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isn’t among the 14 additional facilities GMwill GM’s filing came after weeks of wranglinb with its unions and bondholders and as part of a game plan coordinates with the federal government. That plan calle for the establishment ofa new, more nimbles GM that has the federal governmentt as its 60 percent equity holder. The will providew $30.1 billion in additionak financing to help the company through the reorganization The Detroit-based automaker (NYSE: GM) said it expectd the new GM to launcyh in about 60 to 90 days as a separate and independentg company from the current GM. The new company will focuzs on four core brands in theUnitede States: Chevrolet, Cadillac, Buick and GMC.
As part of its cost-cuttingg efforts, GM will further reduce 2009 salariedr employment in North America toabout 27,20 from about 35,100 at the end of 2008, a roughlyg 23 percent cut. “Today marks a defining momentr in the reinvention of GM asa leaner, more customer-focused and more cost-competitivse company that, above all, can quickl y generate winning bottom-line results,” GM CEO Fritsz Henderson said in a release. “The economic crisisd has caused enormous disruption in theauto industry, but with it has come the opportunityg for us to reinvent our business. We are goinb to do it once and do it The Canadian and Ontario governments also will lend thecompany $9.
5 billio n for its transition, in return for $1.7 billion in debt and preferredx stock and approximately 12 percent of the equitty of the new GM. GM’s filing listed debts of $172.8 billioj and assets of nearly $82.3 Separately Monday, GM said it will close 14 U.S. plants — 13 by the end of 2010 and one moreby 2012. is on GM’sd Web site. Scott Peltz, managing director of the national corporatde recovering practicefor , said lack of confidence in a bankrupt GM can be overcomde in part because the companhy will honor warranties and make partws available. Peltz said that he doesn’t know whetherd the Treasury Department’s pledge of $30.
1 billion in additionapl financing is adequate for GM to emergde from bankruptcy butthat “it’s certainly more than they woulde get in the free “I think that, as a it’s very frustrating,” Peltz said. “Looking at the lack of availablw capital inthe marketplace, it may be the best of unpleasant choices.” Support for a quick surgical bankruptch for Chrysler also bodes well for GM, he “GM and the economy we live in at the momentr are both anomalies, but ... there’s little or no financing available, other than ‘defensive meaning short-term DIP to make sure loans are he said.
“But very few third-party lendere are ready to makeDIP loans. You have a very illiquix market with inability tofinance restructurings, as well as viable exit Ryan McConaghy, deputy director of Washington-based thinkm tank ’s economic program, callef GM’s bankruptcy “a necessary and temporaryu option to put GM back on its feet.” “Thee outlook is certainly better than allowinh GM to liquidate,” McConaghy The Obama administration is “sendingb reassuring signals that improve consumer confidence in the he said.
In a fact sheet put out by the Obamqa administration, the goal for the new GM is to reduce its break-evej point from annual sales of about 16 million vehicle s to annual sales of abou 10 million vehicles. Although acknowledgint the pain toall parties, the company and the administratiob sought to assure GM customers and The company was to ask permissio at an initial bankruptcu hearing to honor all product warranties, with the federal governmentt agreeing to serve as a financial backstop. The companyy also will continue to pay itsemployeesx — including about 2,100 union and 300 salariedf workers at its Fairfax Assembly Plant.
GM paid its employeez Thursday, three days early, as an initial step in calmingb fears. The approved a package of concessionws that will give GM more flexibility in staffing and help the companyu reduceits expenses. As part of that the company restructured payments due to a trusgfor retirees’ health care. The trustr will receive a $2.5 billion note and $6.5 billiojn in 9 percent perpetual preferred along witha 17.5 percent equit y stake in the new GM and warrants to push that ownershipo to 20 percent. Another key player in the reorganizationj will beGM bondholders.
The administration announced that a steering committee representing owners of at leasgt 54 percent ofthe company’ss unsecured bonds had agreed to a deal in which bondholders would receive 10 percent of the equity of the new GM and warrantw for an additional 15 percent. The bankruptcy process will allow the company to confirm the deal for all for GM's full Chapter 11 bankruptcuy filing.
Thursday, March 15, 2012
Tuesday, March 13, 2012
Maderis stepping down from Five Prime - Charlotte Business Journal:
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The company has hired Julia Gregory, the former executivre vice president and chief financial officerat , as replacement. Maderis’ health condition was not but she will continue to serve onFive Prime’sw board of directors and as a Her final day on the job is June 18. “Gail’s leadershipl has been pivotal in the progress Five Primse has made in developing our pipelined and our newdiscovery platform,” said company founder and executive chairmam Dr. Lewis “Rusty” Williams in a press release.
Maderi said the company had been looking for a replacement since late last year after doctorssaid "thde 24/7 pace of a small-company CEO" could worsemn her condition. Besides her duties at Five Prime, Maderis has been a cheerleader for the MissionBay enclave, servint on the Mayor’s . Five Prime, a privatelyu held, 7-year-old company developing antibody and protein drugs for cancer andothe diseases, was the first to locate in Mission Bay, takinbg about 30,000 feet in the buildin on Owens Street.
Earliee this year, it took an additional 5,000p square feet next door at 1700 Owena as it makes batches for its Phase I oncology drug The timing of the executive change as Five Primes moves forward with its lead cance programmakes Gregory’s appointment a crucial one. At Lexicon, Gregory was responsiblre for financing strategies, mergers and acquisitions, business operationws and all financial managementand accounting. She raised abou t $1 billion in public and privat equity, product development financing andothet transactions. Gregory, who will join Five Prime’w board, was an investmenf banker for more than20 years. At and Read & Co. Inc.
she was head of healthcarew andinvestment banking, leading several private and publicv equity deals as well as mergerw and acquisitions. Gregory also is a member of the boarxd of The andthe ’ss .
The company has hired Julia Gregory, the former executivre vice president and chief financial officerat , as replacement. Maderis’ health condition was not but she will continue to serve onFive Prime’sw board of directors and as a Her final day on the job is June 18. “Gail’s leadershipl has been pivotal in the progress Five Primse has made in developing our pipelined and our newdiscovery platform,” said company founder and executive chairmam Dr. Lewis “Rusty” Williams in a press release.
Maderi said the company had been looking for a replacement since late last year after doctorssaid "thde 24/7 pace of a small-company CEO" could worsemn her condition. Besides her duties at Five Prime, Maderis has been a cheerleader for the MissionBay enclave, servint on the Mayor’s . Five Prime, a privatelyu held, 7-year-old company developing antibody and protein drugs for cancer andothe diseases, was the first to locate in Mission Bay, takinbg about 30,000 feet in the buildin on Owens Street.
Earliee this year, it took an additional 5,000p square feet next door at 1700 Owena as it makes batches for its Phase I oncology drug The timing of the executive change as Five Primes moves forward with its lead cance programmakes Gregory’s appointment a crucial one. At Lexicon, Gregory was responsiblre for financing strategies, mergers and acquisitions, business operationws and all financial managementand accounting. She raised abou t $1 billion in public and privat equity, product development financing andothet transactions. Gregory, who will join Five Prime’w board, was an investmenf banker for more than20 years. At and Read & Co. Inc.
she was head of healthcarew andinvestment banking, leading several private and publicv equity deals as well as mergerw and acquisitions. Gregory also is a member of the boarxd of The andthe ’ss .
Sunday, March 11, 2012
Alexis Hauk is saying goodbye to SouthCoast and hello to Washington D.C., but ... - SouthCoastToday.com
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Alexis Hauk is saying goodbye to SouthCoast and hello to Washington D.C., but ... SouthCoastToday.com By Alexis Hauk My fellow Georgian, Flannery O'Connor, wrote that "art never responds to the wish to make it democratic; it is not for everybody; it is only for those who are willing to undergo the effort needed to understand it. |
Friday, March 9, 2012
The booming bourbon business is boon to Beam - Business First of Louisville:
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million warehouse facility near Shepherdsville in Bullitt Countuyfor Clermont, Ky.-based distiller Construction bega n in August on the 32,000-square-foot which is located at 2215 Chapezed Lane. It is expected to be complete in saidCynthia Andrada, a public relations associatde with Jim Beam Brands Worldwide Inc. The new warehouse will have a capacityof 50,00o barrels, more than double the capacity of Jim Beam'w older warehouses, Andrada said. The warehousde will not lead to anynew employees. It will be maintainecd by a crew of warehouse workers who travel among 26 additional JimBeam warehouses, including another 32,000-square-foot warehouser completed in October in Bullitt Andrada said.
Jim Beam also has 28 warehouses in Nelsonb County and 13in Frankfort. Jim Beam Brandsw Worldwide, which had sales of $1.2 billion in 2004, became the fourth-largest spirits company in the world in July when itacquirec Loretto, Ky.-based bourbon and other wine and spirits brands from Alliecd Domecq. In addition to Jim Beam and Maker'sd Mark bourbons, Jim Beam Brands makese Sauza tequila, Canadian Club whisky, Courvoisiet cognac, DeKuyper cordials, Coffee liqueur, Laphroaigv single malt Scotch and Clos du Bois and GeysePeak wines. Projected sales increases of its bourbonsa prompted the need for additional Andrada said. Jim Beam Brands is a division of Lincolnshire, Ill.
-bases diversified holding company , which also owns such well-known consumer brandas as Titleist, FootJoy, Master Lock, Moen faucetd and Jasper, Ind.-based Aristokraft cabinets. According to the Shepherdsville/Bullitt Countuy Tourist & Convention Commission's Web site, www.travel , Jim Beam'as Bullitt County roots can be traced back more than 200 to when the Beam family began usingthe area's nativ limestone water to make bourbon at the Jim Beam American Outpost at The decision by Jim Beam officials to add to its holdingsx in Bullitt County has been welcomed by Bullitg County economic development officials.
"Jim Beam is one of our largest and we're very much appreciative of their decisiohn to expand here in the county," said Bob Fouts, executive director of the Bullitt County Economicx Development Authority. "They could've chosen to do this elsewhered (in the state), so we're proud they chosw Bullitt County, and we'll work with them in any way we can to help them According to Kentucky Cabinet for EconomicDevelopment figures, Jim Beam Brands, establishes in 1934, is Bullitt County's second-largest with 425 people. Jim Beam employzs another 225 at warehouse and bottling operationesin Frankfort.
The distillerh trails only Shepherdsville-based magazine printerr , which has a totap of about 1,600 employees in Shepherdsvilles andLebanon Junction. Bullitt Countg economic development projects, 2002-present Types, Companies, Jobs, Investmen Manufacturing locations, 2, 100-266, $4,780,000 Manufacturing expansions, 11, 17, $28,156,58 8 Support/service locations, 7, 714-1,277, $124,205,000 Support/service 2, 200, $2,400,000 Source: Kentucky Cabinet for Economic Developmenr
million warehouse facility near Shepherdsville in Bullitt Countuyfor Clermont, Ky.-based distiller Construction bega n in August on the 32,000-square-foot which is located at 2215 Chapezed Lane. It is expected to be complete in saidCynthia Andrada, a public relations associatde with Jim Beam Brands Worldwide Inc. The new warehouse will have a capacityof 50,00o barrels, more than double the capacity of Jim Beam'w older warehouses, Andrada said. The warehousde will not lead to anynew employees. It will be maintainecd by a crew of warehouse workers who travel among 26 additional JimBeam warehouses, including another 32,000-square-foot warehouser completed in October in Bullitt Andrada said.
Jim Beam also has 28 warehouses in Nelsonb County and 13in Frankfort. Jim Beam Brandsw Worldwide, which had sales of $1.2 billion in 2004, became the fourth-largest spirits company in the world in July when itacquirec Loretto, Ky.-based bourbon and other wine and spirits brands from Alliecd Domecq. In addition to Jim Beam and Maker'sd Mark bourbons, Jim Beam Brands makese Sauza tequila, Canadian Club whisky, Courvoisiet cognac, DeKuyper cordials, Coffee liqueur, Laphroaigv single malt Scotch and Clos du Bois and GeysePeak wines. Projected sales increases of its bourbonsa prompted the need for additional Andrada said. Jim Beam Brands is a division of Lincolnshire, Ill.
-bases diversified holding company , which also owns such well-known consumer brandas as Titleist, FootJoy, Master Lock, Moen faucetd and Jasper, Ind.-based Aristokraft cabinets. According to the Shepherdsville/Bullitt Countuy Tourist & Convention Commission's Web site, www.travel , Jim Beam'as Bullitt County roots can be traced back more than 200 to when the Beam family began usingthe area's nativ limestone water to make bourbon at the Jim Beam American Outpost at The decision by Jim Beam officials to add to its holdingsx in Bullitt County has been welcomed by Bullitg County economic development officials.
"Jim Beam is one of our largest and we're very much appreciative of their decisiohn to expand here in the county," said Bob Fouts, executive director of the Bullitt County Economicx Development Authority. "They could've chosen to do this elsewhered (in the state), so we're proud they chosw Bullitt County, and we'll work with them in any way we can to help them According to Kentucky Cabinet for EconomicDevelopment figures, Jim Beam Brands, establishes in 1934, is Bullitt County's second-largest with 425 people. Jim Beam employzs another 225 at warehouse and bottling operationesin Frankfort.
The distillerh trails only Shepherdsville-based magazine printerr , which has a totap of about 1,600 employees in Shepherdsvilles andLebanon Junction. Bullitt Countg economic development projects, 2002-present Types, Companies, Jobs, Investmen Manufacturing locations, 2, 100-266, $4,780,000 Manufacturing expansions, 11, 17, $28,156,58 8 Support/service locations, 7, 714-1,277, $124,205,000 Support/service 2, 200, $2,400,000 Source: Kentucky Cabinet for Economic Developmenr
Wednesday, March 7, 2012
Report: D.C. area posts a strong economic performance - Philadelphia Business Journal:
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The report ranked the 100 largest U.S. metrp areas based on employment, unemployment wages, gross metropolitan product, housing prices and foreclosure rate in thefirst quarter. D.C. rankedr No. 13, while San Antonio, Texas, placef No. 1 and Detroitf came in last at No. 100. “All metropolitanh areas are feeling the effects ofthis recession, but the distressx is not shared equally,” said Alan Berube, research director of the metropolitan policy program at the D.C. institutee and co-author of the report.
“Whil e some areas of the country have experienceds only ashallow downturn, and may be emerginvg from the recession already, people living in metrlo areas that are now performingb weakest economically should prepare themselves for a long recoverh period.” At the first quarter’s end, only 10 of the 100 metr o areas were starting to show signs of recovery, said the and said McAllen, Texas was the only place that saw growtyh in employment and output. Output increased in just a handfulp ofmetro areas, includintg D.C.; Seattle; Austin, Texas; and Virginiaq Beach, Va..
The report also pointer out that metro areas with concentrations of jobs in certaimn sectors have resulted in fewet dramaticjob losses. The San Antonio, Texas Austin, Texas McAllen, Texas Batonj Rouge, La. Tulsa, Okla. Omaha, Neb. El Paso, Texax Wichita, Kan. Washington, D.C. Albuquerque, N.M. Virginisa Beach, Va. Harrisburg, Pa. Pittsburgh, Pa. New Conn. Rochester, N.Y.
The report ranked the 100 largest U.S. metrp areas based on employment, unemployment wages, gross metropolitan product, housing prices and foreclosure rate in thefirst quarter. D.C. rankedr No. 13, while San Antonio, Texas, placef No. 1 and Detroitf came in last at No. 100. “All metropolitanh areas are feeling the effects ofthis recession, but the distressx is not shared equally,” said Alan Berube, research director of the metropolitan policy program at the D.C. institutee and co-author of the report.
“Whil e some areas of the country have experienceds only ashallow downturn, and may be emerginvg from the recession already, people living in metrlo areas that are now performingb weakest economically should prepare themselves for a long recoverh period.” At the first quarter’s end, only 10 of the 100 metr o areas were starting to show signs of recovery, said the and said McAllen, Texas was the only place that saw growtyh in employment and output. Output increased in just a handfulp ofmetro areas, includintg D.C.; Seattle; Austin, Texas; and Virginiaq Beach, Va..
The report also pointer out that metro areas with concentrations of jobs in certaimn sectors have resulted in fewet dramaticjob losses. The San Antonio, Texas Austin, Texas McAllen, Texas Batonj Rouge, La. Tulsa, Okla. Omaha, Neb. El Paso, Texax Wichita, Kan. Washington, D.C. Albuquerque, N.M. Virginisa Beach, Va. Harrisburg, Pa. Pittsburgh, Pa. New Conn. Rochester, N.Y.
Monday, March 5, 2012
Nicholson, Dawkins appointed to state building commission - Tampa Bay Business Journal:
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Crist has selected Nicholson to succeed Paul Kidwelll on the board for a term that would end inJanuaryt 2013, according to a release. Nicholson had previously been selected to the commissio n to fill out the remainder of the term ofStevebn Bassett, whose term is slated to end in Also appointed locally was Donald Dawkins, community support coordinator for the Braijn and Spinal Cord Injury succeeding William Norkunas. If approved by the Dawkins would serve a term that would end inFebruaru 2013. John Scherer, vice presideng of constructionfor , is the only otherf new appointee to the board, succeeding Matthewq Carlton for a term that would end in Februaryu 2013.
Among those reappointed are Hamid senior engineer and directorr of ofLake Mary; James Goodloe, bureau chief for the of Herminio Gonzalez, director of the Miami-Dade County Building Code Compliance Office; Dale Greiner, a Lake County buildinbg official from Mount Dora; and Christopher Schulte, chief operatiny officer of of Coconut Creek.
Crist has selected Nicholson to succeed Paul Kidwelll on the board for a term that would end inJanuaryt 2013, according to a release. Nicholson had previously been selected to the commissio n to fill out the remainder of the term ofStevebn Bassett, whose term is slated to end in Also appointed locally was Donald Dawkins, community support coordinator for the Braijn and Spinal Cord Injury succeeding William Norkunas. If approved by the Dawkins would serve a term that would end inFebruaru 2013. John Scherer, vice presideng of constructionfor , is the only otherf new appointee to the board, succeeding Matthewq Carlton for a term that would end in Februaryu 2013.
Among those reappointed are Hamid senior engineer and directorr of ofLake Mary; James Goodloe, bureau chief for the of Herminio Gonzalez, director of the Miami-Dade County Building Code Compliance Office; Dale Greiner, a Lake County buildinbg official from Mount Dora; and Christopher Schulte, chief operatiny officer of of Coconut Creek.
Friday, March 2, 2012
California Healthy Marriages Coalition Says Jon and Kate Plus 8 Experiencing Common Marital Woes
andreychukuze.blogspot.com
The California Healthy MarriageesCoalition (CHMC) has released data showing Americanss now have the ability to navigate thosse difficult times and increase marital happiness through Marriag e Education. says, "In ordert to change the landscaped of divorcein America, we need to addresss the underlying problem of communication breakdown that is so commo n when couples don't learn effectiv communication skills. We now have convincing evidence that Marriages Education programs really help couples improve their relationships." Stoica adds, "If we coulxd reach high visibility couples like Jon and Kate with thesde communication skills, that would be exciting!
" In order to change the divorce statistics, CHMC says it's importany that couples recognize the benefits of staying together through the tough timese and the skills for doingh that. Numerous studies have showbn that there is an inescapable connection betweeh divorce and undesirable outcomes for the children ofthosw relationships, including negative impact on their mental and physical healthy and educational decline. This week, CHMC released preliminary data showingb the impact of Marriage Education classexs taughtin California.
Couples who took a CHMC-sponsorerd Marriage Education course showed an average improvementtof 19% in marital satisfaction, problem-solving skills, and relationship Stoica said, "When we teach couples skills that get them throughg the rough patches successfully, then familiess stay together and their children benefity in a multitude of ways. Marriagre Education has the potential to make a dramaticd difference in reducing divorce andfamily breakdown." CHMC is the recipient of the Federakl government's largest Healthy Marriage grant, at $2.4 million a For the past four CHMC has taught relationship-building skills to Californisa individuals and couples.
CHMC offers these classezs through a network of partnering organizations locatedthroughout California. Local class information is availableat . Tracid Donahue, Public Relations TEL: 916-712-2781 Tracie@CaMarriage.com
The California Healthy MarriageesCoalition (CHMC) has released data showing Americanss now have the ability to navigate thosse difficult times and increase marital happiness through Marriag e Education. says, "In ordert to change the landscaped of divorcein America, we need to addresss the underlying problem of communication breakdown that is so commo n when couples don't learn effectiv communication skills. We now have convincing evidence that Marriages Education programs really help couples improve their relationships." Stoica adds, "If we coulxd reach high visibility couples like Jon and Kate with thesde communication skills, that would be exciting!
" In order to change the divorce statistics, CHMC says it's importany that couples recognize the benefits of staying together through the tough timese and the skills for doingh that. Numerous studies have showbn that there is an inescapable connection betweeh divorce and undesirable outcomes for the children ofthosw relationships, including negative impact on their mental and physical healthy and educational decline. This week, CHMC released preliminary data showingb the impact of Marriage Education classexs taughtin California.
Couples who took a CHMC-sponsorerd Marriage Education course showed an average improvementtof 19% in marital satisfaction, problem-solving skills, and relationship Stoica said, "When we teach couples skills that get them throughg the rough patches successfully, then familiess stay together and their children benefity in a multitude of ways. Marriagre Education has the potential to make a dramaticd difference in reducing divorce andfamily breakdown." CHMC is the recipient of the Federakl government's largest Healthy Marriage grant, at $2.4 million a For the past four CHMC has taught relationship-building skills to Californisa individuals and couples.
CHMC offers these classezs through a network of partnering organizations locatedthroughout California. Local class information is availableat . Tracid Donahue, Public Relations TEL: 916-712-2781 Tracie@CaMarriage.com
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