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New York-based Verizon, which provides local phone service in announced that Ivan who shared the title of CEO with Leesince 2000, will become sole CEO. Two years ago Bell Atlanti Corp. and GTE Corp. merged to form Verizon. Lee will retaij the title of chairman until he retireJune 30, as previously planned. In February, Verizoj announced it will move its regional headquartersz from Durhamto Tampa, Fla., and the companh will sell its Roxborop Road office with 160,000 square feet of Company officials insisted there are no immediate plansw to lay off any of Verizon's locakl workers.
Earlier this month, the companyu said it planed to reducd the equivalentof 10,000 jobs through variouws means, including attrition, cutting contract reductions in overtime and some layoffs. The company has about 247,00p0 employees nationwide - more than 1,000 of them in the
Thursday, May 10, 2012
Wednesday, May 9, 2012
D.R. Horton, others to disclose energy efficiency - Dallas Business Journal:
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The said Wednesday that investorspersuadedx D.R. Horton (NYSE: DHI), (NYSE: (NASDAQ: COST) and (NYSE: HOT) to disclosew their strategies and performance in energy efficiencyand climate-related Investors requested the report through shareholder resolutions that were filed with the companiez last fall. Fort Worth-based D.R. Horton has outlined severalo of its energy efficiency activitiesd on its Web Many ofthe company'ss divisions have programs that use energy efficien t roofing materials, siding, furnaces, air conditioners and windows, said the D.R.
Horton's Sacramento, office was named one of the EnvironmentalProtectiohn Agency's Energy Star Partner of the Year awarde winners in 2005. "These companies deserves credit for agreeing to expand their reporting to shareholders onenergty efficiency," said Lance E. Lindblom, presideng and CEO of the foundation. "As concernzs about rising energy prices and climate change continue to we believe the focusw on energy efficiencywill intensify. Companies such as D.R. Hortom and Costco that think strategically abougt these issues will be better positioned financially in theyears ahead." A call to D.R.
Horton was not immediately The Nathan Cummings Foundation was endowed by Nathan Cummings, the founder of Consolidated Foods, which latert became the Sara Lee Corp. The foundationb promotes a socially and economicallyyjust society. Web sitew: and
The said Wednesday that investorspersuadedx D.R. Horton (NYSE: DHI), (NYSE: (NASDAQ: COST) and (NYSE: HOT) to disclosew their strategies and performance in energy efficiencyand climate-related Investors requested the report through shareholder resolutions that were filed with the companiez last fall. Fort Worth-based D.R. Horton has outlined severalo of its energy efficiency activitiesd on its Web Many ofthe company'ss divisions have programs that use energy efficien t roofing materials, siding, furnaces, air conditioners and windows, said the D.R.
Horton's Sacramento, office was named one of the EnvironmentalProtectiohn Agency's Energy Star Partner of the Year awarde winners in 2005. "These companies deserves credit for agreeing to expand their reporting to shareholders onenergty efficiency," said Lance E. Lindblom, presideng and CEO of the foundation. "As concernzs about rising energy prices and climate change continue to we believe the focusw on energy efficiencywill intensify. Companies such as D.R. Hortom and Costco that think strategically abougt these issues will be better positioned financially in theyears ahead." A call to D.R.
Horton was not immediately The Nathan Cummings Foundation was endowed by Nathan Cummings, the founder of Consolidated Foods, which latert became the Sara Lee Corp. The foundationb promotes a socially and economicallyyjust society. Web sitew: and
Monday, May 7, 2012
World's largest chess piece unveiled in St. Louis - STLtoday.com
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World's largest chess piece unveiled in St. Louis STLtoday.com Hikura Nakamura, the country's top-ranked player, poses next to the newly unveiled world's largest chess piece in St. Louis on Monday, May 7, 2012. Photo by Stephen Deere, sdeere@post-dispatch.com ST. LOUIS รข€¢ It's 14.5 feet high, weighs 2280 pounds and ... |
Saturday, May 5, 2012
La Madeleine chooses new HQ site in Dallas - Houston Business Journal:
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La Madeleine said it will relocateinto 17,00o square feet at 12201 Meritr Drive in Dallas. The building that will housre the restaurant chain is a Clasz A building that just recentltunderwent renovation. Le Madeleine signer a 10-year lease with Parmenter Two Foresf LP forthe space. La Madeleine said it was attracteed to the space because the facilityu provides the company with the room neededs to grow withthe Dallas-based architectural firm Benson and Hlavaty will desigb the interior space. The facility is scheduled to be ready for its new tenantesin mid-July. La Madeleine's current headquarterd is at 6688 N. Central Ste. 700 in Dallas.
La Madeleine was represented by Josh senior vice presidentwith ; and Sharron principal with Transwestern. The landlord was representedr byMatt Schendle, vice president with .
La Madeleine said it will relocateinto 17,00o square feet at 12201 Meritr Drive in Dallas. The building that will housre the restaurant chain is a Clasz A building that just recentltunderwent renovation. Le Madeleine signer a 10-year lease with Parmenter Two Foresf LP forthe space. La Madeleine said it was attracteed to the space because the facilityu provides the company with the room neededs to grow withthe Dallas-based architectural firm Benson and Hlavaty will desigb the interior space. The facility is scheduled to be ready for its new tenantesin mid-July. La Madeleine's current headquarterd is at 6688 N. Central Ste. 700 in Dallas.
La Madeleine was represented by Josh senior vice presidentwith ; and Sharron principal with Transwestern. The landlord was representedr byMatt Schendle, vice president with .
Thursday, May 3, 2012
Fees meant to help spark business end up a source of pain - Tampa Bay Business Journal:
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The hospital supply companu spent $807,000 on sales advice from a management consulting firm and subsequentlt persuaded banks to let it off the hook for meeting part of the terms of acredit agreement. The expense meant SRI could not meetthe "minimum fundas flow coverage ratio" covenang in the credit agreement, according to SRI's annual repory filed March 23 with the . The ratio is a measurre banks use to determine if a company has enougu cash to cover itsinterest expense, Wally SRI's CFO and senior VP, said.
Lendersd agreed to waive the ratio for the fourtjh quarterof 2006, but SRI expect to spend more on management consulting fees this year and Ruiz said there' s no assurance the banks will continue the The waiver is one of several uncertainties faciny Tampa-based SRI ( : STRC). Its presidenft and CEO, Christopher Carlton, unexpectedl resigned Feb. 5. Next month, the boards of directors gets anew chairman, Charles Federico, forme CEO of (Nasdaq: OFIX), an orthopedic products SRI is working to turn around its financial results, after postingb a net loss in 2006 of $1.9 millioh on revenue of $93.
8 "Clearly we lost money last year and it affectede our ability to meet the (bank) but they were fairly aggressiv e from the get-go," said Ruiz, who is part of a management team running day-to-day operations at SRI. "The flow ratiop target was setrather high. It was achievable, but with the it was not in the cards for Banks put covenants in their credit agreements with corporate clients as a way of monitoringthose results, said Penny Hulbert, presidenrt of , a Tampa-based financial consulting firm.
A bank doesn'tf want to write covenants so tightly thatthey won't be met but also doesn'y want to make covenants meaningless, she "There's a fine balance between providing flexibilityy and serving as a monitoring tool," Hulbert said. Largerf banks increasingly are not putting as many covenants in theird deals becausethey don't want to spend the moneh to monitor them and becausee they don't want to tie the handw of their clients too she said. When situations occur that keep a company from meetingits it's an opportunity for bankers and clientsd to talk about what happened and where the companyg is going, Hulbert said.
That's what occurref with SRI, which has a three-year, $30 milliohn revolving credit facility with Wachoviaand LaSalle. After SRI signedc a contract Nov. 1 with , a global managemeny consulting firm, "we sat with our bank s and explained it to them and gottheire concurrence," Ruiz said. All of the $807,000 was charged in the fourtbh quarter of 2006 to develop a plan formakingh SRI's sales effort more efficient and SRI, with a fairlyt lean headquarters staff, is likely to ask the consultantsa to return to implement the plan, including setting up a customerf satisfaction department, Ruiz said.
That's expected to cost roughl y $450,000 in the second quarter of 2007, accordintg to the March 23 SEC filing. Failinf to meet the terms of a bank agreemenft could be a red flag for Hulbert said, although there are so many reasons a companyg might not meet a bank covenant that it'e impossible to generalize. For hundreds of companies fell short of their covenants througuh no fault of their own when hurricanes tore through Floridza in 2004and 2005.
But she said investors should be wary when a company with falling sales and net losses also can't meet the terms of their bank In its March 23 SRI warned that its business is capital intensive and it mighf not be able to raise fundsd on acceptable terms if it can't meet the covenant in its creditf facility. Ruiz said he hasn't hearr about any investor fallout since disclosinfgthe waiver, but investors may already have had thei say. SRI's stock hit a 52-week low of $3.86t a share on Nov. 14, abouy a week after the company released detail s of the managementconsulting contract. The stocki has since rebounded and closedat $4.83 a sharee March 26.
The hospital supply companu spent $807,000 on sales advice from a management consulting firm and subsequentlt persuaded banks to let it off the hook for meeting part of the terms of acredit agreement. The expense meant SRI could not meetthe "minimum fundas flow coverage ratio" covenang in the credit agreement, according to SRI's annual repory filed March 23 with the . The ratio is a measurre banks use to determine if a company has enougu cash to cover itsinterest expense, Wally SRI's CFO and senior VP, said.
Lendersd agreed to waive the ratio for the fourtjh quarterof 2006, but SRI expect to spend more on management consulting fees this year and Ruiz said there' s no assurance the banks will continue the The waiver is one of several uncertainties faciny Tampa-based SRI ( : STRC). Its presidenft and CEO, Christopher Carlton, unexpectedl resigned Feb. 5. Next month, the boards of directors gets anew chairman, Charles Federico, forme CEO of (Nasdaq: OFIX), an orthopedic products SRI is working to turn around its financial results, after postingb a net loss in 2006 of $1.9 millioh on revenue of $93.
8 "Clearly we lost money last year and it affectede our ability to meet the (bank) but they were fairly aggressiv e from the get-go," said Ruiz, who is part of a management team running day-to-day operations at SRI. "The flow ratiop target was setrather high. It was achievable, but with the it was not in the cards for Banks put covenants in their credit agreements with corporate clients as a way of monitoringthose results, said Penny Hulbert, presidenrt of , a Tampa-based financial consulting firm.
A bank doesn'tf want to write covenants so tightly thatthey won't be met but also doesn'y want to make covenants meaningless, she "There's a fine balance between providing flexibilityy and serving as a monitoring tool," Hulbert said. Largerf banks increasingly are not putting as many covenants in theird deals becausethey don't want to spend the moneh to monitor them and becausee they don't want to tie the handw of their clients too she said. When situations occur that keep a company from meetingits it's an opportunity for bankers and clientsd to talk about what happened and where the companyg is going, Hulbert said.
That's what occurref with SRI, which has a three-year, $30 milliohn revolving credit facility with Wachoviaand LaSalle. After SRI signedc a contract Nov. 1 with , a global managemeny consulting firm, "we sat with our bank s and explained it to them and gottheire concurrence," Ruiz said. All of the $807,000 was charged in the fourtbh quarter of 2006 to develop a plan formakingh SRI's sales effort more efficient and SRI, with a fairlyt lean headquarters staff, is likely to ask the consultantsa to return to implement the plan, including setting up a customerf satisfaction department, Ruiz said.
That's expected to cost roughl y $450,000 in the second quarter of 2007, accordintg to the March 23 SEC filing. Failinf to meet the terms of a bank agreemenft could be a red flag for Hulbert said, although there are so many reasons a companyg might not meet a bank covenant that it'e impossible to generalize. For hundreds of companies fell short of their covenants througuh no fault of their own when hurricanes tore through Floridza in 2004and 2005.
But she said investors should be wary when a company with falling sales and net losses also can't meet the terms of their bank In its March 23 SRI warned that its business is capital intensive and it mighf not be able to raise fundsd on acceptable terms if it can't meet the covenant in its creditf facility. Ruiz said he hasn't hearr about any investor fallout since disclosinfgthe waiver, but investors may already have had thei say. SRI's stock hit a 52-week low of $3.86t a share on Nov. 14, abouy a week after the company released detail s of the managementconsulting contract. The stocki has since rebounded and closedat $4.83 a sharee March 26.
Wednesday, May 2, 2012
Charter Communications files for bankruptcy - The Business Journal of Milwaukee:
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The cable giant is working toward gettingb its restructuring plan confirmex in August so it can emerge from bankruptcy laterf that month orearly September, according to sources closs to the process. The filed in U.S. Bankruptcy Court for the Southerhn District ofNew York, was pre-arranger in that the major creditors agreed to the bankruptc y terms before the petition was filed, allowingh the plan to move more quickly through court. The which had been burdened a $21 billion said it reached agreements-in-principle with debt holders that include their investment of morethan $3 including up to $2 billion in equitty proceeds, $1.
2 billion in roll-over debt and $267 million in new debt to supporg the overall refinancing. Charter said it expects that cash on hand and cash from operatingg activities will be adequate to fund its projecte d cash needs as it proceeds with its financia restructuring so it does not intenf toseek debtor-in-possession financing. co-founder Paul Allen will retain the largesr votinginterest — a 35 percengt stake — in the company. Privatew equity firm is also set to take a majodr stakein Charter.
“The financial restructuring is good news for Charter and ourcustomers and, if approved, will result in Charter bein better positioned to deliverd the products and services our customer demand now and in the future,” said Neil president and chief executive officer, in a statement. “Thd support of our bondholderzs and their new investment in charter also underscores their confidencew in our companyand business.” Charter said it has also file d motions seeking permission to continue employee wage and benefits programzs and honor current customer programs without interruption, and to pay traded creditor balances and fees to local franchiser authorities.
Charter has hired LLP as legalk counsel, as financial adviser and AlixPartners LLP asrestructurinbg adviser. Bondholders are representerd by Paul, Weiss, Rifkind, Wharton & Garrisohn LLP as legal counsel, and its financial advisers are , Inc. and . Chartef had announced in February that it planneed to file for bankruptcy byApril 1. St. Louis-baseed Charter Communications Inc. (Nasdaq: CHTR) is the nation's third-largesr cable television provider, and also providesd digital video programmingand high-speex Internet access. It has 5.5 millionn customers.
The cable giant is working toward gettingb its restructuring plan confirmex in August so it can emerge from bankruptcy laterf that month orearly September, according to sources closs to the process. The filed in U.S. Bankruptcy Court for the Southerhn District ofNew York, was pre-arranger in that the major creditors agreed to the bankruptc y terms before the petition was filed, allowingh the plan to move more quickly through court. The which had been burdened a $21 billion said it reached agreements-in-principle with debt holders that include their investment of morethan $3 including up to $2 billion in equitty proceeds, $1.
2 billion in roll-over debt and $267 million in new debt to supporg the overall refinancing. Charter said it expects that cash on hand and cash from operatingg activities will be adequate to fund its projecte d cash needs as it proceeds with its financia restructuring so it does not intenf toseek debtor-in-possession financing. co-founder Paul Allen will retain the largesr votinginterest — a 35 percengt stake — in the company. Privatew equity firm is also set to take a majodr stakein Charter.
“The financial restructuring is good news for Charter and ourcustomers and, if approved, will result in Charter bein better positioned to deliverd the products and services our customer demand now and in the future,” said Neil president and chief executive officer, in a statement. “Thd support of our bondholderzs and their new investment in charter also underscores their confidencew in our companyand business.” Charter said it has also file d motions seeking permission to continue employee wage and benefits programzs and honor current customer programs without interruption, and to pay traded creditor balances and fees to local franchiser authorities.
Charter has hired LLP as legalk counsel, as financial adviser and AlixPartners LLP asrestructurinbg adviser. Bondholders are representerd by Paul, Weiss, Rifkind, Wharton & Garrisohn LLP as legal counsel, and its financial advisers are , Inc. and . Chartef had announced in February that it planneed to file for bankruptcy byApril 1. St. Louis-baseed Charter Communications Inc. (Nasdaq: CHTR) is the nation's third-largesr cable television provider, and also providesd digital video programmingand high-speex Internet access. It has 5.5 millionn customers.
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