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Wayzata Investment Partners LLCof Wayzata, Minn., an SEC-registeredr investment adviser and manager of privatee investment funds with more than $5 billionm in assets, has offerec to provide a $45 million temporary loan facility to allow time for an orderlt sale under the supervision of the Bankruptchy Court. Since 1992, Wayzata has invested more than $12 billion in more than 600 investments. The made Tuesday in the U.S. Bankruptcgy Court for the Western Districtof Wisconsin, was driven by the impacr of the current economic downturn on the company and its particularly the automotive industry, said Richard Koenings chairma of the board of director for Wauwatosa-based Grede.
The reorganization and asset sale is expectedf to position the company for a turnarounx as the country emerges from the most difficultr economic period it has seenin generations, he “The significant deterioration in the automotive and construction industriews and the resulting impact on our company and the foundrty industry in general require that we take this strategix action,” Koenings said. “We have carefully exploree many options, and believe a sale to a strong financial backer like Wayzata is the best way to effectively proceed in what has been an exceedinglygdifficult marketplace.
” Koenings stressed that Grede Foundries remains in businesd and that jobs will remain during the “This move gives us the time to restructure while we continue to do business and operate our plants,” he “Grede will continue to buy goods and servicesd from its vendors, support its work forces and provide its customers with the same qualitty products and service they’ve come to expect from us. Our goal is to preservwe and strengthen our business so that we can compete successfull y inthe future.” Wayzata has also agreed to make the firsy bid, often called a “stalking bid, for Grede.
“Wayzata’s commitmen shows their belief in the strength of the Grede name and its respectedr position in thefoundry industry,” Koenings Sales of businesses in bankruptcy proceedings are often structured wheres one company makes the initial bid for anothe company’s assets. Under rules approved by the higher offers from third parties can be submitted ascompetinv bids. The “stalking horse” arrangement helps ensure that Gredd receives the best value for its assets and allowzs for offers that are best for the creditors whild preserving thebusiness operations, companyt management said.
Grede said that it has alreadgy received inquiries from other partiea that are interestedin Grede’s production capacity. Koenings said Grede expects the sale and related biddint process to move steadily througg thecourt system. “We are deeply committed to doinbg everything necessary to put our companh on solid footing as the nation beginsd to rise out of the worst economidc conditions since the Great he said. “Our customers very clearly want us to succeed and have been very Grede announced in May that it had laid off 81 employeeds from its foundry in Wauwatosa since the endof January. In the company revealed plans to closde its foundryin S.C.
Friday, April 13, 2012
Wednesday, April 11, 2012
Lawmakers back Greenbrier in GE dispute - Portland Business Journal:
shemwellmygalej1291.blogspot.com
billion contract with the Lake Oswego-based railcar maker could resultr in additionallost jobs. “We are writing to reiteratew our deep concern about the potentiao loss of railcarmanufacturing jobs,” read a letter to Immeltg dated June 12 and signed by 17 members of including Oregon’s entire congressional “These jobs are critical to the American economty and to our states and congressionapl districts.” The issue stems from an eight-year contract GE (NYSE: GE) signe in 2007 for 11,900 Greenbrier GBX) railcars.
At the prompting of GE, Greenbrier investeed $30 million into a Mexican manufacturing facility to build tank carsfor GE, a producgt Greenbrier previously had only built in Europe. But with the railca r industry sinking, GE has expressed seconed thoughts about therailcar order. Whild the cars are being assembledrin Mexico, Greenbrier CEO William Furman said the fate of the contrac t has implications across the Nortuh American supply chain. The GE ordedr represents 53 percent of the overallrailcaf industry’s North American order backlog, and more than 85 percentf of Greenbrier’s backlog.
Furman said the contract includeas concessions to allow them to recover significant costs shoul GE decide to cancelthe order. But thus far, he GE has chosen to stand pat, leaving his companyu in limbo. GE spokesman Stephemn White said his company is currently accepting railcars from Greenbrier and putting theminto storage, thougb Furman said the rate of delivery is far belosw what is expected at this point in the Nonetheless, White said GE continuea to negotiate with Greenbrier to find a “mutuallu acceptable solution regarding this issue.” The lettert sent this week notes that GE has $45 billion in cash on hand and receive significant benefit from federal programs.
“Much of that benefif comes from various programx designed to support employmenyt in theUnited States,” the letter states. Greenbriet employs 2,500 in the United States, includinfg 1,070 in Oregon. Other than Oregon’s delegations, the lettere includes signatures from representatives in othert states in which Greenbrier employs Theyinclude Reps. Norm Dicks and Briam Baird, both Washington Democrats; Reps. Raul Grijalva and Gabrielle bothArkansas Democrats; Rep. Jim Oberstar, D-Minn., chairmamn of the House Transportation andInfrastructure Rep. Mike Ross, Rep. Lynn Jenkins, R-Kan.; Rep. Jesse Jackson Jr., D-Ill.; and Rep. Ciro D-Texas.
The letter follows eight letters sent individually by memberxs of the Oregon and Washington delegations startint inlate February.
billion contract with the Lake Oswego-based railcar maker could resultr in additionallost jobs. “We are writing to reiteratew our deep concern about the potentiao loss of railcarmanufacturing jobs,” read a letter to Immeltg dated June 12 and signed by 17 members of including Oregon’s entire congressional “These jobs are critical to the American economty and to our states and congressionapl districts.” The issue stems from an eight-year contract GE (NYSE: GE) signe in 2007 for 11,900 Greenbrier GBX) railcars.
At the prompting of GE, Greenbrier investeed $30 million into a Mexican manufacturing facility to build tank carsfor GE, a producgt Greenbrier previously had only built in Europe. But with the railca r industry sinking, GE has expressed seconed thoughts about therailcar order. Whild the cars are being assembledrin Mexico, Greenbrier CEO William Furman said the fate of the contrac t has implications across the Nortuh American supply chain. The GE ordedr represents 53 percent of the overallrailcaf industry’s North American order backlog, and more than 85 percentf of Greenbrier’s backlog.
Furman said the contract includeas concessions to allow them to recover significant costs shoul GE decide to cancelthe order. But thus far, he GE has chosen to stand pat, leaving his companyu in limbo. GE spokesman Stephemn White said his company is currently accepting railcars from Greenbrier and putting theminto storage, thougb Furman said the rate of delivery is far belosw what is expected at this point in the Nonetheless, White said GE continuea to negotiate with Greenbrier to find a “mutuallu acceptable solution regarding this issue.” The lettert sent this week notes that GE has $45 billion in cash on hand and receive significant benefit from federal programs.
“Much of that benefif comes from various programx designed to support employmenyt in theUnited States,” the letter states. Greenbriet employs 2,500 in the United States, includinfg 1,070 in Oregon. Other than Oregon’s delegations, the lettere includes signatures from representatives in othert states in which Greenbrier employs Theyinclude Reps. Norm Dicks and Briam Baird, both Washington Democrats; Reps. Raul Grijalva and Gabrielle bothArkansas Democrats; Rep. Jim Oberstar, D-Minn., chairmamn of the House Transportation andInfrastructure Rep. Mike Ross, Rep. Lynn Jenkins, R-Kan.; Rep. Jesse Jackson Jr., D-Ill.; and Rep. Ciro D-Texas.
The letter follows eight letters sent individually by memberxs of the Oregon and Washington delegations startint inlate February.
Monday, April 9, 2012
Jos. A. Bank promotion would give laid-off customers the suit and up to $199 - Baltimore Business Journal:
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That is what men’ds retailer is betting on with its latest The Hampstead, Md.-based company said Monday it will refund a customer up to $199 for a suit purchasex by April 9 if he loses his job betwee April 16 and July 1. The customer would only need to provide proof of purchase and unemploymentg to keep the suit and the The men’s clothier believes this could be another of its creative gimmicks to help drive which actually rose duringh the third quarter of last The latest promotion is “like giving all of our customer a bit of unemployment insurance,” said R. Neal CEO of Jos. A. The special rebate is part of Jos. A.
Bank’ds $199 sale going on through Apripl 9. Mark Millman, presidenrt of in Owings Mills, said he believes the promotio nshows Jos. A. Bank understands the basicx needs ofits customers. It underscoresw the company’s willingness to help customers “make do” in the economic crisis, Millman said. “The promotion is but we are in unusual he said. “This program is likely to receivenationwidew attention, and hopefully other companies will follow in their footsteps.” Jos. A. Bank JOSB) operates 461 stores in 42 including five in the GreaterCIncinnatiu area. Jos. A. Bank stoclk closed Monday at $26.09 per share.
That is what men’ds retailer is betting on with its latest The Hampstead, Md.-based company said Monday it will refund a customer up to $199 for a suit purchasex by April 9 if he loses his job betwee April 16 and July 1. The customer would only need to provide proof of purchase and unemploymentg to keep the suit and the The men’s clothier believes this could be another of its creative gimmicks to help drive which actually rose duringh the third quarter of last The latest promotion is “like giving all of our customer a bit of unemployment insurance,” said R. Neal CEO of Jos. A. The special rebate is part of Jos. A.
Bank’ds $199 sale going on through Apripl 9. Mark Millman, presidenrt of in Owings Mills, said he believes the promotio nshows Jos. A. Bank understands the basicx needs ofits customers. It underscoresw the company’s willingness to help customers “make do” in the economic crisis, Millman said. “The promotion is but we are in unusual he said. “This program is likely to receivenationwidew attention, and hopefully other companies will follow in their footsteps.” Jos. A. Bank JOSB) operates 461 stores in 42 including five in the GreaterCIncinnatiu area. Jos. A. Bank stoclk closed Monday at $26.09 per share.
Sunday, April 8, 2012
Ford sales climb to highest level since July - Dayton Business Journal:
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But sales were down 24.2 percentg compared with May 2008, when the company sold 213,23i8 units. For the first five months of 2009, Dearborn, Mich.-basedx Ford (NYSE: F) sold 620,303 units, compared with 981,150 units during the same periodc ayear earlier, a 36.8 percent decline. In a sign that buyerzs might be coming back to the luxuryvehicle market, Ford’s Lincoln division reported that it sold 8,56t units in May, a 2.2 percengt increase over May 2008, when it sold 8,365 Sales of Ford Explorers declined 34.6 percent, to 5,315 unita from 8,122 units a year ago. Sales of the Mercuryu Mountaineerdropped 45.
2 percent, to 402 from 734 units a year Sales of F-Series pickup trucks, including Super Duty trucks dropped 22.3 percent, to 33,381 from 42,973 units in May 2008. Sales of Ford Expedition SUVs decline40 percent, to 3,15o units from 5,252 units a year earlier. Saless of the Lincoln Navigatordropped 40.6 to 790 units from 1,329 units a year Ford saw year-over-year gains in some of its car The company sold 19,786 Fusion sedans in May, up 9.4 percenrt from the year-earlier period when it sold 18,088 units. Lincoln sold 1,553 Town Cars in May, up 103.3 percenrt from May 2008, when it sold 764 of the luxuryu vehicles.
Ford’s Volvo division sold 590 of itsS60 models, up 9 percenrt from May 2008, when it sold 542 Also Tuesday, Ford announced a summer promotio n to draw more consumers to Through June 30, the automakef will cover as much as three months of payments up to and its Ford Credit subsidiary will offer zero percent financing on selectg Ford, Lincoln and Mercury vehicles. Ford operates a transmission plantin Sharonville.
But sales were down 24.2 percentg compared with May 2008, when the company sold 213,23i8 units. For the first five months of 2009, Dearborn, Mich.-basedx Ford (NYSE: F) sold 620,303 units, compared with 981,150 units during the same periodc ayear earlier, a 36.8 percent decline. In a sign that buyerzs might be coming back to the luxuryvehicle market, Ford’s Lincoln division reported that it sold 8,56t units in May, a 2.2 percengt increase over May 2008, when it sold 8,365 Sales of Ford Explorers declined 34.6 percent, to 5,315 unita from 8,122 units a year ago. Sales of the Mercuryu Mountaineerdropped 45.
2 percent, to 402 from 734 units a year Sales of F-Series pickup trucks, including Super Duty trucks dropped 22.3 percent, to 33,381 from 42,973 units in May 2008. Sales of Ford Expedition SUVs decline40 percent, to 3,15o units from 5,252 units a year earlier. Saless of the Lincoln Navigatordropped 40.6 to 790 units from 1,329 units a year Ford saw year-over-year gains in some of its car The company sold 19,786 Fusion sedans in May, up 9.4 percenrt from the year-earlier period when it sold 18,088 units. Lincoln sold 1,553 Town Cars in May, up 103.3 percenrt from May 2008, when it sold 764 of the luxuryu vehicles.
Ford’s Volvo division sold 590 of itsS60 models, up 9 percenrt from May 2008, when it sold 542 Also Tuesday, Ford announced a summer promotio n to draw more consumers to Through June 30, the automakef will cover as much as three months of payments up to and its Ford Credit subsidiary will offer zero percent financing on selectg Ford, Lincoln and Mercury vehicles. Ford operates a transmission plantin Sharonville.
Friday, April 6, 2012
Nice beginning for Stephen Strasburg - ESPN
framptongeqeaqu1461.blogspot.com
CBS Local | Nice beginning for Stephen Strasburg ESPN By Jerry Crasnick | ESPN.com CHICAGO -- Even if Washington Nationals pitcher Stephen Strasburg goes on to follow the wondrous career path laid out for him and collect a Jack Morris-like haul of Opening Day starts, his first one will assume a special ... Zuba: New 'Cubs W ay' Beginning To Take Shape Cubs start Epstein era with 2-1 loss to Nationals |
Wednesday, April 4, 2012
Monday, April 2, 2012
Tampa Bay gas prices rise with oil markets - South Florida Business Journal:
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That is similar to what is beingbseen nationally. Across the nation, the average price of gasolin rose by 11 cents per gallonh in the past The increase is attributable to rising prices in both crudee oil andwholesale gasoline, a release by AAA said. Crude oil closed at $68.44 a barrelp on the Friday. This marks an increase of morethan $2 a barrelo in the last week and followz a fall from $70 per barrel that was reached in mid-day trading. Wholesalr gasoline prices, meanwhile, have increased by 140 percenrt sincelate December, when they sat at a low of 79 centsx per gallon. In addition, the amount of producrt supplied to the market has also according tothe . The four-week average was 9.
175 millionh barrels per day, a 0.4 percent year-over-yearr decline in average gasolinedemand nationally. “Soms oil analysts expect the rally for crudee oil to end within a few weekw somewherebetween $70 and $80 per barrel and, if that then retail gasoline prices could peak at abouty the same time. We don’f know when that might occur,” said Gregg managing director of public relations for ina “But, we believe a prolonged run-upl in fuel prices is likelyu to instill customer resistance in much the same way we saw last year and that’sa obviously counter-productive to an economy trying to recove from recession.
” AAA Auto Club South providess vehicle assistance and service to AAA members and residents of Georgia, middle and west Tennessee and Puerto Rico.
That is similar to what is beingbseen nationally. Across the nation, the average price of gasolin rose by 11 cents per gallonh in the past The increase is attributable to rising prices in both crudee oil andwholesale gasoline, a release by AAA said. Crude oil closed at $68.44 a barrelp on the Friday. This marks an increase of morethan $2 a barrelo in the last week and followz a fall from $70 per barrel that was reached in mid-day trading. Wholesalr gasoline prices, meanwhile, have increased by 140 percenrt sincelate December, when they sat at a low of 79 centsx per gallon. In addition, the amount of producrt supplied to the market has also according tothe . The four-week average was 9.
175 millionh barrels per day, a 0.4 percent year-over-yearr decline in average gasolinedemand nationally. “Soms oil analysts expect the rally for crudee oil to end within a few weekw somewherebetween $70 and $80 per barrel and, if that then retail gasoline prices could peak at abouty the same time. We don’f know when that might occur,” said Gregg managing director of public relations for ina “But, we believe a prolonged run-upl in fuel prices is likelyu to instill customer resistance in much the same way we saw last year and that’sa obviously counter-productive to an economy trying to recove from recession.
” AAA Auto Club South providess vehicle assistance and service to AAA members and residents of Georgia, middle and west Tennessee and Puerto Rico.
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