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Z Gallerie exits from Chapter 11
Z Gallerie, a privately held retailer of home furnishings and decorative accessories, has emerged from Chapter 11 six months after filing for bankruptcy protection.
The Gardena company said in its April filing that the recession, plus widespread markdowns and going-out-of-business sales at its competitors, had hurt its business.
Founded in 1979, the company operates 54 retail locations in 18 states, a website and one outlet.
LENDING
Icahn seeks debt of CIT Group
Billionaire investor Carl Icahn has offered to buy certain classes of debt from CIT Group Inc. bondholders as he tries to defeat a restructuring plan by the commercial lender.
Icahn said in a letter that he would pay those bondholders 60 cents on the dollar for their bonds if they agreed to reject New York-based CIT's debt restructuring plan.
WALL STREET
Panel backs rules on hedge funds
The House Financial Services Committee voted to regulate for the first time hedge funds and other large pools of privately managed capital.
The bill, which received broad bipartisan support in a 67-1 vote, was aimed at shedding light on an elite group of investors that have escaped government oversight despite their hefty portfolios.
TAXES
Foreign banks face secrecy fee
Congress will consider taxing foreign banks that refuse to disclose the identity and contents of accounts owned by Americans.
The measure would impose a 30% withholding tax on income from U.S. assets held by foreign institutions that refuse to name U.S. account holders and report balances, deposits and withdrawals.
AIRLINES
Continental shifts to Star Alliance
Continental Airlines Inc. has changed teams in the battle among three large alliances of global airlines.
The airline officially switched from SkyTeam, which is led by Delta Air Lines Inc. and Air France-KLM Group, to the Star Alliance, which includes UAL Corp.'s United Airlines, US Airways Group Inc. and Lufthansa.
The move gets Continental out from under the shadow of Delta Air Lines and could mean a bigger piece of international revenue that is shared among team members.
INVESTING
UC affiliate starts venture fund
The California Institute of Quantitative Biosciences, an affiliate of three University of California schools, has created a fund to invest in bioscience companies started by researchers at the schools.
Mission Bay Capital has raised $7.5 million to provide 15 new companies run by university scientists with an average of $500,000, according to an announcement by UC San Francisco, where the fund is based.
AUTOMOBILES
Fisker to buy idled GM plant
Luxury automaker Fisker Automotive Inc. of Irvine has agreed to buy a closed General Motors assembly plant in Delaware to produce plug-in hybrid electric cars, the company said.
Fisker has signed a letter of intent with Motors Liquidation Co., formerly known as General Motors Corp., to buy the Wilmington, Del., plant for $18 million.
-- times staff and wire reports
Z Gallerie, a privately held retailer of home furnishings and decorative accessories, has emerged from Chapter 11 six months after filing for bankruptcy protection.
The Gardena company said in its April filing that the recession, plus widespread markdowns and going-out-of-business sales at its competitors, had hurt its business.
Founded in 1979, the company operates 54 retail locations in 18 states, a website and one outlet.
LENDING
Icahn seeks debt of CIT Group
Billionaire investor Carl Icahn has offered to buy certain classes of debt from CIT Group Inc. bondholders as he tries to defeat a restructuring plan by the commercial lender.
Icahn said in a letter that he would pay those bondholders 60 cents on the dollar for their bonds if they agreed to reject New York-based CIT's debt restructuring plan.
WALL STREET
Panel backs rules on hedge funds
The House Financial Services Committee voted to regulate for the first time hedge funds and other large pools of privately managed capital.
The bill, which received broad bipartisan support in a 67-1 vote, was aimed at shedding light on an elite group of investors that have escaped government oversight despite their hefty portfolios.
TAXES
Foreign banks face secrecy fee
Congress will consider taxing foreign banks that refuse to disclose the identity and contents of accounts owned by Americans.
The measure would impose a 30% withholding tax on income from U.S. assets held by foreign institutions that refuse to name U.S. account holders and report balances, deposits and withdrawals.
AIRLINES
Continental shifts to Star Alliance
Continental Airlines Inc. has changed teams in the battle among three large alliances of global airlines.
The airline officially switched from SkyTeam, which is led by Delta Air Lines Inc. and Air France-KLM Group, to the Star Alliance, which includes UAL Corp.'s United Airlines, US Airways Group Inc. and Lufthansa.
The move gets Continental out from under the shadow of Delta Air Lines and could mean a bigger piece of international revenue that is shared among team members.
INVESTING
UC affiliate starts venture fund
The California Institute of Quantitative Biosciences, an affiliate of three University of California schools, has created a fund to invest in bioscience companies started by researchers at the schools.
Mission Bay Capital has raised $7.5 million to provide 15 new companies run by university scientists with an average of $500,000, according to an announcement by UC San Francisco, where the fund is based.
AUTOMOBILES
Fisker to buy idled GM plant
Luxury automaker Fisker Automotive Inc. of Irvine has agreed to buy a closed General Motors assembly plant in Delaware to produce plug-in hybrid electric cars, the company said.
Fisker has signed a letter of intent with Motors Liquidation Co., formerly known as General Motors Corp., to buy the Wilmington, Del., plant for $18 million.
-- times staff and wire reports
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