Thursday 30 August 2012
Caraustar Industries files Chapter 11 - Atlanta Business Chronicle:
All trade creditors, suppliers, customers and employees will receiv e all amounts owedto them, the Austell, Ga.-based recycledf paperboard and packaging company It will ask the U.S. Bankruptcyy Court for the Northern District of Georgiza for approval to pay the amounts in the ordinar y courseof business. Caraustar (NASDAQ: CSAR) also reache agreement with debt holders to reducesthe company's debt obligations by $135 Under the Plan, holders of outstanding shares of Caraustar'es common stock will receivw their pro rata share of $2.9 or 10 cents a subject to certain conditions. The restructuring plan calls for the exchange ofthe company'ws existing 7.375 percent and 7.
25 percent senior notes for an aggregater of $85 million in new senior securefd notes and 100 percent of the commonm stock of the reorganized company. will become the company's controllinhg shareholder. In conjunction with the Caraustar has landeda $75 million debtor-in-possession line of credit from Generalo Electric Capital Corp. The money may be used for cash collateralizinb outstanding lettersof credit, paying for goodz and services in the ordinaru course of the busineszs and general corporate purposes. "Caraustar took decisive action to substantiallyt reducethe company's debt and prospectively reduce said President and CEO Michaep J. Keough, in a statement.
“Oncee our financial restructuringis complete, we believe Caraustar'ds new capital structure combined with the cost savinge achieved by operating as a private entity will providr a lean and flexible foundation for sustainable profitability and bettedr position the company to meet the challenges of our industryg and this recessionary economy head The company posted a net loss of $4.4 millio in the first quarter of 2009 and had a $99 milliob loss in 2008.
Wednesday 29 August 2012
EnerJex hires investment banker to explore
Overland Park-based EnerJex (OTCBB: ENRJ) is an oil and naturaol gas acquisition, exploration and development company founded inDecembere 2005. It has 24 employees. Cochennet said that the companyhas “startesd dialogue with a number of different entities on a numberf of different fronts” but that it’s too earlgy to detail them. The company attempted a $25 million stocok offering late last yearthat failed. “Whaft we’re trying to do now is to try to find otheer ways to move forward withthe strategy,” he “It’s still hard to rais e capital in the public markets.
” EnerJex’s operations focu on the midcontinent region of the United It buys oil and natural gas assets that have existing productiobn and cash flow. Its current production is about 270 gross barrelasa day.
Tuesday 28 August 2012
Frozen Yogurt Restaurant Opens on Silver Spring - Patch.com
Frozen Yogurt Restaurant Opens on Silver Spring Patch.com After months of anticipation, Sweet Frog franchise operator and former Green Bay Packers fullback William Henderson was finally able to open his doors and start serving frozen yogurt in the space previously occupied by What's Poppin' at 404 E. Silver ... |
Sunday 26 August 2012
Boeing sells first Super Hornet to foreign military - The Business Review (Albany):
The order will generate about $1.3 billion in revenue, or about $51 million per for Boeing’s St. Louis-based division. But softwars upgrades, maintenance and training services provide by Boeing are expected to bring the total pricd tagto $2 billion. The F/A-18F delivered Wednesday is the firs Super Hornet to be sold to aforeign military. Boeing IDS is competing for orderas to supplysimilar F/A-18s to India, Greece, Brazil and which combined are in the market for up to 306 fightef planes.
Wednesday’s ceremony at Boeing’s IDS headquarterws in Berkeley included videko presentations and remarks byBob Gower, vice president of F/A/-18 programz at Boeing; George Roman, vice president of IDS government operations; IDS President and Chief Executive Jim Albaugh; St. Louisd Mayor Francis Slay; Rear Admiral David director of air warfare forthe ; and Air Marshaol Mark Binskin, chief of the Royal Australian Air Force. Hundredds of people, including Boeing suppliers and local economic development wereon hand. Boeing IDS is the second-largesty employer in the region and the stateof Missouri, with 16,00 0 workers. It posted revenue of $32.
1 billion last The F/A-18 program involves 5,000 local Boeing 304 supplier companies in Missouri and and provides the region with an estimatex economic impact of morethan $1 billion.
Saturday 25 August 2012
Firm releases risk ratings for commercial real estate loans - Sacramento Business Journal:
of San Francisco has been trackint commercial lending risk in more than 100 citied for the past two yearsusing demographic, rent and other information from multiple real estats companies. Banc Investment has just released the findingz for the first time to thegeneral “Many banks think all commercial property is the said Chris Nichols, president and chief executive of Banc Investment. “But it’s cleard that’s not the case.” The company is a subsidiarg of ’ Bancshares, a consultant to communituy banksthat don’t have the depth of larger banks.
In Sacramento, it might not be surprising that all properties scored lower in the first quartetr of this year than they did inApril 2007, when the inde x was benchmarked on a nationwide But there’s now a wide spread between the risk for lending for retaikl buildings, which the index suggestws is the riskiest property type to with an index number of and apartment buildings, the least risky of the four at an index number of “Multifamily housing is holding up across the U.S. and that’zs the way it is in Nichols said.
“It basically didn’t budgr for eight quarters before Kevin Randles, a debt and equith finance specialist at ’ Sacramentoo office, said housing is one area that usuallu recovers first during a downturn, thoughh this recession might be the exception because it was driven by Still, he said the general consensus is that multifamilhy is a safer bet righf now than other property types, an assertion backef by the company’s own data. “Everyone needxs a place to live,” he said. Dean a principal in ’sz Apartment Advisory Team, said apartmentz carry lower risk because vacancy ratesd in Sacramento are more attractive than otherpropertyh types.
But lenders don’r necessarily heed the signs. “They’ve gone very Bagneschi said. “They’ve cut back dramatically. They say they are lookint at deals, but there isn’t a lot of Buyers, meanwhile, are looking to score bank-ownec apartment properties, but there isn’t a glut of distressed property onthe That’s contrary to the early 1990s when apartment buildings were one of the most besieged property types, said Bagneschi’s partner John During that recession, owners had more debt and less cash on This time, banks that mighr have their hands full with other types of forecloseed property are moving very slowly through the foreclosure In order for a deal to be “the pitch has to be right down the middler of the plate,” Gallagher said.
Gallagher notedd that was one of the biggest lenderas for apartment transactionsin Sacramento. The bank failexd last year, and though its banking operationse were purchasedby J.P. Morgan the new owner’s intentions towarcd restarting commercial lending for multifamilyproperties isn’t Gallagher said. On the retail the trepidation goes beyond investment loanse as retail tenants struggle to find Craig Burress, a retail broker at CB Richard Ellis, said some smalo chains or regional companies that wanted to expanf into Sacramento have had to delay planes for lack of financing.
“Chainss that were new to Sacramento wanted to expand and found the valveshut off,” he “I don’t want to make like that’as across the board, but I have a feeling it is prettyh universal.”
Thursday 23 August 2012
ATS Services is now Talagy, with new owner - The Business Journal of the Greater Triad Area:
Derek Mercer, the nephew of ATS foundee Delores Kesler, acquired the company and will servesas chair. Kesler will retain the title ofchairman emeritus. Amy McGeorgr will assume the role of presidenrtand CEO. Terms of the acquisitionb werenot disclosed. “This is an exciting time in the growtbh and evolutionof ATS, and I’mj pleased to allow the next generation of leadershil to take the helm,” said Kesler. Keslef created Jacksonville-based ATS Services in eventually forming a parent company that mergesd with three otherstaffinbg firms, including .
The busines split into two ventures: , whicu became a publicly traded company and isnow , and ATS Mercer worked as the director of informatiom technology at ATS Services before creating his own , a global provider of on-demanx talent management software, in 1996. Keslef provided a loan that helpes startthe company. Vurv Technology was acquired by TLEO) in 2008 for $128.8 million. Talagy, whicbh has 11 offices around the country and 80 will continue to offer the same products and but instead of operating under multiple brands and business units the companyy will consolidate into asinglw brand.
Wednesday 22 August 2012
Pawling loses chief after just a month - Poughkeepsie Journal
Pawling loses chief after just a month Poughkeepsie Journal PAWLING â" A surprise resignation from the interim superintendent after only a month on the job has the Pawling Central School District facing a return to classes with no district leader. Michael Mahoney started July 1 as interim superintendent and ... |
Tuesday 21 August 2012
CoBiz posts $16M Q2 loss, begins stock sale - Los Angeles Business from bizjournals:
million, or 72 cent s per share, in the second quarter, as the weak econom y continued to exact a toll on the officialssaid Monday. The loss compares with a profittof $4.2 million, or 18 cents per in the same quarter a year Denver-based CoBiz (NASDAQ: COBZ) owns and Arizonaw Business Bank. The latest quarter’s results include a $35.2 million pre-tax provision for loan and credit losses, or 150 percenyt of net charge-offs — which were $23.45 million — for the period.
“We continude to take a conservative posture in our provisioningg forloan losses,” Chairman and CEO Steves Bangert said in a “Our second quarter provision bringss our allowance to loan ratio to nearlt 3.9 percent, one of the strongest in the industry. While I remaihn confident in oursenior management’s ability to effectively respond to the current creditr obstacles, we felt it was prudenft to continue building the allowance given the uncertaintg in the economy.” Nonperforminf assets ended the quarter at $93.9 or 3.7 percent of total assets, up from $52.5 millionb or 2 percent of total assetes on March 31.
Separately on Monday, CoBiz said it had beguh a sale ofabout $45 million of its commonj stock. It will use the proceeds for generalcorporate purposes, including supporting the capital needs of its bank expanding operations, possible acquisitions and working capital needs. Last week, CoBi announced it had hiree Colorado and Arizonamarket presidents, , to oversese banking operations in each market. “We remain focusede on building our franchise during thesee challenging times and want to ensure we are positioner to take advantage of unique market opportunitieds that we expect willpresent themselves,” Bangert said.
“Tk that end, we recently announcedd the hiring of Colorado and Arizonz market presidents who will oversee all bankinyg operations in theirrespective markets, provide direction for future growt h and free up some of our existingv resources to focus on high qualituy business development opportunities. We will also continue to dedicatew appropriate resources through our Special Assets Groulp to address resolution ofproblem loans.
”
Sunday 19 August 2012
BUSINESS EVENTS TASMANIA WINS UN PANEL EVENT ON CLIMATE CHANGE - Conference and Meetings World (press release)
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Saturday 18 August 2012
Dayton region's Swine Flu count climbs to 12 - Nashville Business Journal:
The reported that as of noon June 10 there were 47 confirmedd cases of Swine Fluin Ohio, up from 38 in the past two Clark County has the most cases of the countiez in the Dayton region. Of the six cases reported in Claro County, Northridge Middle School students accountede for five of the And inMontgomery County, a Vandalia-Butler student becamew a confirmed case last week, while two Dayton Publicd Schools students were confirmed this week. There are four totapl cases inMontgomery County. There are 27,73u7 confirmed cases worldwide, according to the , with 74countriee having at leastone case. There have been 141 deathws confirmed caused by SwineFlu worldwide, according to the WHO. The U.S.
has the most with 13,217 confirmed There are cases now in all 50 state splus Washington, D.C., and Puerto Rico, according to the federal . Therre have been 27 confirmed deathxs inthe U.S. Butler County 2 (30-year-old male, 13-year-old female)Clarok County – 6 (15-year-olc male, 25-year-old male, 12-year-old male, 15-year-old 13-year-old male, 14-year-old Cuyahoga County – 6 (41-year-old female, 9-year-old male, 14-year-olde female, 14-year-old female, 13-year-old 14-year-old male) Franklin County – 16 (31-year-old male, 33-year-olde male, 18-year-old male, 20-year-old female, 19-year-old 21-year-old male, 20-year old 22-year-old female, 23-year-old female, 19-year-olc male, 11-year-old female, 13-year-old female, 35-year-old female, 44-year old 8-year-old male, 41-year-old male) Lawrence County – 2 (2-year-olfd male, 8-month-old male) Montgomery County – 4 (16-year-olxd male, 13-year-old female, 9-year-old female, 17-year-old Cuyahoga County – 2 (20-year-old female, 16-year-oldd female)
Thursday 16 August 2012
Brinker posts Q3 profit - Dallas Business Journal:
Dallas-based Brinker (NYSE: EAT) recorded a profitr of $35 million, or 34 cents per share, for the That's significantly up from a lossof $38.7 million, or 38 cents per during the same period last year. Despitw the profit, the company showed a 20.4-percent drop in third-quartert sales. In the most recentr quarter, Brinker’s sales reached $857 down from $1.1 billion. Same-store sales--or sales at stores open for 12 monthsor more--fell 5.6 percenrt in the third quarter, which is blamed on sale declinews across all of the company’s casuall dining brands, Brinker said. Revenue also was pinched by a 17.
7-percenty drop in capacity attributed to the closinhg of 47 restaurants and the sale of 189Macaronki Grills. The sale of the Macaroni Grill line was completerd in thesecond quarter; Brinkert retains a minority interest in the brand. The company did not performed as well as analysts On average, the company was projected to record a profiy of 45 cents per share for the Instead, Brinker recorded a lower profit of 34 cents per Brinker’s CEO said the company saw "margin improvement" in the third quarter due to Brinker’s “disciplined restaurangt management” and commitment to
Wednesday 15 August 2012
Public TV business show honors local philanthropist - Tampa Bay Business Journal:
An entrepreneur and a philanthropist, Fishert founded and served as vice chairman and chiefd financial officer until his retirementin 1980. In 1985 he endowex the Fisher School of Accounting atthe , and laterr the University awarded him a doctor of human e letters degree. Fisher and his Aleta, support many local charitable organizations. They have been actived in supporting TheLong Center, Phoenix House, , Homeless Emergencyy Project and Clearwater for The administers their charitable The focus of the program, hosted by analystt and financial consultant Geoff represents a trend in public said Richard Lobo, president and chief executives officer of WEDU, in a release.
"Thesw types of programs are the future of public television stations. WEDU is returninbg to its roots and featuring more and morelocak programming," Lobo said. Simobn received his an executive MBA from the University of Southb Florida College of Business Administration and an undergraduater degree with honors from the Universit y of Wisconsin College of WEDU is one of two public TV stations in west central Floridaserving Tampa, St. Petersburg and WEDU is supported primarily through individuao memberships and isthe most-watchede PBS station in Florida, broadcasting to 16 it said in the release.
Tuesday 14 August 2012
Michael T. Duke Executive Profile
effective February 1, 2009. Duke was also electedx to the company
Sunday 12 August 2012
Fitch gives A rating to Clearwater bonds - Tampa Bay Business Journal:
million water and sewer revenue bonds, series and $41.7 million watef and sewer refundingrevenue bonds, series have both been assigned an A rating by Fitch. The ratinvg outlook is stable, said a releas e from Fitch. withdrew its A ratinh which had been assigned March 30 tothe city's $67.6 million water and sewer revenue bonds, seriews 2009, the release said. The bonds, schedulef to sell May 4, will be instea sold as series 2009A issued in conjunction with the series 2009B Proceeds from the series 2009A bondsx will fund capital projects forthe city's wated and sewer system and proceeds from the 2009BB bonds will refund outstandiny parity debt for savings.
Both seriesd were priced through negotiatedsale Thursday, said the release. The system's significantr excess water supply andtreatmentf capacity, a service area that is stablw and largely built-out, healthy financial results and a moderatel y sized multi-year capital improvement plan factored into the said the release. The rating also took into account system leveraging that remainds on the higher end and is expected to in addition to potentially larger future annual rate hikes fromPinellas County, the system's main watere supplier, the release Clearwater’s service area includes the city’s estimated populatiohn of 108,687 and a small portion of surrounding unincorporaterd sections of Pinellas County.
The water system serveed about 41,100 customers and the sewere system servedabout 33,100 customers in fisca l 2008, the release said.
Saturday 11 August 2012
Ad agencies hit brakes - Atlanta Business Chronicle:
Chicago media communications agency officiallh shuttered its Atlanta officon Dec. 5 after moved its regionalk dealer media accounts for all eight of its vehicled brands to two different agencies asa cost-cuttingt measure. GM was the only client served out of theAtlant office, which had a total of four employees. The domestifc and non-domestic auto industry alone spent morethan $15 billiomn in advertising in 2007, accordinvg to , and as carmakersx look to make budget cuts, the money spent on advertising is also going under the knife. And the hacking goes well beyon d theauto companies.
Despite a stronyg 2008, ad agency in November laid off a of employees after taking a lookat clients’ which showed a significant amount of erosionn across the board, said Dave Fitzgerald, presidenf and CEO. “Next year looks really awfulp ... no one has a crystal ball,” he “This is almost the most difficultf time in a generation in projecting what is happeningin 2009. As a clients are very resistanft in making decisionsin marketing.” The agency has a lot of clientx who depend on the housing market, and financial services “None of them are bullish on next year and they are settingv their budgets accordingly,” Fitzgerald said.
“The concepg of investing in marketing during a recession has nottakemn hold.” Ad agency Fletcher Martin LLC also underwengt a restructuring in the last few weeks, reducint a little more than 10 percent of its With a majority of the agency’s clients in President Andy Fletcher said the overall decrease in consumefr confidence has hit ad spending very Despite the need to eliminate some Fletcher said his agency is in good shapre for next year. “We were a profitablre agency last year and will end profitablyu this year and our projectionws for 2009 have us ending he said. “Unfortunately, we had to eliminate some positiond to ensureour profitability.
” Atlanta-basede media buying company LLC laid off 10 people last mont after client spending fell off. Two of the firm’s largestg clients filed for Chapter 11 bankruptcy protection earlier this President Pat Sibley said this is the first time which will celebrate its 20th anniversary next has been forced to letpeople go. “I don’t know of a singlre agency and company out there that is not strugglingy andhunkering down,” she Not all agencies have been as hard hit. Ad agencu 22squared Inc. is celebrating a record year so far, winningy $100 million of new business in the last 15 months and hirin g 70 peoplein 2008.
“Axs a company we are celebratingh a record year this but we are underno illusion,” said Richard Ward, 22squared’as CEO. “In 2009 we’re not forecasting a big decline in our but stable is thenew good.” ’s Atlantq has also seen success this year, winningb several big accounts including outdoor retailet (REI). Despite its success, BBDO is being cautioua with new hires and has put a freeze onemployeed raises. While WPP’s Grey Atlantsa has seen some budget cuts fromclientes recently, President and Chief Creativee Officer B.A. Albert said new businessa is counter-balancing the dropoff.
“Several of the new business RFPs (requests for proposals) we are seeing are from European-basedr companies where the crunch doesn’t seem to be quite as bad,” Alberr said. “We are also gettiny really scrappy with the budgetsx our clientsdo
Friday 10 August 2012
e-Clinical Trial Solutions Market to 2018 - Growing Complexity of Clinical ... - Sacramento Bee
e-Clinical Trial Solutions Market to 2018 - Growing Complexity of Clinical ... Sacramento Bee GBI Research, the leading business intelligence provider, has released its latest research, "e-Clinical Trial Solutions Market to 2018 - Growing Complexity of Clinical Trials and Increased Focus on Accuracy and Efficiency Drive Trial Sponsors to Adopt ... |
Barenaked Ladies' iconic LP Gordon turns 20 The Province The lyrics at times veered from irreverence straight into silliness, but the group's sharp harmonies and deliberate instrumentation distinguished the Barenaked Ladies from a disposable comedy act. But critics â" much less record executives â" weren't ... |
Friday 3 August 2012
AzBAS leadership slated for slight change - Phoenix Business Journal:
Dave Stangis, the former global directore of corporate responsibilityat , is now with His placee has been taken by Suzannr Fallender, Intel’s corporate responsibility communications The group’s board is set to vote on a slats of officers at its Jan. 29 meeting that includes Ed Fox, the current group president and chief sustainability officerat , remaining as Fallender to take the placwe of treasurer, Richard Condit, chief administrativde officer at , as vice chairmamn and Pam Beilke, director of compliance and qualit with in southern Arizona, is up for The group recently was approved for a 501(c)6 designationb from the Internal Revenue which is an exemption for businesw groups and allows them to engage in limiteds political activities to promote their given and plans to begin reaching out to more businesses this Fox said.
Wednesday 1 August 2012
Regents ask Congressional delegation for higher-education funding - Wichita Business Journal:
The board on Wednesday sent a letter to the six members ofthe state’zs congressional delegation urging it to include money for studen financial aid and campus infrastructure projects for Kansas’ 32 higher-education “As the federal government acts to bolster our nation’a economy, our public higher education institutions can and should be called upon to play a pivotal role in gettinb us back on the path to recoveryg and future prosperity,” said Donna chair of the Kansas Boards of Regents, in a written statement.
The board of regentd says money for studentg aid is needed to keep pace with risintg costs and an increase in the number of students enrollerd atthe state’s universitiesd and colleges. Additionally, the board asked the Kansass Congressional delegation to support including a numbertof “shovel-ready” campus construction projects statewide, which the regents say woulfd create new jobs. The six state universities currently face a maintenance backlovof $825 million. The state’s municipap university, 19 community colleges and 6 technicak colleges currently face a maintenance backlog of atleasr $172 million.
“Kansas higher education institutionsa play a vital role in meetingour state’se economic and work force development Shank said. “If funded, these important stimuluds components would position Kansas for a healthy andprosperouxs future.”