ADELPHIA MAY BE LIABLE FOR MILLIONS IN LOANS
Date: 29 March 2002
By Bloomberg News
Bloomberg News
Adelphia Communications, cable television company that disclosed it kept $2.3 billion in debt off its books, may be liable for $500 million in bank loans to former telephone unit, Adelphia Business Solutions; Adelphia, controlled by Rigas family through private trust called Highland Holdings, gave $36.8 million to Adelphia Business on unsecured basis and may be unable to recover debt (S)
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XEROX RECEIVES $557 MILLION IN FINANCING
Date: 28 March 2002
By Bloomberg News
Bloomberg News
Xerox Corp receives $557 million from General Electric Co as part of plan for its GE Capital finance arm to take over most of equipment financing for Xerox's customers; deal is secured by $266 million in lease receivables from US and $291 million from Canada; company also sets up customer-financing agreements for Mexico and Brazil; financial terms undisclosed (S)
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INSTINET ISSUES WARNING OF A POSSIBLE LOSS
Date: 28 March 2002
By Bloomberg News
Bloomberg News
Instinet Group says it will probably post first-quarter loss and will take bigger-than-expected charge as it increases efforts to cut costs (S)
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PHILIP MORRIS PROMOTES SEVERAL EXECUTIVES
Date: 28 March 2002
By Bloomberg News
Bloomberg News
Philip Morris Companies names Michael Szymanczyk chairman of its Philip Morris USA tobacco unit; promotion is effective April 25; he was president and chief executive of unit and will be succeeded by John Nelson, president of company's inernational business; Dinyar Devitre is returning to Philip Morris as chief financial officer; he succeeds Louis C Camilleri, who takes over as chief executive on April 25 from Geoffrey Bible, who is retiring; Bible will remain chairman until August, when Camilleri assumes job (S)
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F.D.A. REJECTS DRUG FROM WATSON PHARMACEUTICALS
Date: 29 March 2002
By Bloomberg News
Bloomberg News
Watson Pharmaceuticals says Food and Drug Administration has rejected skin patch called Oxytrol for urinary incontinence; FDA has asked for more clinical data on patch; Watson's chief executive Allen Chao comments (S)
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AKSYS SHARES RISE ON APPROVAL OF DIALYSIS DEVICE
Date: 29 March 2002
By Bloomberg News
Bloomberg News
Aksys Ltd says Food and Drug Administration has approved its home dialysis machine; expects to begin shipping device, called PHD System, in third quarter; company's stock rises $4.22, to $8.78 per share (S)
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CONTINENTAL ENDS TICKET ALLIANCE WITH AMERICA WEST
Date: 28 March 2002
By Bloomberg News
Bloomberg News
Continental Airlines Inc ends ticket-selling alliance with America West Airlines after America West cuts fares to draw last-minute travelers; Continental spokesman Jeff Await says carrier decided to end seven-year agreement, which allows partners to book tickets on each other's flights, on May 1 because revenue from it 'was approaching zero'; agreement on frequent-flier benefits will end Sept 24 (S)
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SPANISH HOTEL CHAIN AGREES TO BUY CRESTLINE CAPITAL
Date: 29 March 2002
By Bloomberg News
Bloomberg News
Spain's Barcelo Hotels and Resorts acquires Crestline Capital Corp for $601.8 million to expand its operations in US (S)
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FEDERATED STORES WARNS OF LAYOFFS IF UNIT ISN'T SOLD
Date: 29 March 2002
By Bloomberg News
Bloomberg News
Federated Department Stores will lay off 3,300 workers at its unprofitable Fingerhut catalog and Internet unit by end of next week if buyer is not found; efforts to sell unit to Business Development Group Acquisitions are continuing, and Federated is considering selling individual Fingerhut assets (S)
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ALLTRISTA, MAKER OF CANNING JARS, AGREES TO BUY TILIA
Date: 29 March 2002
By Bloomberg News
Bloomberg News
Alltrista, largest seller of Ball-brand home-canning jars, acquires Tilia International, which makes vacuum-packaging products for home use, for $145 million and $15 million in Tilia debt (S)
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