The Daily Deal articles from July 2004

The Daily Deal archives from July 2004

American Plumbing reorg approved.
July 29, 2004... Byline: Soma Biswas A Texas judge has confirmed a reorganization plan for American Plumbing and Mechanical Inc. that will give the company's management control of its post-bankruptcy equity. Judge Leif Clark of the U.S. Bankruptcy...

Atlas Air exits Chapter 11.
July 29, 2004... Byline: Lou Whiteman Atlas Air Worldwide Holdings Inc. has exited bankruptcy protection, shedding more than $600 million in debt in less than a year, it said Wednesday, July 28. The Purchase, N.Y.-based cargo carrier filed a...

Morris Capital buys Fulton Bellows.
July 29, 2004... Byline: Ben Fidler Fulton Bellows & Components Inc. has been sold for $6.3 million in cash, in a move that keeps the Tennessee bellows maker in Knoxville. The sale, which Judge Richard Stair approved Monday, July 26, in the U.S....

KomTek succumbs to Ch. 11.
July 29, 2004... A faltering aerospace industry helped fuel the descent of metal caster and forger KomTek into bankruptcy protection. KomTek filed for Chapter 11 last week in the U.S. Bankruptcy Court for the District of Massachusetts in Worcester. ...

Finland's Machinium is bankrupt.
July 29, 2004... Byline: Patricia Koza in Warsaw Finnish food group Lannen Tehtaat Oyj said Wednesday its earthmoving equipment division, Machinium Ltd., and three of Machinium's Swedish units have filed for bankruptcy. The companies, which include...

Doman set to exit bankruptcy.
July 29, 2004... Byline: Laura King in Toronto Canadian forest products company Doman Industries Ltd. was to emerge from bankruptcy at midnight Wednesday, July 28, as a new company called Western Forest Products. The reorganized Duncan, British...

Enron blocks 401K funds.
July 29, 2004... Byline: Jonathan Berke Enron Corp. has filed an objection seeking to block payment of $85 million in insurance proceeds to about 20,000 current and former Enron employees. In May, a federal judge in Houston approve a payment to...

Hotel Syracuse sale dead.
July 29, 2004... Byline: Camilla D. Dove First Bank of Oak Park has backed out of plans to sell the 80-year old Hotel Syracuse to the city of Syracuse for $1. It is now unknown what will happen to the historic property in the city's downtown area....

Asia Pulp & Paper extends debt offer.
July 29, 2004... Byline: Jonathan Berke Asia Pulp and Paper extended the offer of a $6.6 billion debt restructuring plan to its creditors by two weeks from July 29. The controversial industrial conglomerate, controlled by Indonesia's Widjaya family,...

Rothschild mimics Lazard.
July 29, 2004... Byline: Ross Tieman in Toulouse, France The House of Rothschild, one of the most famous and enduring non-royal dynasties, plans to merge two French holding companies that control half of its worldwide investment banking group in a move...

Roadhouse gives profit warning.
July 29, 2004... Byline: Paul Burton Roadhouse Grill Inc. of Pompano Beach, Fla., expects to post a loss for fiscal 2004 and fill file a late annual report with the U.S. Securities and Exchange Commission. Roadhouse, which owns and operates 71...

IPOs emerge in Latin America.
July 29, 2004... Byline: Leslie M. Mira The big sleep in Latin America's initial public offerings has dragged on for years, but slowly the region is emerging from its IPO slumber. Six offerings have closed to date this year -- feeble compared with other...

Prospect Energy BDC goes public.
July 29, 2004... Byline: David Carey and Heidi Moore At long last, a private equity fund's planned initial public offering has gotten out of the gate. But the issuer wasn't a fund with a marquee name such as Kohlberg Kravis Roberts & Co. or Thomas H. Lee...

GTCR takes Prestige public.
July 29, 2004... Byline: David Carey Just four months after clinching an $860 million leveraged buyout of Prestige Brands Holdings Inc., Chicago buyout firm GTCR Golder Rauner is angling to recoup part of its investment via an initial public offering of...

IPO outlook: July 29, 2004.
July 29, 2004... Byline: edited by Greg Johnson WebSideStory files for IPO WebSideStory Inc., a San Diego provider of Web analytics services that allows companies to monitor Internet user activity, filed regulatory papers to sell 5 million shares of...

IPO outlook: July 29, 2004.
July 29, 2004... Byline: edited by Greg Johnson edited by Greg Johnson WebSideStory files for IPO WebSideStory Inc., a San Diego provider of Web analytics services that allows companies to monitor Internet user activity, filed regulatory papers...

China Everbright seeks stake sale.
July 29, 2004... Byline: Shu-Ching Jean Chen in Hong Kong Beijing-based China Everbright Bank Co. Ltd., the sixth-largest Chinese bank, is apparently seeking a special regulatory dispensation to sell a 15% stake to London-based Standard Chartered plc. ...

Japanese bank appeals decision.
July 29, 2004... Byline: Charles Smith in Tokyo Japanese megabanks UFJ Holdings Inc. and Mitsubishi Tokyo Financial Group are unlikely to meet a Friday, July 30, deadline for signing a merger agreement following a Tokyo District Court order that halted...

Yukos closer to insolvency.
July 29, 2004... Byline: Nick Watson OAO NK Yukos said Wednesday, July 28, it may have to halt oil production after court bailiffs ordered its subsidiaries to stop all sales of material assets, a move that could hasten the Russian energy giant's plunge...

FTC clears pharma, music deals.
July 29, 2004... Byline: Jaret Seiberg in Washington The Federal Trade Commission late Wednesday, July 28, resolved antitrust investigations of two major transactions, clearing Sanofi-Synthelabo SA's $61.2 billion acquisition of Aventis SA and a deal by...

In play: July 29, 2004.
July 29, 2004... Byline: edited by Greg Johnson edited by Greg Johnson GKN signs AgustaWestland deal British engineering company GKN plc said Wednesday it has signed a definitive agreement to sell its stake in helicopter maker AgustaWestland NV...

New & noteworthy: July 29, 2004.
July 29, 2004... Byline: edited by Greg Johnson edited by Greg Johnson Alvarion bags Interwave Comm Israeli wireless broadband equipment maker Alvarion Ltd. is acquiring its Mountain View, Calif.-based competitor, Interwave Communications...

Yangtze Power to buy bank stake.
July 29, 2004... Byline: Shu-Ching Jean Chen in Hong Kong Shanghai-listed Yangtze Power Co. Ltd., the state-owned operator of China's massive Three Gorges Dam project, said Wednesday, July 28, it intends to buy a stake in China Construction Bank, a move...

Slim buys Global shares again.
July 29, 2004... Byline: Chris Nolter Latin American telecommunications magnate Carlos Slim Helu has resumed buying shares of Global Crossing Ltd., according to a recent disclosure with the Securities and Exchange Commission. Slim's family trust now...

Interest in Grey still high.
July 29, 2004... Byline: Richard Morgan Speculation that Blackstone Group would back an offer by Havas for Grey Global Group faded Wednesday, July 28, although industry observers said a bidding war could still erupt for the world's seventh-largest...

More state interventions on the way?
July 29, 2004... Byline: Jaret Seiberg in Washington California Insurance Commissioner John Garamendi's decision to reject Anthem Inc.'s $16.5 billion acquisition of WellPoint Health Networks Inc. has raised fears of a new wave of state interference with...

States zero in on Harrah's-Caesars.
July 29, 2004... Byline: Jaret Seiberg State regulators are expected to attack Harrah's Entertainment Inc.'s $9.44 billion acquisition of Caesars Entertainment Inc., obviating the need for major action by federal antitrust enforcers. Experts said...

Terra Lycos close to sale of U.S. unit.
July 29, 2004... Byline: Brian Cattell in London In a stark reminder of the sharp drop in valuations in the technology sector, Spanish Internet company Terra Lycos SA said Wednesday it is close to selling its U.S. Internet portal, Lycos Inc., for $95...

WellPoint-Anthem: Legal tiff hovers.
July 29, 2004... Byline: Tara Croft A protracted legal battle looms in Anthem Inc.'s $16.5 billion acquisition of WellPoint Health Networks Inc. In response to California Department of Insurance commissioner John Garamendi's rejection of the deal on...

M&A in brief: July 28, 2004.
July 29, 2004... Byline: edited by Greg Johnson AMERICAS Adherex buys back Cadherin Durham, N.C., cancer drug researcher Adherex Technologies Inc. said Wednesday it has agreed to re-acquire its former Cadherin Biomedical Inc. unit for about C$1.5...

Owens-Illinois sells unit for $1.2B.
July 29, 2004... Byline: Lisa Gewirtz Owens-Illinois Inc., a Kohlberg Kravis Roberts & Co. portfolio company based in Toledo, Ohio, has agreed to sell its plastic container business for $1.2 billion to Graham Packaging Co., a Blackstone Group portfolio...

Macquarie unit buys U.S. properties.
July 29, 2004... Byline: Josey Puliyenthuruthel Macquarie Office Trust announced Wednesday, July 28, an agreement to buy Principal America Office Trust, an Australian property business that owns 11 office towers in the U.S., for A$857 million ($601...

Ratings Review: July 28, 2004.
July 29, 2004... Byline: Gerald C. Magpily If you're looking for an affordable hotel room in England, you'll most likely get one from British leisure group Whitbread plc, which became the largest budget hotel operator in the United Kingdom with its...

Paris bank talking to Eurofactor.
July 29, 2004... Byline: Ross Tieman in Toulouse, France Paris-based bank Credit Agricole SA said Wednesday, July 28, it aims to buy control of one of Europe's largest factoring businesses, Eurofactor SA, in a deal valuing the target at [Euro]385 million...

NEGT sells assets for $558M.
July 29, 2004... Byline: Claire Poole in Houston Power producer and pipeline operator National Energy & Gas Transmission Inc. said late Tuesday, July 27, that it agreed to sell its interests in 12 power plants and a natural gas pipeline to Denali Power...

Movers & shakers: July 29, 2004.
July 29, 2004... Byline: compiled by Lisa Camerlengo Theodore "Ted" Niedermayer has joined the media and telecom group at Merrill Lynch & Co. as a managing director. Niedermayer most recently served as managing director in the telecommunications,...

VC Sector Watch: New Media.
July 29, 2004... Byline: George White When the tech bubble burst four years ago, technology startups across the board saw venture capitalists run for cover and dealflow dry up. Over time, the venture capital industry has climbed back to pre-bubble days,...

Investitori Asociati closes $844M fund.
July 29, 2004... Byline: Heather O'Brian in Milan Milan-based private equity firm Investitori Associati said Wednesday, July 28, that it has just closed its largest fund to date, the [Euro]700 million ($844 million) Investitori Associati IV pool. The new...

Friedman closes $750M fund.
July 29, 2004... Byline: Kelly Holman San Francisco private equity firm Friedman Fleischer & Lowe LLC said Wednesday, July 28, it has closed on $750 million of commitments for its second fund, exceeding an initial $600 million target. Forty...

Ewing buying out Key Auto stakes.
July 29, 2004... Byline: Kelly Holman and John E. Morris As part of the unwinding of their relationship, Ewing Management Group has agreed to buy Carlyle Group's stake in Key Automotive Group, as well as a stake held by Lightyear Capital. Financial...

PeopleSoft profit plunges.
July 29, 2004... Byline: Cheryl Meyer in Los Angeles Second-quarter profit at PeopleSoft Inc. plummeted almost 70% from the year-ago period, and company executives said Tuesday, July 27, Oracle Corp. and its ongoing antitrust trial are to blame. ...

Sunny shines for Tropic Networks.
July 29, 2004... Byline: Clifford Carlsen Optical communications equipment maker Tropic Networks Inc., after weathering a severe funding drought in the sector, lands $33 million in a Series D funding led by strategic investor Alcatel. The round also...

DealFlow: July 29, 2004.
July 29, 2004... Byline: compiled by George White compiled by George White Computer hardware and software Haley Enterprise Business process management software maker Haley Enterprise Inc. of Sewickley, Pa., has closed a $5.5 million Series A...

Fleming wins plan confirmation.
July 28, 2004... Byline: Soma Biswas A court has confirmed Fleming Cos.' reorganization plan, allowing the Lewisville, Texas-based grocery wholesaler to reorganize around Core-Mark International, its convenience store distribution unit. Judge Mary...

Laura Secord sale is approved.
July 28, 2004... Byline: Laura King in Toronto Courts in Canada and the U.S. on Tuesday approved the sale of Canadian chocolatier Laura Secord to Boston's Gordon Brothers Group LLC for C$27.6 million ($20.7 million). The deal is expected to close Aug. 9....

Adelphia cancels hearing.
July 28, 2004... Byline: Jonathan Berke Adelphia Communications Corp. on Tuesday postponed a hearing on its executive compensation package. The Greenwood Village, Colo., cable company had sought approval for a motion to give some executives up to...

Loral shareholders lose in court.
July 28, 2004... Byline: Lou Whiteman Shareholders of Loral Space & Communications Ltd. on Tuesday were dealt a setback in their quest to receive a stake in the company after it emerges from bankruptcy protection. Judge Robert Drain in U.S....

Court thwarts Mars founder.
July 28, 2004... Byline: Erik Moser Paschal Phelan, founder and director of the Mars 2112 restaurant in New York, is objecting to an injunction imposed by the Irish High Court that prevents him from taking any actions in regards to a rights issue with...

Congoleum sets new court date.
July 28, 2004... Byline: Paul Burton Congoleum Corp. has received approval from the U.S. Bankruptcy Court for the District of New Jersey in Trenton to postpone the confirmation hearing for its reorganization plan to Oct. 5. The Mercerville, N.J.,...

Shanghai Auto inks deal pact.
July 28, 2004... Byline: Roger du Mars in Seoul China's largest car company, Shanghai Automotive Industry Corp. on Tuesday signed a memorandum of understanding to acquire a 48.9% stake in South Korea's smallest carmaker Ssangyong Motor Co. Shanghai...

Court nixes try to open MCI records.
July 28, 2004... Byline: Chris Nolter Calling a motion by state taxing authorities "a veiled attempt at discovery that was previously denied," U.S. Bankruptcy Judge Arthur Gonzalez denied a motion on Tuesday, July 27, that would have forced MCI Inc. to...

New Weathervane to Canadian retailer.
July 28, 2004... Byline: Terry Brennan A Toronto-based retailer's $2.7 million stalking-horse bid for the assets of bankrupt New Weathervane Retail Corp. also became the winning one July 27. The all-cash offer by Fair Vane Ltd. was selected when...

Judge: Oglebay must reveal $451M bid.
July 28, 2004... Byline: Shanon D. Murray A Delaware visiting judge said Tuesday, July 27, he would approve Oglebay Norton Co.'s disclosure statement once the mineral processing and shipping company includes information in it about a $451 million...

Solutia asks for deal probe.
July 28, 2004... Byline: Paul Burton The equity committee for chemicals company Solutia Inc. has asked the bankruptcy court for permission to investigate Monsanto Co.'s spinoff of its chemicals business to Solutia. The scope of the probe also would...

Halliburton settles asbestos claims.
July 28, 2004... Byline: Soma Biswas Halliburton Co. has won final approval for a $4.2 billion settlement with asbestos plaintiffs. The agreement, part of a bankruptcy reorganization plan for Halliburton's DII Industries and Kellogg Brown & Root...

USAirways warns of more doom.
July 28, 2004... Byline: Lou Whiteman US Airways Group Inc. earned a rare profit during the second quarter, but the troubled carrier warned that without major cost cuts it could declare bankruptcy for a second time. The Arlington, Va.-based airline...

IPO outlook: July 28, 2004.
July 28, 2004... Byline: edited by Greg Johnson Westlake Chemical prices IPO Westlake Chemical Corp., a Houston maker of basic chemicals, vinyls and polymers, said Tuesday, July 27, it hopes to price its initial public offering of 11.8 million shares...

Tokyo court halts bank deal.
July 28, 2004... Byline: Charles Smith in Tokyo The future of what was billed as the world's largest bank merger was in doubt Tuesday, July 27, after a Tokyo court ordered a temporary halt to talks between Mitsubishi Tokyo Financial Group and UFJ...

Antitrust panel wants input.
July 28, 2004... Byline: Jaret Seiberg in Washington Corporate executives frustrated with federal merger enforcement now have a forum to air their complaints. The Antitrust Modernization Commission began its three-year review of the antitrust laws this...

EU Commission: Arrivederci, Monti.
July 28, 2004... Byline: Renee Cordes in Brussels When Mario Monti became the European Union's competition commissioner in 1999, his predecessor had already laid the groundwork for the overhaul of merger control and the most comprehensive reform of EU...

In play: July 28, 2004.
July 28, 2004... Byline: edited by Greg Johnson edited by Greg Johnson Mandalay, MGM get 2nd request Mandalay Resort Group and MGM Mirage Inc. jointly announced Tuesday that the Federal Trade Commission has issued a request for additional...

New & noteworthy: July 28, 2004.
July 28, 2004... Byline: edited by Greg Johnson edited by Greg Johnson Darby Asia gets Meiya stake Darby Asia Investors Ltd., a unit of Washington private equity firm Darby Overseas Investments Ltd., said Tuesday it led a group that acquired 20%...

Veolia to sell stake in Spanish firm.
July 28, 2004... Byline: Ross Tieman in Toulouse, France Veolia Environnement SA is close to agreement on the [Euro]1 billion ($1.2 billion)-plus sale of its 49% stake in the company that controls Spanish construction group Fomento de Construcciones Y...

Malden Mills CEO quits.
July 28, 2004... Byline: Paul Burton Aaron Feuerstein, who earned national acclaim for paying his workers at Malden Mills Industries Inc. after a 1995 fire destroyed the textile mill, has resigned as president and nonexecutive chairman. But the...

Manugistics battles changing market.
July 28, 2004... Byline: Cheryl Meyer With Joe Cowan now at the helm of embattled Manugistics Group Inc., his appointment has some observers wondering whether the supply-chain software developer is primping for a sale. The Rockville, Md.-based...

Orlen to name CEO.
July 28, 2004... Byline: Patricia Koza Central European dealmakers are waiting to see whether the new CEO of PKN Orlen SA, who is likely to be named July 28, will continue his predecessor's efforts to consolidate the region's oil industry and overcome...

M&A in brief: July 27, 2004.
July 28, 2004... Byline: edited by Greg Johnson AMERICAS Anteon purchases Simulation Fairfax, Va., IT services and engineering firm Anteon International Corp. on Tuesday said it acquired Simulation Technologies Inc. for $15 million. San Antonio-based...

Movers & shakers: July 28, 2004.
July 28, 2004... Byline: compiled by Lisa Camerlengo Merrill Lynch & Co. has elected private equity veterans Ann Reese and Charles Rossotti to its board of directors, effective Oct. 1. Both Reese and Rossotti have been appointed to the board's audit...

Private Capital People: July 27, 2004.
July 28, 2004... Byline: compiled by Lisa Camerlengo Blackstone Group LP has appointed Mary Anne Citrino as a senior managing director for its corporate advisory group. Citrino, who brings more than 20 years of investment banking experience to the...

Italy's Coin eyes PE investment.
July 28, 2004... Byline: Heather O'Brian in Milan Italy's Coin family is weighing whether to sell a stake in its namesake retail group to private equity investors and has hired advisers, a source confirmed Tuesday, July 27. Finanziaria Coin Srl, the...

CVC puts EJ Footwear on the block.
July 28, 2004... Byline: Kelly Holman Citicorp Venture Capital is shopping EJ Footwear Group LLC, whose brands include Durango cowboy boots, Georgia Boot, Lehigh Safety Shoes and Dickies, the Daily Deal has learned. CVC, the New York-based private...

Ontario Teachers reach for Anacin.
July 28, 2004... Byline: Lisa Gewirtz The private equity arm of Ontario Teachers' Pension Plan, Teachers' Merchant Bank, is in exclusive negotiations to acquire Pharmaceutical Holdings Inc., maker of Anacin brand aspirin and Sucrets sore throat lozenges,...

LifeSize gets $20M.
July 28, 2004... Byline: Clifford Carlsen Videoconferencing and communications developer LifeSize Communications Inc. raised $20 million in a pre-emptive Series B investment led by first-round participant Sutter Hill Ventures. First-round leaders Austin...

CinemaNow lands $11M.
July 28, 2004... Byline: Paul Bonanos Digital video distributor CinemaNow Inc. of Santa Monica, Calif., became the latest video-on-demand company to raise a new round of venture capital Tuesday, July 27, when it announced an $11 million fourth round that...

DealFlow: July 28, 2004.
July 28, 2004... Byline: compiled by George White compiled by George White Computer hardware and software Haley Enterprise Business process management software maker Haley Enterprise Inc. of Sewickley, Pa., has closed a $5.5 million Series A...

Valiance runs out of gas.
July 27, 2004... Byline: Ross Tieman in Toulouse, France Valiance Fiduciaire SA, France's biggest money-transporting company, said Monday, July 26, it would file for insolvency and was in talks with potential buyers for most of its business. At a...

Parmalat sweetens its rescue plan.
July 27, 2004... Byline: Heather O'Brian in Milan Insolvent Italian dairy group Parmalat Finanziaria SpA sought Monday, July 26, to sweeten the terms of its rescue plan, announcing it had pledged to pay out 50% of future profits in the form of dividends....

Hawaiian Air asks for extension.
July 27, 2004... Byline: Ben Fidler Hawaiian Airlines Inc.'s trustee has filed a motion with the support of the creditor's committee to extend its exclusivity period by four weeks. The motion, filed late July 23 in the U.S. Bankruptcy Court for the...

Loral investors to oppose reorg.
July 27, 2004... Byline: Lou Whiteman Shareholders of bankrupt Loral Space & Communications Ltd. will have their day in court Tuesday, July 27, to argue against a reorganization plan that would wipe out equity holders. New York-based Loral said July...

States seek MCI tax files.
July 27, 2004... Byline: Chris Nolter While takeover speculation continues to follow MCI Inc., and has now enveloped its rival AT&T Corp., the telecom's lawyers are renewing a battle with state tax authorities in bankruptcy court Tuesday, July 27. A...

Pay motion rankles Adelphia's creditors.
July 27, 2004... Byline: Jonathan Berke Bankrupt Adelphia Communications Corp. will encounter hostile creditors July 27 as it tries to get approval for an employee compensation motion that could potentially dole out up to $60.2 million. Both the...

U.S. Plastic Lumber seeks Ch. 11.
July 27, 2004... Byline: Terry Brennan U.S. Plastic Lumber Corp., forced to file for bankruptcy after an unsecured creditor suddenly moved to attach its bank account, is now uncertain whether to sell some or all of its assets or to reorganize, according...

CEO shuffle: July 26, 2004.
July 27, 2004... Byline: David Ehrlich The private equity consortium buying wholesale electric power generator Texas Genco Holdings Inc. on Friday, July 23, named Jack Fusco to head the purchasing group, known as GC Power Acquisition LLC. Fusco...

Electrabel mulls IPO of grid unit.
July 27, 2004... Byline: Renee Cordes in Brussels Electrabel SA, the largest Belgian electricity producer, said Monday, July 26, it is examining the possibility of an IPO or trade sale of Belgian electricity grid operator Elia. Lut Vandevelde, a...