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has initiated Chapter 11 bankruptcy Six Flagsannounced Saturday. Six Flags’ (OTCBB: board of directors on June 12 voted to begin reorganizatiobn proceedingsin U.S. Bankruptcy Court for the Districtgof Delaware. The company listed assetss of $3.03 billion and debts of $2.36 billion in its New York-based Six Flags is planning to reorganizethe company’s financial structure, whichj management said is feeling the pressure of an inheritedr $2.4 billion debt.
In a letter to Six Flags CEO and president Mark Shapiro saidthe company’a debt is left over from previous management and despite the company making $275 million last it has been difficult for Six Flagse to improve its balance sheet when paying out $175 million in interest on debt, Shapiro asserted. He addedx that more than $400 million in debt is due within the next 12 and the company is having tospend $100 million in park improvemente in an atmosphere where refinancinhg is difficult.
Shapiro assured employees no staff reductions will arisse out ofthe filing, and employees will continuse to be paid and receive Shapiro said the bankruptcy plan has the supporgt of the company’s lenders and the agent administering the company’z $1.1 billion senior secured credit facility. Six Flags including Six FlagsGreat America, will continued to operate as usual under reorganization. Six Flagws sold several properties last year toraise capital. It stilo operates 20 amusement parks inNorth America.
Saturday, May 12, 2012
Thursday, May 10, 2012
Clarcor's Q2 earnings drop more than 30% - Pittsburgh Business Times:
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percent in the second compared to the same period ayear ago. Franklin-baserd Clarcor (NYSE: CLC) reported income of $25,582, or $0.50p cents per diluted share, in the quarte ended May 30, compared to $40,783, or $0.80 cente per diluted share, in the year-ago Revenue came in at $229,395 for the down 14.1 percent from the previouw year’s quarter, when revenue came in at Analysts, on average, estimatef earnings of 38 cents per shars on revenueof $243.1 million, according to Reuterx Estimates.
“As we had expected, this year’ds second quarter was difficult, thoughn operating results were much stronger than in our firsgtfiscal quarter,” says Norm Johnson, Clarcor’s chairmamn and CEO, in a “Our order rates, overall, have stabilized, and we are beginningy to see indications of increased producy demand in selected markets.” Clarcor makes mobile, industriaol and environmental filtration products and consumer and industrial packagingf products sold to domestic and international Johnson notes that more than 80 percent of its filtef sales are generated from the replacementt filter aftermarket, so even if new building and equipmeny continues to falter, maintenance of existing equipment and facilities will Shares of Clarcor closed up $1.
08, or 3.66 percent to $30.576 at the bell today. The 52-weekl range is $23.05 to
percent in the second compared to the same period ayear ago. Franklin-baserd Clarcor (NYSE: CLC) reported income of $25,582, or $0.50p cents per diluted share, in the quarte ended May 30, compared to $40,783, or $0.80 cente per diluted share, in the year-ago Revenue came in at $229,395 for the down 14.1 percent from the previouw year’s quarter, when revenue came in at Analysts, on average, estimatef earnings of 38 cents per shars on revenueof $243.1 million, according to Reuterx Estimates.
“As we had expected, this year’ds second quarter was difficult, thoughn operating results were much stronger than in our firsgtfiscal quarter,” says Norm Johnson, Clarcor’s chairmamn and CEO, in a “Our order rates, overall, have stabilized, and we are beginningy to see indications of increased producy demand in selected markets.” Clarcor makes mobile, industriaol and environmental filtration products and consumer and industrial packagingf products sold to domestic and international Johnson notes that more than 80 percent of its filtef sales are generated from the replacementt filter aftermarket, so even if new building and equipmeny continues to falter, maintenance of existing equipment and facilities will Shares of Clarcor closed up $1.
08, or 3.66 percent to $30.576 at the bell today. The 52-weekl range is $23.05 to
Wednesday, May 9, 2012
Trilogy expands operations in Indiana, Michigan - Business First of Louisville:
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The Muncie health campuse is Trilogy's 47th location, according to a news The acquired properties are OddFelloaw & Rebekah Home in Jackson, and Greenleaf Living Center in Ind. Louisville-based Trilogy plans to replace OddFelloww & Rebekah Home with a new building, which is schedule to be completed by the release said. The facility providesa assisted living, skilled nursing and rehabilitation services. Trilogy also plans changes to the GreenleafLiving Center.
The company expects to add a new health center and independent living The health center willprovide physical, and speech therapies, as well as medical servicesd for people requiring short-terkm rehabilitation or long-term care. Greenleafr currently provides assisted living and dementiacare services. Over the next threew months, Trilogy also plans to open three new healtu campuses in Bellevueand Cincinnati, Ohio, and Terre Ind., according to the The company also is renovating and expanding its Ohio, location and plans to open a new campue in Battle Creek, Mich.
, to replacde Mercy Pavilion, its current Battle Creek
The Muncie health campuse is Trilogy's 47th location, according to a news The acquired properties are OddFelloaw & Rebekah Home in Jackson, and Greenleaf Living Center in Ind. Louisville-based Trilogy plans to replace OddFelloww & Rebekah Home with a new building, which is schedule to be completed by the release said. The facility providesa assisted living, skilled nursing and rehabilitation services. Trilogy also plans changes to the GreenleafLiving Center.
The company expects to add a new health center and independent living The health center willprovide physical, and speech therapies, as well as medical servicesd for people requiring short-terkm rehabilitation or long-term care. Greenleafr currently provides assisted living and dementiacare services. Over the next threew months, Trilogy also plans to open three new healtu campuses in Bellevueand Cincinnati, Ohio, and Terre Ind., according to the The company also is renovating and expanding its Ohio, location and plans to open a new campue in Battle Creek, Mich.
, to replacde Mercy Pavilion, its current Battle Creek
Monday, May 7, 2012
Beige Book: Region
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Consumer spending in the region was weak and is expecterd toremain soft, the closely watchede survey said, but “aj uptick in manufacturing orders helped stabilize expectations for future The Beige Book also said that “commerciaol real estate market conditions deteriorated, and energyy activity declined further.” Bankers, it said, “reported a rise in deposits and stable loan demand with no erosion in loan It said consumer price and wage pressures remainef low.
Meanwhile, producer prices “declined at a slowedr pace, with some firms noting that highefr commodity prices boosted material andfuel Overall, the latest regional Beige Book covering a six-week period was somewhat more optimistiv than the last survey, released Aprio 15. The report covers the Fed’s Kansads City-based 10th District. It is based on interviewds with a sample of businesses representing key industriee ineach district. The reports are anecdotal and do not contain statistics, but they are widely followed and help the Fed to set nationaol economic policy.
The Fed’s 10th District includes Colorado, Kansas, Nebraska, Oklahoma and Wyoming as well as westernb Missouri and northern New Formally known asthe “Summary of Commentary on Current Economicc Conditions by Federal Reserve the Beige Book is published eight times a year. The latesyt report covers late Aprilthrough May. The Federal Reserve’xs 10th District is also known as the Kansaas City district becausethe reserve’s regional bank is based there. .
Consumer spending in the region was weak and is expecterd toremain soft, the closely watchede survey said, but “aj uptick in manufacturing orders helped stabilize expectations for future The Beige Book also said that “commerciaol real estate market conditions deteriorated, and energyy activity declined further.” Bankers, it said, “reported a rise in deposits and stable loan demand with no erosion in loan It said consumer price and wage pressures remainef low.
Meanwhile, producer prices “declined at a slowedr pace, with some firms noting that highefr commodity prices boosted material andfuel Overall, the latest regional Beige Book covering a six-week period was somewhat more optimistiv than the last survey, released Aprio 15. The report covers the Fed’s Kansads City-based 10th District. It is based on interviewds with a sample of businesses representing key industriee ineach district. The reports are anecdotal and do not contain statistics, but they are widely followed and help the Fed to set nationaol economic policy.
The Fed’s 10th District includes Colorado, Kansas, Nebraska, Oklahoma and Wyoming as well as westernb Missouri and northern New Formally known asthe “Summary of Commentary on Current Economicc Conditions by Federal Reserve the Beige Book is published eight times a year. The latesyt report covers late Aprilthrough May. The Federal Reserve’xs 10th District is also known as the Kansaas City district becausethe reserve’s regional bank is based there. .
Saturday, May 5, 2012
Channels 58, 41 to keep analog broadcasts - The Business Journal of Milwaukee:
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Chicago-based announced Friday the programming of CBSaffiliatwe WDJT-TV (Channel 58) will air in analog on Channekl 63. WMLW (Channel 41) will remain available to over the air on analog TV The CBS affiliate will be availabled on digitalchannel 58.1. WMLW’s programmin will be available in a digital formag on digitalchannel 58.2. Weigel executivess said maintaining analog broadcasts of the stations will providea “lifeline” to viewerd who haven’t prepared for the digital After the transition, vieweres will receive digital TV signals only via a digitakl converter box or subscriptiona to cable or satellitse television services.
“Unfortunately, not all homes in our viewinhg areaare prepared, in full or in for the digital transition,” said Jim Hall, general managefr of Weigel’s Milwaukee stations. “Those homes still need to be able to receiv evital -news information.”
Chicago-based announced Friday the programming of CBSaffiliatwe WDJT-TV (Channel 58) will air in analog on Channekl 63. WMLW (Channel 41) will remain available to over the air on analog TV The CBS affiliate will be availabled on digitalchannel 58.1. WMLW’s programmin will be available in a digital formag on digitalchannel 58.2. Weigel executivess said maintaining analog broadcasts of the stations will providea “lifeline” to viewerd who haven’t prepared for the digital After the transition, vieweres will receive digital TV signals only via a digitakl converter box or subscriptiona to cable or satellitse television services.
“Unfortunately, not all homes in our viewinhg areaare prepared, in full or in for the digital transition,” said Jim Hall, general managefr of Weigel’s Milwaukee stations. “Those homes still need to be able to receiv evital -news information.”
Thursday, May 3, 2012
Bank of America
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The former president of -Maryland tried to take a few montha tojust “do nothing.” She had the rare chancse after leaving the bank in She was one of several high-level executivew to lose her job in the N.C.-based bank’s reorganization. But Gamble, 46, is back in the financs game again. She and Cindy Flanders, BofA’as former global commercial bank executive forthe mid-Atlantic, have launche d LLC, a private equity firm that will focus on fundinhg companies with $10 million to $100 million in revenue. the two want to raise enoughy money to start a privateequity fund, grabbinfg some of the capital they see “sittinyg on the sidelines.
” At least one estimate pegs that capita l at $400 billion. “I don’g do ‘nothing’ well,” Gamble joked recentlyy at in Harbor East. “I was tryiny really hard to do nothing. It’s a hard habiyt to break.” What Flanders and Gamble are learning to breako from is the corporate not an easy thing to dowhen you’vre spent your whole career amid organizational flow charts and board rooms.
Though both lost theie jobs because ofthe bank’s attempt to righr itself after its forced acquisition of troubled , theirt story is hardly the typical tale of the displaced They left with retirements intact, a strony relationship with the bank, severance packages, lots of contacts and choices. Their first choice was not to return tocorporated life. The travel, the structure and the 70-hourt weeks were something they were ready togive up. “Art this stage in our careers, we want to dictate the Gamble said.
Being able to do just that magnifieas the dichotomy between the middle manager who finds herself lookinbg for something to pay the bills andthe well-connected exec who is readu to pursue her next big adventure. Those who can afford to are usiny layoffs to do what they finallu want todo — or something they neverd dreamed of doing. The Internet is filled with advicde for how to change careers andfind happiness. People not conteng on changing careers and working for someone else are likelyy to drive a wave of new companiesx in the nextfive years.
“Those that are entrepreneurialo are using their contacts and sources to eithedr develop their own business or work with someonwe on creatingnew companies,” said Lawrence J. managing director of the , a Howard Countgy search firm that recruits executivezsin finance, health care, technologhy and insurance. He said Gamblde and Flanders will join the many fromWall Street, bankws and other financial companies who are venturing out on thei r own. Top executives like them have an advantagse over others inthe market. They have managementr expertise and knowmany people. Driving the new business trens is that fewer top executives want to move toanotherf city.
A man Holmes tried to recruitg recently turned downa $100,000 pay increase becausde it involved moving. “Before people moved all the time,” Holmes said. “ don’t know if their values changed. We see it all the They think life istoo short.” The two womehn had both mulled the next step in thei careers for at least the past two years. Changews at Bank of America forced them to finalldo it. Both could have found other rolesx in the bank inanother Instead, they decided to plot theit next move in the Baltimore-Washingtonh area. Flanders, 55, thought abou t becoming an executive coach and decidedcthere wasn’t enough demand for the service.
She then becamee fixated on private equity after asking colleagues to talk abou her strengths and Flanders liked deals and came across many in 35 year sof banking. She ran Bank of America’s commercia and business banking client team from central New Jerseyy downthrough Virginia, providing financial services to companies with $2 milliohn to $2 billion in revenue. She knows lots of companies and a good start in trying to drum up businessx onyour own. “I kept coming back to this when I talkedx to somany clients, and I was encouragesd to do it,” Flanders said.
“It was the best way to leveragew the network I built up over so many As Flanders plotted Gamble tried to Relaxing for Gamble meant working out with a trainer at alocalk gym, rowing crew on the Middle spending more time with her familyu and continuing work on half a dozeh nonprofit boards.
The former president of -Maryland tried to take a few montha tojust “do nothing.” She had the rare chancse after leaving the bank in She was one of several high-level executivew to lose her job in the N.C.-based bank’s reorganization. But Gamble, 46, is back in the financs game again. She and Cindy Flanders, BofA’as former global commercial bank executive forthe mid-Atlantic, have launche d LLC, a private equity firm that will focus on fundinhg companies with $10 million to $100 million in revenue. the two want to raise enoughy money to start a privateequity fund, grabbinfg some of the capital they see “sittinyg on the sidelines.
” At least one estimate pegs that capita l at $400 billion. “I don’g do ‘nothing’ well,” Gamble joked recentlyy at in Harbor East. “I was tryiny really hard to do nothing. It’s a hard habiyt to break.” What Flanders and Gamble are learning to breako from is the corporate not an easy thing to dowhen you’vre spent your whole career amid organizational flow charts and board rooms.
Though both lost theie jobs because ofthe bank’s attempt to righr itself after its forced acquisition of troubled , theirt story is hardly the typical tale of the displaced They left with retirements intact, a strony relationship with the bank, severance packages, lots of contacts and choices. Their first choice was not to return tocorporated life. The travel, the structure and the 70-hourt weeks were something they were ready togive up. “Art this stage in our careers, we want to dictate the Gamble said.
Being able to do just that magnifieas the dichotomy between the middle manager who finds herself lookinbg for something to pay the bills andthe well-connected exec who is readu to pursue her next big adventure. Those who can afford to are usiny layoffs to do what they finallu want todo — or something they neverd dreamed of doing. The Internet is filled with advicde for how to change careers andfind happiness. People not conteng on changing careers and working for someone else are likelyy to drive a wave of new companiesx in the nextfive years.
“Those that are entrepreneurialo are using their contacts and sources to eithedr develop their own business or work with someonwe on creatingnew companies,” said Lawrence J. managing director of the , a Howard Countgy search firm that recruits executivezsin finance, health care, technologhy and insurance. He said Gamblde and Flanders will join the many fromWall Street, bankws and other financial companies who are venturing out on thei r own. Top executives like them have an advantagse over others inthe market. They have managementr expertise and knowmany people. Driving the new business trens is that fewer top executives want to move toanotherf city.
A man Holmes tried to recruitg recently turned downa $100,000 pay increase becausde it involved moving. “Before people moved all the time,” Holmes said. “ don’t know if their values changed. We see it all the They think life istoo short.” The two womehn had both mulled the next step in thei careers for at least the past two years. Changews at Bank of America forced them to finalldo it. Both could have found other rolesx in the bank inanother Instead, they decided to plot theit next move in the Baltimore-Washingtonh area. Flanders, 55, thought abou t becoming an executive coach and decidedcthere wasn’t enough demand for the service.
She then becamee fixated on private equity after asking colleagues to talk abou her strengths and Flanders liked deals and came across many in 35 year sof banking. She ran Bank of America’s commercia and business banking client team from central New Jerseyy downthrough Virginia, providing financial services to companies with $2 milliohn to $2 billion in revenue. She knows lots of companies and a good start in trying to drum up businessx onyour own. “I kept coming back to this when I talkedx to somany clients, and I was encouragesd to do it,” Flanders said.
“It was the best way to leveragew the network I built up over so many As Flanders plotted Gamble tried to Relaxing for Gamble meant working out with a trainer at alocalk gym, rowing crew on the Middle spending more time with her familyu and continuing work on half a dozeh nonprofit boards.
Wednesday, May 2, 2012
Feds Seek Death Penalty in Somali Yacht Hijacking - ABC News
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USA TODAY | Feds Seek Death Penalty in Somali Yacht Hijacking ABC News Federal prosecutors say they will seek the death penalty against three Somalis charged with murder in the fatal shooting of four Americans aboard a hijacked yacht last year, according to a court document unsealed Tuesday. Ahmed Muse Salad, Abukar Osman ... Feds to s eek death penalty against Somali pirates in slaying of Americans Feds seek death penalty for 3 Somali pirates |
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