The U.S. Department of Transportation will propose letting Delta Air Lines and Northwest Airlines, along with four overseas carriers, combine their transatlantic alliances.
The DOT on Wednesday issued a show-cause order that tentatively will grant antitrust immunity to the combination. That would allow the airlines to coordinate their services and act as a single carrier for their U.S.-Europe business.
Delta (NYSE: DAL) has an alliance with Air France, Alitalia and Czech Airlines, and Northwest (NYSE: NWA) has an alliance with KLM Royal Dutch Airlines.
The combination is a highly integrated joint venture that likely would produce efficiencies and give customers more fare and route options, the DOT said in a news release payday loans.
Atlanta-based Delta and Eagan, Minn.-based Northwest first proposed the deal in 2004. The two airlines also reportedly have gone back into merger discussions, which were derailed by the inability of their pilots to agree on seniority issues.
Delta operates a hub at the Cincinnati/Northern Kentucky International Airport.
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The Hawaii Tourism Authority announced Tuesday it has added more flights for displaced travelers.
Passengers scheduled to travel from April 2 through April 10 can call United Airlines for a flight from San Francisco to Kahului at 8 a.m. Wednesday; and a flight from Kahului to Honolulu at 11:15 a.m payday advance low fees. and Honolulu to San Francisco at 1 p.m.
HTA has been underwriting flights following the shutdown of Aloha Airlines and ATA Airlines that has left travelers stranded.
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Bluegreen Corp. said it has completed a private offering and sale of $60 million of timeshare loan-back securities.
The Boca Raton-based resorts and communities firm said the amount of the receivables sold totaled $68.6 million, including $61.4 million of loans in aggregate principal of timeshare loans that were previously transferred under an existing timeshare loans purchase facility with Branch Banking & Trust Company and $7.2 million of timeshare loans owned by Bluegreen immediately prior to the transaction. BB&T Capital Markets was the initial purchaser.
Bluegreen (NYSE: BXG) said proceeds from the term securitization were used to repay $51 million of the $60.6 million outstanding under the BB&T Trust purchase facility, deposit initial amounts in a required cash reserve account, pay certain transaction fees and expenses and provide net cash proceeds of $5.8 million to Bluegreen, which will be used for general corporate purposes and debt service bad credit payday loan.
The company also said it has renewed the BB&T purchase facility, extending the facility to May 2010 and expanding the facility amount to a cumulative purchase price of $150 million on a revolving basis, pursuant to the terms of the facility and subject to certain conditions precedent.
The original facility, signed in June 2006, allowed for transfers of notes receivable for a cumulative purchase price of up to $137.5 million, on a revolving basis, through May 2008.
Bluegreen also said it has repaid in full its $55 million, 10.5 percent Senior Secured Notes plus all accrued interest, immediately prior to the maturity of the notes on April 1, 2008.
Shares were unchanged at $7 in morning trading. The 52-week high was $12.82 on May 15. The 52-week low was $5.93 on March 14.
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During a hastily called news conference Saturday Cessna Aircraft Co. President and CEO Jack Pelton announced the company's newest business jet, the Columbus, will be built in Wichita.
Pelton says the company will spend $780 million on the development of the airplane, including the construction of a new assembly plant.
The Kansas Legislature approved $33 million in bonds to help secure the plant.
"The Kansas Legislature's quick response to this project has cemented our decision, and Cessna is proud to call Kansas home for the Citation Columbus," Pelton said, in a release. "With their quick action, the House and Senate leadership have shown the world that Kansas will compete for aviation jobs."
Cessna is a subsidiary of the Textron Co no teletrak payday loans. (NYSE:TXT).
Cessna says more than 1,000 jobs will be created with the assembly of the airplane, with an annual payroll of $74 million.
"From the beginning, Cessna was clear that they wanted to build this in Kansas," said Kansas House Speaker Melvin Neufeld. "We knew we had tough competition from other states, but we also had the home court advantage. Our message is clear too - we want these companies and these jobs in Kansas."
The Cessna Columbus has a range of 4,000 miles, a top speed of 562 mph and seating for eight passengers.
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WCCO-TV Channel 4 released longtime weatherman Paul Douglas on Friday, the latest in a series of cost-cutting moves at the station.
Douglas, who joined WCCO in 1997, is one of seven or eight employees locally and more than 100 nationwide cut by CBS's 29 TV stations. WCCO weekend anchor John Reger also was released.
"This is a down economy and we're doing our darnedest to take some steps that are proactive to ensure the viability of WCCO today, five years from now, 10 years from now," WCCO spokeswoman Kiki Rosatti said. "… We're looking at the potential impact of this down economy and we're trying to make moves to be responsible to our operating costs to make sure we stay ahead of the curve."
Prior to joining WCCO, Douglas worked at WBBM-TV Channel 2 in Chicago for four years cash advance today. Before that, he worked at KARE-TV Channel 11 for 12 years.
Douglas also writes a weather column for the Star Tribune.
He founded Digital Cyclone Inc., which personalizes weather forecasts for users on the Internet, e-mail and cell phones, selling it for $45 million last year. He also founded a weather software venture called EarthWatch Communications in 1989.
jvomhof@bizjournals.com | (612) 288-2101
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Bank of Hawaii Corp. said the sale of its shares in Visa Inc. will add to the company's profit in the first quarter.
Bank of Hawaii said Wednesday it made money off two transactions — the sale of its Visa shares and the sale of its interest in an aircraft lease.
The credit card company went public earlier this month, generating $18 billion or about $44 a share.
In a filing with the Securities & Exchange Commission, the bank said it will use the money for employee incentives, to pay a call premium on its trust preferred securities and to contribute to the Bank of Hawaii Charitable Foundation.
On the down side, Bank of Hawaii said it would set aside more money to cover losses "reflecting increased risk in the commercial leasing and consumer portfolios." The bank didn't say how much money it planned to set aside pay day advance.
But even after earmarking more money to cover bad loans, Bank of Hawaii (NYSE: BOH) said it still expects an increase in net income of between $7 million and $9 million in the first quarter.
The company said it will release its first quarter results on April 21.
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Insight Enterprises Inc. completed its $125 million acquisition of Calence LLC, marking the combination of two homegrown technology companies.
Insight (Nasdaq:NSIT) provides comprehensive technology solutions, while Calence’s technology solutions specialize in Cisco networking, advanced communications and managed services.
Up to an additional $35 million will be added to the purchase price if Calence achieves certain performance targets over the next four years. The deal also included a preliminary working capital adjustment of $4 million and the assumption of $7.4 million in debt.
The Calence acquisition was funded, in part, under a new five-year, $300 million senior revolving credit facility, which replaces two existing agreements payday loan.
Both companies are based in Tempe. In 2006, Calence Inc. merged with a unit of Phoenix-based Avnet Inc., Avnet Enterprise Solutions, to create Calence LLC. Avnet Inc. (NYSE:AVT) no longer has a stake in the business, but will remain a customer of outsourcing services.
"The closing of the acquisition advances our ability to serve as a trusted advisor of technology solutions to our clients and creates opportunities for us to provide more services to more of our clients," said Rich Fennessy, president and CEO of Insight, in a statement.
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