for the country's second-largest discount retailer to emerge from Chapter 11. A U.S. Bankruptcy Court for the Northern District of Illinois in...

AMR dismisses bankruptcy report.
February 27, 2003... Byline: Lou Whiteman in Atlanta With fear mounting regarding American Airlines' deteriorating financial condition, even the carrier's hometown newspaper appears set to predict its demise. In its Wednesday, Feb. 26, edition, the...

Big dowries spur biotech unions.
February 27, 2003... Byline: Andrew Morse A pair of recently announced deals illustrate two themes running through a spate of dealmaking activity in biotechnology: the need for products and a greater need for the cash. In one deal, Dendreon Corp.'s...

Next Level fails to block Motorola bid.
February 27, 2003... Byline: David Shabelman in San Francisco The cat-and-mouse game between Motorola Inc. and Next Level Communications Inc. has taken a new twist after the Delaware Court of Chancery on Tuesday, Feb. 25, denied Next Level's request to enjoin...

Investec scales back U.S. plans.
February 27, 2003... Byline: Heidi Moore After spending heavily to create a full-service U.S. investment bank, South African financial services giant Investec SA is reversing course and closing much of the business, sources say. Sources said that South...

El Paso to exit Brazilian venture.
February 27, 2003... Byline: Michael Kepp in Rio de Janeiro El Paso Corp., the biggest natural gas company, is in talks with its partners in a Bolivian-Brazilian natural gas pipeline to sell its estimated $100 million stake in the $2 billion venture. ...

Newbridge: China bank deal nearly done.
February 27, 2003... Byline: Shu-Ching Jean Chen in Hong Kong Breaking weeks of silence, Newbridge Capital Group on Wednesday, Feb. 26, attempted to quash doubts over its ability to complete the purchase of a controlling stake in China's Shenzhen Development...

Deals Deferred: Feb. 27, 2003.
February 27, 2003... Byline: compiled by Gerald C. Magpily A Delaware court has dismissed a request by Next Level Communications Inc. to block Motorola Inc.'s $30 million offer for the 26% of the company it does not already own. The Rohnert, Calif.-based...

Celltech rebuffed on Oxford bid.
February 27, 2003... Byline: Joshua Jaffe in London Celltech Group plc, Britain's largest biotech company, made a pound sterling101.4 million ($160 million) cash offer for Oxford GlycoSciences plc on Wednesday, Feb. 26, in a bid to break up the target's...

Quest closes $675M Unilab deal.
February 27, 2003... Byline: Donna Block Diagnostic services company Quest Diagnostics Inc. on Wednesday, Feb. 26, acquired rival Unilab Corp. after accepting for payment more than 99% of the company's outstanding common stock. The Teterboro, N.J.-based...

Ratings Review: Feb. 26, 2003.
February 27, 2003... Byline: Gerald C. Magpily Real estate services firm CB Richard Ellis Services Inc. added to its portfolio last week with the purchase of rival Insignia Financial Group Inc. The move was met with a mixed reaction from credit rating...

Metro puts two units on block.
February 27, 2003... Byline: Andrew Bulkeley in Berlin German retailer Metro AG is considering selling its do-it-yourself and discount food divisions after the two failed to live up to expectations, the company said Wednesday, Feb. 26. "Overall, the...

Beacon Roofing sale gets yanked.
February 27, 2003... Byline: Josh Kosman In another sign that it has become increasingly hard to sell building products companies, Chicago private equity house Code Hennessy & Simmons LLC has taken portfolio company Beacon Roofing Supply Inc. off the...

CDC Ixis sells PE assets.
February 27, 2003... Byline: Jonathan Braude in London In a move to reduce its exposure to private equity and focus on investments that it controls directly, France's CDC Ixis Private Equity has agreed to the sale of a spread of secondary investments to Axa...

Dearborn makes healthcare buy.
February 27, 2003... Byline: Kelly Holman National Mentor Inc., a Boston-based portfolio company of Madison Dearborn Partners, is acquiring Edina, Minn.-based REM Minnesota Inc. in a privately negotiated deal approaching $390 million, according to sources....

Arteris SA.
February 26, 2003... Paris semiconductor startup Arteris SA has closed a $12 million first round of funding led by Atlas Venture. Crescendo Ventures, Techno Venture Management and Ventech also participated in the financing round. Founded earlier this year,...

Divi's Laboratories.
February 26, 2003... BANGALORE, India -- Indian pharmaceuticals-maker Divi's Laboratories Ltd. said Tuesday its initial public offering was 20 times oversubscribed. Divi's is selling 3.2 million shares to finance a new manufacturing facility. The IPO,...

Galileo Genomics.
February 26, 2003... Los Angeles company LivHOME Inc., a provider of geriatric care management and at-home assisted living services, has closed a second round of financing, led by Los Angeles venture capital firm Kline Hawkes & Co. Kline Hawkes will initially...

Gilian Technologies.
February 26, 2003... Herzliya, Israel- and Redwood City, Calif.-based Gilian Technologies has raised $5 million in a third round of financing. The round came from existing investors, including Steamboat Ventures, Evergreen Partners, Ascend Technology Ventures,...

KanHan Technologies.
February 26, 2003... HONG KONG -- Shares of KanHan Technologies Group Ltd. were trading at HK$0.325 early in their debut Tuesday on Hong Kong's Growth Enterprise Market board, about 1.5% lower than their placing price of HK$0.33 each. The stock had risen to...

Mofet Venture Capital.
February 26, 2003... Israel's Mofet Venture Capital has reported a $9 million loss for 2002. Tel Aviv-based Mofet is one of half a dozen Israeli venture capital funds traded on the Tel Aviv stock market. It was the second straight year the fund reported a loss....

R.S. Promotion.
February 26, 2003... BANGKOK -- Thailand's second-largest music recording and entertainment company, R.S. Promotion plc, plans to raise at least Bt800 million ($19 million) through an IPO in May, its adviser said Tuesday. Udomsak Chakreyawanich, managing...

SiVerion.
February 26, 2003... Tempe, Ariz.-based SiVerion has secured $2.25 million in financing from Gefinor Ventures, Grayhawk Ventures and Valley Ventures. The provider of engineering data analysis software will use the funding to expand marketing and product...

Teem Photonics.
February 26, 2003... Grenoble, France-based Teem Photonics has raised [Euro]10 million ($10.8 million) in third round funding. CDC IXIS Innovation of Paris led the round, joined by Credit Suisse First Boston and existing investors Baker Capital, Hillman Co., INPG...

eReinsure.
February 26, 2003... New York-based eReinsure, a provider of e-commerce technology to the insurance and reinsurance industries, has received a $5 million investment from Century Capital Partners III LP, an investment fund managed by Century Capital Management...

Judge extends Ames' exclusive liquidation right.
February 26, 2003... Byline: Terry Brennan Ames Department Stores Inc. won court approval Tuesday, Feb. 25, to extend its exclusive right to file a liquidation plan as it tries to sell its remaining leases and recover preferential payments. Judge Robert...

IDT too late for Global Crossing?
February 26, 2003... Byline: Chris Nolter Though IDT Corp. chairman and distressed telecom buyer Howard Jonas has made a splash in the Global Crossing Ltd. bankruptcy proceedings, his offer for the bankrupt telecom may be too late, unless U.S. regulators...

Divine files for Ch. 11.
February 26, 2003... Byline: David Shabelman in San Francisco In the end, Divine Inc.'s greatest liability may have been what many once regarded as its greatest asset: CEO Andrew "Flip" Filipowski. The Chicago software and professional services company,...

Conseco Finance draws rival bid.
February 26, 2003... Byline: Jonathan Berke With the auction for Conseco Finance Corp. looming Friday, Feb. 28, at least one serious bidder has emerged to challenge a buyout group's $1 billion bid to acquire the troubled consumer finance arm of bankrupt...

Peregrine, creditors to appoint mediator.
February 26, 2003... Byline: Shanon D. Murray Peregrine Systems Inc.'s perennially bumpy bankruptcy case may have finally hit a smooth patch Tuesday, Feb. 25, when the company and its unsecured creditors agreed to appoint a mediator to help them agree to a...

AT&T Canada reorg plan approved.
February 26, 2003... Byline: Laura King A reorganization plan under which Toronto telecom AT&T Canada will emerge from bankruptcy protection by April 1 has been approved by the Ontario Superior Court of Justice and the U.S. Bankruptcy Court. In a Tuesday,...

H.I.G. to buy Halo assets.
February 26, 2003... Byline: Kelly Holman Miami private equity firm H.I.G. Capital has agreed to acquire the U.S. and European business operations of Northbrook, Ill.-based promotional products business Halo Industries Inc. for $22 million in cash and...

IPO Outlook: Feb. 26, 2003.
February 26, 2003... Byline: Josey Puliyenthuruthel Divi's Laboratories BANGALORE, India -- Indian pharmaceuticals-maker Divi's Laboratories Ltd. said Tuesday, Feb. 25, its initial public offering was 20 times oversubscribed. Divi's is selling...

Minsheng seeks foreign tie-up.
February 26, 2003... Byline: Shu-Ching Jean Chen in Hong Kong Following an increasingly worn path in China, China Minsheng Banking Corp., the first private Chinese bank, is in talks with foreign investors for a strategic investment. However, this...

Red Herring desperate for sale.
February 26, 2003... Byline: Peter Lauria San Francisco publishers are discovering that bad things may indeed come in threes. The San Francisco Examiner newspaper on Monday, Feb. 24, terminated 40 workers and began giving away a slimmer version of...

Overture lands another Web search deal.
February 26, 2003... Byline: Cheryl Meyer in Los Angeles Internet search company Overture Services Inc . on Tuesday, Feb. 25,announced its second deal in a week, agreeing to buy the Web search unit of Fast Search & Transfer, a Norwegian developer of search...

Recoletos may sell Spanish media stake.
February 26, 2003... Byline: Danny Fortson in Seville, Spain Spain's Recoletos Grupo de Comunicacion is discussing a sale of the media group's 30% stake in Unidad Editorial, which publishes Spanish newspaper El Mundo. The buyer would be Italy's Rizzoli...

U.K. to scrutinize Centrica deal.
February 26, 2003... Byline: Brian Cattell in London Britain's Department of Trade and Industry said Tuesday, Feb. 25, it would refer household services provider Centrica plc's pound sterling304 million ($483 million) acquisition of Dynegy Inc.'s Rough North...

India won't privatize state banks.
February 26, 2003... Byline: Josey Puliyenthuruthel in Bangalore India will not privatize its state-owned banks, but will reform laws to allow public share sales through stock markets, the government said Tuesday, Feb. 25. "No proposal to privatize...

FirstBank takes Oregon Trail.
February 26, 2003... Byline: Josh Karlen Pioneer Bank, a struggling thrift that provides loans to individuals and small businesses in the farming and timber regions of eastern Oregon and western Idaho, has relinquished its independence after more than a...

Battle for Six Continents heats up.
February 26, 2003... Byline: Jonathan Braude in London In an attempt to snuff out a hostile bid from British entrepreneur Hugh Osmond, beleaguered U.K. hotels and pubs group Six Continents plc on Tuesday boosted its estimate of the returns that its own...

Deutsche Bank chief charged.
February 26, 2003... Byline: Andrew Bulkeley in Berlin Dusseldorf prosecutors confirmed Tuesday, Feb. 25, that they charged the head of Deutsche Bank AG as well as several former Mannesmann AG executives last week in connection with Vodafone Group plc's 2000...

Broadwing dumps broadband unit.
February 26, 2003... Byline: Sarah Cohen Shares of Broadwing Inc. rose 12% in late morning trading Tuesday, Feb. 25, on news that the telecom is selling its broadband operations for $129 million in cash and $375 million in operating liabilities. Corvis...

Clariant to sell units.
February 26, 2003... Byline: Andrew Bulkeley in Berlin Swiss specialty chemicals group Clariant AG said it may sell units representing 7% of its annual sales and sell shares to keep debt under control and stanch the effects of a strong Swiss franc. ...

Tabloid recap to enrich Evercore.
February 26, 2003... Byline: David Carey Supermarket tabloid publisher American Media Inc. said Tuesday, Feb. 25, it agreed to sell a piece of equity to Thomas H. Lee Partners, a Boston private equity firm, as part of a $508 million recapitalization that...

MidOcean to manage Grenfell fund.
February 26, 2003... Byline: Vyvyan Tenorio The Deutsche Bank AG managers who announced Friday, Feb. 21, they would buy a [Euro]1.5 billion ($1.6 billion) portfolio of private equity investments from the bank will also be managing the liquidation of Morgan...

Private Capital People: Feb. 25, 2003.
February 26, 2003... Byline: Heidi Moore and Lisa Gewirtz Movers & Shakers: Feb. 24, 2003 Sources say Thomas Weisel Partners LLC has hired Jim Hoch to boost its private equity operation. Hoch is a 20-year veteran of Morgan Stanley Capital Partners....

Chip entrepreneurs land $12M.
February 26, 2003... Byline: Joshua Jaffe in London Three repeat entrepreneurs at French semiconductor startup Arteris SA closed a $12 million first round of funding Tuesday, Feb. 25, led by venture capital firm Atlas Venture of Boston to finance the...

U.S. investment in Canadian startups declines.
February 26, 2003... Byline: Laura King in Toronto U.S. investment in Canadian startups plunged by 40% in 2002 to C$1.1 billion ($737 million) as investors backed away from the communications sector following the WorldCom Inc. scandal. A report released...

A-One Seimitsu.
February 25, 2003... TOKYO -- Japanese machine tool parts maker A-One Seimitsu Inc. said Monday it has set a pre-market price of [yen]585,000 a share for its initial public offering of 1,650 shares. The company's shares are set to begin trading March 6 on the...

LG-Caltex.
February 25, 2003... South Korea's second-largest oil refiner, LG-Caltex, said Monday, Feb. 24, it will list its initial public offering on the Korea Stock Exchange to raise about $250 million. LG-Caltex said it would issue 5.8 million shares by the end of...

Nistevo.
February 25, 2003... Minneapolis-based Nistevo Corp., a provider of a Web-based logistics management network, has raised $8 million in a third round of funding co-led by Bessemer Venture Partners and Insight Venture Partners. The firm provides its services to...

Toshin Denki.
February 25, 2003... TOKYO -- A Japanese wholesaler of electrical materials and lighting equipment, Toshin Denki Co. said Monday it has set a pre-market price of [yen]920 a share for its initial public offering of 2 million shares. The company's shares are set...

Yulex.
February 25, 2003... Specialty materials and chemical company Yulex Corp. of Carlsbad, Calif., has received $2 million in a second round of financing from Argonaut Private Equity. Yulex, which markets natural rubber products to the medical industry, will use the...

WorldCom defends reorganization.
February 25, 2003... Byline: Ron Orol in Washington WorldCom Inc. CEO Michael Capellas on Monday, Feb. 24, tried to quell concerns that the telecommunications giant's bankruptcy reorganization will give it an unfair competitive advantage over rivals. "We...

Treasurer's testimony adds certainty to a UAL workout.
February 25, 2003... Byline: Soma Biswas Creditors of bankrupt UAL Corp. are likely feeling better this week about what a proposed reorganization plan for the parent of United Airlines might include. Jeff Kawalsky, UAL's treasurer, on Friday, Feb. 21,...

Grace set for two-year asbestos battle.
February 25, 2003... Byline: Soma Biswas The top legal officer for bankrupt W.R. Grace & Co. expects asbestos-related litigation involving the company to take a year or two to resolve. "We have a strategy for resolving liabilities that involves...

Bankrupt iPCS blames Sprint.
February 25, 2003... Byline: Chris Nolter The opening salvo has been fired in what could be a protracted dispute between Sprint PCS and its affiliates, with Midwestern wireless provider iPCS simultaneously filing for bankruptcy protection and launching a...

U.S., Canadian bankruptcies differ in DIPs.
February 25, 2003... Byline: Terry Brennan U.S. lending institutions may wish all bankruptcies were filed in Canada, where debtor-in-possession financings don't need the blessing of the courts. "U.S. lenders are amazed, when operating in Canada, as to...