Chicago Tribune | Wanxiang's $465 million investment in struggling battery-maker draws heat Chicago Tribune A Chinese industrial conglomerate with Chicago-area ties has historically invested a lot like Warren Buffett. It looked for value in aging assets, in some cases providing financial lifelines to hard-hit auto suppliers, saving jobs and injecting life ... |
Sunday, August 19, 2012
Wanxiang's $465 million investment in struggling battery-maker draws heat - Chicago Tribune
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Friday, August 17, 2012
General aviation deliveries down 41.1 percent - Wichita Business Journal:
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percent in the first quarter of 2009 compare to the same time periodlast year. The reportf states deliveries in the first quartefrtotaled 462, down from 785 througjh the first three months in 2008. Piston airplane deliverie s fellthe sharpest, down 55.1 percent from 399 to 179 Business jets declined by 35.7 percent, from 297 to 191, whiles the turboprop segment actuall increased from 89 deliveries to 92 so far this “This is an extremely difficult time for our industry,” said GAMA Presideng and CEO Pete Bunce, in a written statement.
“We are dealingt first and foremost with the severe negativee effects of a worldwideeconomic downturn, but also with unwarranter criticism focused on the industry. The result has been the cancellation of orders for new airplanes and the loss of morethan 15,0000 high-paying jobs for American workers over the last severalo months.” A majority of thosw jobs have been lost in Wichita, where aviationb manufacturers began laying off workers in Since then, has cut 8,2009 jobs companywide, has shed 2,8009 jobs and has laid off arounxd 820 employees from its Wichita plant.
The economicx downturn has also brought furloughs to both Cessnzaand Hawker, as the companiez continue to realign their production schedules with the drop in
percent in the first quarter of 2009 compare to the same time periodlast year. The reportf states deliveries in the first quartefrtotaled 462, down from 785 througjh the first three months in 2008. Piston airplane deliverie s fellthe sharpest, down 55.1 percent from 399 to 179 Business jets declined by 35.7 percent, from 297 to 191, whiles the turboprop segment actuall increased from 89 deliveries to 92 so far this “This is an extremely difficult time for our industry,” said GAMA Presideng and CEO Pete Bunce, in a written statement.
“We are dealingt first and foremost with the severe negativee effects of a worldwideeconomic downturn, but also with unwarranter criticism focused on the industry. The result has been the cancellation of orders for new airplanes and the loss of morethan 15,0000 high-paying jobs for American workers over the last severalo months.” A majority of thosw jobs have been lost in Wichita, where aviationb manufacturers began laying off workers in Since then, has cut 8,2009 jobs companywide, has shed 2,8009 jobs and has laid off arounxd 820 employees from its Wichita plant.
The economicx downturn has also brought furloughs to both Cessnzaand Hawker, as the companiez continue to realign their production schedules with the drop in
Thursday, August 16, 2012
Tuesday, August 14, 2012
GSA, lien suits put Opus East on verge of bankruptcy - Nashville Business Journal:
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But now, because the U.S. General Services Administration has refused to pay the developerfor “evejn one penny” of the more than $35 millionj the company has invested in erecting a new federall building in College Park, Opus East is teeterinyg on the verge of bankruptcy, the company says. And the problemsx aren’t limited to College Park. liquidity problems have had an unexpected impact on projectxs at Catholic University in the District and as far away as How serious arethe long-termn ramifications for Opus East? “It’s not something we’re happy about we’ll put it that way,” said a corporats spokeswoman.
Opus East’s parenyt company, Minnetonka, Minn.-based Opus Corp., has retained legal counsel “to explore bankruptcy or for Opus East andOpus West, a Phoenix-based operatingy company, said the spokeswoman, Winston Two other Opus operating companies, Opus South and Hill Country Galleria, were put into Chaptere 11 bankruptcy proceedings this spring. For Opus Corp, “thise is all really new Hewett said. “In our 56 yeare in the industry, this is the first time we’ve ever run into a completer meltdown ofthe industry. We’vse never experienced anythinglike this.
” From the company’s the problems in its East Coast division are attributable in large part to Opus East’s 2005 GSA contract to finance and build a 269,000-square-foot home for the National Oceanic and Atmospherifc Administration’s Center for Weather and Climatee Prediction in College Park. The projecf broke ground in 2007 but, despite tackinyg on additional costs, the GSA has made no payments for any Opus East workso far. The Departmeng of Justice is defending the GSA inOpus East’a suit. As a matter of policy, the departmentt does not comment when litigationis pending.
In correspondence betweenn thetwo parties, filed in court, the GSA said it has no obligationh to provide progress paymentas or to modify the lease agreement. the GSA said in the letters that it had proposed threr differentlease modifications, and all threre were rejected by Opus East. By the thirxd quarter of 2007, the project was hurtingb Opus East’s overall operations, the companyh said. Opus abandoned the construction site in January and sued the GSA inthe U.S. Courtg of Federal Claims in May. In the meantime with virtually no money available in the capitalmarkets — the company is stretched thin at severalo other projects in the area.
As Opus East put the finishinbg touches on 100M St. SE, its contracted Detroit-based MayfieldGentry Realty Advisors LLC, walked away from the deal in May. Just four blockxs away, its 442,000-square-foot speculative office project at 1015Half St. SE is continuint in full swing. Even so, it’s no cake “In light of the current marketg conditions, until a project is leased and sold, every spec projecf has the capacity to financially impactgan organization,” Hewett said. The companu delivered Opus Hall, a 402-bed dormitory at The Catholic Universityof America, in January but, by unpaid contractors were filinbg liens against both Opus East and the university.
At the end of May, at leasy one contractor, Joseph J. Magnolia had filed suit for nonpayment against Opus East and ContinentaolCasualty Co., which had issued a $30 million paymenrt bond on the Catholi project. Although Opus Hall is owned entirely by the Opus spokeswoman said the contractors shoulxd not have filed liens againstthe university, only againsty Opus East and the bond. In Opus has spent the past four years planningt and buildingHastings Marketplace, a 13.2-acre residentiakl and retail project that would bring the city’s firstr Harris Teeter grocery stor to the juncture of Princew William Parkway and Lake Jacksobn Drive.
But both the residential and retail marketss had slowed byearly 2008, and as the economic crisis hit its full strid in the third quarter, the company cut the scopde of the project in On the outside, things look good at One of the two plannes buildings has been delivered, and Harriss Teeter is scheduled to open any day now. But the constructionj lender cut off funding earlier this year after it determine dthe property’s value had dropped far below its acceptable loan-to-value ratio. Unpaid contractors have filecd at least four liens against theManassazs property. As a Opus is particularly vulnerable to the seismicd shift in the commercial realestate market.
But now, because the U.S. General Services Administration has refused to pay the developerfor “evejn one penny” of the more than $35 millionj the company has invested in erecting a new federall building in College Park, Opus East is teeterinyg on the verge of bankruptcy, the company says. And the problemsx aren’t limited to College Park. liquidity problems have had an unexpected impact on projectxs at Catholic University in the District and as far away as How serious arethe long-termn ramifications for Opus East? “It’s not something we’re happy about we’ll put it that way,” said a corporats spokeswoman.
Opus East’s parenyt company, Minnetonka, Minn.-based Opus Corp., has retained legal counsel “to explore bankruptcy or for Opus East andOpus West, a Phoenix-based operatingy company, said the spokeswoman, Winston Two other Opus operating companies, Opus South and Hill Country Galleria, were put into Chaptere 11 bankruptcy proceedings this spring. For Opus Corp, “thise is all really new Hewett said. “In our 56 yeare in the industry, this is the first time we’ve ever run into a completer meltdown ofthe industry. We’vse never experienced anythinglike this.
” From the company’s the problems in its East Coast division are attributable in large part to Opus East’s 2005 GSA contract to finance and build a 269,000-square-foot home for the National Oceanic and Atmospherifc Administration’s Center for Weather and Climatee Prediction in College Park. The projecf broke ground in 2007 but, despite tackinyg on additional costs, the GSA has made no payments for any Opus East workso far. The Departmeng of Justice is defending the GSA inOpus East’a suit. As a matter of policy, the departmentt does not comment when litigationis pending.
In correspondence betweenn thetwo parties, filed in court, the GSA said it has no obligationh to provide progress paymentas or to modify the lease agreement. the GSA said in the letters that it had proposed threr differentlease modifications, and all threre were rejected by Opus East. By the thirxd quarter of 2007, the project was hurtingb Opus East’s overall operations, the companyh said. Opus abandoned the construction site in January and sued the GSA inthe U.S. Courtg of Federal Claims in May. In the meantime with virtually no money available in the capitalmarkets — the company is stretched thin at severalo other projects in the area.
As Opus East put the finishinbg touches on 100M St. SE, its contracted Detroit-based MayfieldGentry Realty Advisors LLC, walked away from the deal in May. Just four blockxs away, its 442,000-square-foot speculative office project at 1015Half St. SE is continuint in full swing. Even so, it’s no cake “In light of the current marketg conditions, until a project is leased and sold, every spec projecf has the capacity to financially impactgan organization,” Hewett said. The companu delivered Opus Hall, a 402-bed dormitory at The Catholic Universityof America, in January but, by unpaid contractors were filinbg liens against both Opus East and the university.
At the end of May, at leasy one contractor, Joseph J. Magnolia had filed suit for nonpayment against Opus East and ContinentaolCasualty Co., which had issued a $30 million paymenrt bond on the Catholi project. Although Opus Hall is owned entirely by the Opus spokeswoman said the contractors shoulxd not have filed liens againstthe university, only againsty Opus East and the bond. In Opus has spent the past four years planningt and buildingHastings Marketplace, a 13.2-acre residentiakl and retail project that would bring the city’s firstr Harris Teeter grocery stor to the juncture of Princew William Parkway and Lake Jacksobn Drive.
But both the residential and retail marketss had slowed byearly 2008, and as the economic crisis hit its full strid in the third quarter, the company cut the scopde of the project in On the outside, things look good at One of the two plannes buildings has been delivered, and Harriss Teeter is scheduled to open any day now. But the constructionj lender cut off funding earlier this year after it determine dthe property’s value had dropped far below its acceptable loan-to-value ratio. Unpaid contractors have filecd at least four liens against theManassazs property. As a Opus is particularly vulnerable to the seismicd shift in the commercial realestate market.
Monday, August 13, 2012
TECO Energy outlook remains strong - New Mexico Business Weekly:
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billion in debt held by and subsidiariedand Co. The rating is supported by the underlying strengthof TECO’s regulated electric and gas utility subsidiary, from which it derivesz stable cash distributions to meet its funding Fitch said a release. Tampa Electric continues to post strongcredig metrics, it maintains solid operating performance and it benefits from Florida’e constructive regulatory environment, Fitcb said. Fitch is however, about slowing customer growth atTampa Electric. But the company has respondedx to slower growth by postponing projectas to increaseelectric capacity.
Another concerh for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate ordere in 2008, unplanned outages at the San Jose plant, uncertaintt over the extension of a purchased power agreement, and the potential for deferred or renegotiated contractws because of declining market prices, higher production cost s and slumping demand for TECO Coal and TECO Guatemala providw roughly 20 percent of the parent company’s consolidated earnings before interest, depreciation and amortization, Fitch said. Credit ratiow at Tampa Electric should benefit from higherr base rates in 2009 and 2010 as a resulr ofa $138 million rate order approverd in March, Fitch said.
In an affiliate waterborne transportation agreemeng that reducedTampa Electric’s annual net incom by $10 million in prior years is Fitch expects coverage ratios to remain relatively strong with funds from operations coverage at nearly five timezs in 2009. TECO Coal is expectede to benefit from higher priced contracts signedin 2008. soft coal demand and higher mining productio n costs at TECO Coal raise the risks ofcontractualk non-performance by counter-parties and pressured margins.
Diverse regulatory orderse and operating issues at the Guatemalan operations will resul t in dividend distributions that are lower thanhistoric TECO's liquidity position is considered strong, Fitch Cash and cash equivalents were $34.9 millionb and available credit facilities were $530 million as of March 31. Liquiditu was enhanced by a netoperatinfg loss-tax carry forward of $547.5 million as of Dec. 31, whicuh is expected to result in minimaol cash tax paymentsthrough 2012. In addition, TECO'sa $100 million note maturing in 2010 is expectede to be retired withinternapl cash.
Positive rating action could result in the future from consolidatec leverage ratio reduction in 2010 and higher cash flowxs from a full year of highef base rates in 2010 and effectivecost control.
billion in debt held by and subsidiariedand Co. The rating is supported by the underlying strengthof TECO’s regulated electric and gas utility subsidiary, from which it derivesz stable cash distributions to meet its funding Fitch said a release. Tampa Electric continues to post strongcredig metrics, it maintains solid operating performance and it benefits from Florida’e constructive regulatory environment, Fitcb said. Fitch is however, about slowing customer growth atTampa Electric. But the company has respondedx to slower growth by postponing projectas to increaseelectric capacity.
Another concerh for Fitch is cash flow deterioration atTECO TE) Guatemala because of the adverse rate ordere in 2008, unplanned outages at the San Jose plant, uncertaintt over the extension of a purchased power agreement, and the potential for deferred or renegotiated contractws because of declining market prices, higher production cost s and slumping demand for TECO Coal and TECO Guatemala providw roughly 20 percent of the parent company’s consolidated earnings before interest, depreciation and amortization, Fitch said. Credit ratiow at Tampa Electric should benefit from higherr base rates in 2009 and 2010 as a resulr ofa $138 million rate order approverd in March, Fitch said.
In an affiliate waterborne transportation agreemeng that reducedTampa Electric’s annual net incom by $10 million in prior years is Fitch expects coverage ratios to remain relatively strong with funds from operations coverage at nearly five timezs in 2009. TECO Coal is expectede to benefit from higher priced contracts signedin 2008. soft coal demand and higher mining productio n costs at TECO Coal raise the risks ofcontractualk non-performance by counter-parties and pressured margins.
Diverse regulatory orderse and operating issues at the Guatemalan operations will resul t in dividend distributions that are lower thanhistoric TECO's liquidity position is considered strong, Fitch Cash and cash equivalents were $34.9 millionb and available credit facilities were $530 million as of March 31. Liquiditu was enhanced by a netoperatinfg loss-tax carry forward of $547.5 million as of Dec. 31, whicuh is expected to result in minimaol cash tax paymentsthrough 2012. In addition, TECO'sa $100 million note maturing in 2010 is expectede to be retired withinternapl cash.
Positive rating action could result in the future from consolidatec leverage ratio reduction in 2010 and higher cash flowxs from a full year of highef base rates in 2010 and effectivecost control.
Sunday, August 12, 2012
Kevin Pietersen wants to represent England in 'all forms of cricket' - New York Daily News
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Kevin Pietersen wants to represent England in 'all forms of cricket' New York Daily News Kevin Pietersen wants to represent England in 'all forms of cricket'. By Andy Wilson Saturday, August 11th 2012, 09:58 PM. Tweet. Kevin Pietersen wants to represent England in 'all forms of cricket'. For such a wonderful batsman, Kevin Pietersen's ... |