| Stahl Cowen Represents Purchaser of Two Florida Radio Stations
The Corporate Department of Stahl Cowen Crowley, LLC successfully represented the purchaser of two radio stations in Florida. The transaction included refinancing the purchaser's corporate debt as well as obtaining a $4.2 million line of credit (convertible to term debt) for future acquisitions. Stahl Cowen Crowley LLC is a Chicago-based law firm focused on serving the needs of business enterprises in today's dynamic marketplace. The firm provides sophisticated, yet cost effective legal counsel to organizations ranging from the entrepreneurial to large, publicly traded corporations and municipalities. Practice areas include Bankruptcy & Restructuring, Corporate, Mergers & Acquisitions, Litigation, Local Government, Real Estate and Trusts & Estates. For further information about this matter please contact Lauane Addis at (312) 641-0060.
(AFX UK Focus) 2007-11-19 12:00 GMT: Northern Rock's bank financial strength cut to 'd+'; outlook negative - Moody's
MUMBAI (Thomson Financial) - Moody's Investors Services downgraded Northern Rock PLC's bank financial strength rating (BFSR) to 'D+' with a negative outlook from 'C-' with a developing outlook. It said the 'D+' maps into a Baseline Credit Assessment of 'Ba1'. Moody's said that the downgrade of the bank's BFSR reflects the more significant impairment of the bank's franchise as the effort to find a corporate solution has proven more protracted than initially expected. The rating agency said it sees the likelihood of a swift sale of the bank to a large and highly rated financial institution to be possible but less likely than initially anticipated. The downgrade also reflects its view on the bank's future profitability as a result of its increased cost of funding, expected lower levels of new business and possible restructuring costs.
Kenya: Must We Pay This Debt?
For the better part of three decades, Telkom Kenya and its predecessor, the Kenya Posts and Telecommunications Corporation, were easily some of the most mismanaged public institutions in the country. Small wonder, then, that even after a few years of restructuring and corporate cultural retooling, Telkom still remains a business laggard in public and investor eyes. .
Quick Money Sunflashes
FOREIGN BUSINESS POSITIVE: REPORT Foreign-controlled businesses operating in Canada sink large investments into innovation, advanced technology and skilled labour and make valuable contributions to the domestic economy, Statistics Canada reported yesterday. The report also said it's a myth that foreign takeovers lead to the gutting of head-office employment here. BANKS HIT BY U.S. WOES Two of Canada's biggest banks took big charges yesterday reflecting troubles in the U.S. mortgage business and corporate credit markets, but also booked gains from their stake in the restructuring Visa credit card company. .
Anatomy of a panic
Shortly past 8 a.m. on an already sweltering August Monday, a small team of financiers hurried down a flight of stairs in one of Montreal's most historic office buildings to watch a modern disaster unfold. The men, senior executives with National Bank Financial, were hurrying to a cavernous room on the main floor of the beaux-arts Sun Life building where more than 100 traders buy and sell billions of dollars of stocks, currencies and debt instruments every day. Leading the group was Ricardo Pascoe, a wiry, soft-spoken derivatives specialist who was named co-chief executive officer of National Bank of Canada's securities arm a year earlier. At his side was his top legal executive, Brian Davis. Mr. Pascoe whisked the group past long lines of noisy trading desks to a normally quiet corner where a half dozen men and women were feverishly working the phones.
H&R Block boss resigns as chairman, CEO
Mark Ernst has resigned as chairman, president and chief executive of H&R Block Inc., the tax preparation and accounting services company that is reeling from its foray into the collapsing subprime mortgage business. The company said Tuesday that Ernst's replacement as chairman is Richard Breeden, the former head of the Securities and Exchange Commission, who led a dissident shareholder group that won three seats on the H&R Block board. A retired Aetna Inc. chief financial officer, Alan Bennett, was named interim CEO while H&R Block looks for a permanent replacement. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from its core tax preparation and accounting services business.
Kenya: State to Settle Telkom's Sh60b Debt
The country's overburdened taxpayers will dig deeper into their pockets to finance a Sh60 billion Telkom Kenya debt owed to creditors ahead of its privatisation. Ms Esther Koimet, the Investment Secretary at the Ministry of Finance, said the proposed debt write-off was part of the restructuring of the State corporation ahead of its sale to a strategic investor. .
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