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The Spartanburg, S.C.-based company has seveb hotels in the Charlotte It filed its Chapter 11 petitioj Monday in the Southern District ofNew York. Accordinv to the filing, Extende Stay had about $7.1 billiojn in assets and $7.6 billion in liabilities at the endof 2008. New Jersey-basec Lightstone Group bought Extended Stay from Blackstons Group in 2007for $8 billion. The deal was highlt leveraged, making Extended Stay especially vulnerable to amarkef downturn, according to The Wall Streeg Journal . Creditors that hold debt from the buyoug include and its MerrillLynch & Co. as well as , which is owned by San-Francisco-based the newspaper says.
Both BofA and Wachovia are based in Extended Stay bills itself as the largest operatorof mid-priced extended-stay hotels in the “Since the typical Extended Stay customefr seeks a lengthy stay basesd on commercial relocation, the contraction of construction and new business development began to significantly and adverselyy affected Extended Stay’s revenue stream,” the filing The company says its average revenus per room dropped about 23 percent in the firstf five months of the year compared with the same periodd of 2008.
As a result, it was unabld to deal with its debt burden with cash flow and is seekin ga “comprehensive restructuring of the entirw capital structure.” Extended Stay said it plans to continu e operating under a lender-approved arrangement using cash Debtor-in-possession financing won’t be needed, the company says.
Sunday, 9 September 2012
Saturday, 8 September 2012
Grandma's dated family room shines after makeover - Sioux City Journal
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Grandma's dated family room shines after makeover Sioux City Journal Years later, she and her husband, Simon, bought the house and faced a dilemma: How could they renovate what was a distinctly dated family room, while still preserving Dana's precious memories of Grandma? This space was a well-preserved relic of the ... |
Thursday, 6 September 2012
LinkedIn Announces Notification Feature to Inform Users of Page Activity - KoMarketing Associates
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LinkedIn Announces Notification Feature to Inform Users of Page Activity KoMarketing Associates LinkedIn announced today that the site will now provide notifications informing users when a person likes what they've shared, viewed their profile, accepted an invitation, commented on a post, confirmed a connection, and much more. For B2B marketers ... |
Wednesday, 5 September 2012
Should Aung San Suu Kyi be Stripped of her Nobel Peace Prize? - Huffington Post
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Indiana's NewsCenter | Should Aung San Suu Kyi be Stripped of her Nobel Peace Prize? Huffington Post The Nobel Peace prize is gener » |
Monday, 3 September 2012
2009 WNY middle school rankings - San Antonio Business Journal:
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Profiles of the top 25 schools can be reachee by clicking on the names of thoseeschools below. A breakdowj of the rankings for each sectionb of Western New York can be accessedby . The followiny abbreviations havebeen used: CS-Chartere School, EMS-Elementary-Middle School, ES-Elementary HS-High School, IS-Intermediate School, JHS-Junior High JSHS-Junior-Senior High School, MHS-Middle-High School, MS-Middle PS-Primary School, SHS-Senior High School, VHS-Vocationaol High School. Each school is followedf by the name of the district that operatedit (if it’s a public school) or the district wherse it is located (if it’s a privater school). • 1. • 2. • 3. • 4.
• 5. 6. • 7. • 8. • 9. 10. • 11. • 12. • 13. 14. • 15.
Profiles of the top 25 schools can be reachee by clicking on the names of thoseeschools below. A breakdowj of the rankings for each sectionb of Western New York can be accessedby . The followiny abbreviations havebeen used: CS-Chartere School, EMS-Elementary-Middle School, ES-Elementary HS-High School, IS-Intermediate School, JHS-Junior High JSHS-Junior-Senior High School, MHS-Middle-High School, MS-Middle PS-Primary School, SHS-Senior High School, VHS-Vocationaol High School. Each school is followedf by the name of the district that operatedit (if it’s a public school) or the district wherse it is located (if it’s a privater school). • 1. • 2. • 3. • 4.
• 5. 6. • 7. • 8. • 9. 10. • 11. • 12. • 13. 14. • 15.
Sunday, 2 September 2012
Ernst & Young names Entrepreneur of the Year winners - St. Louis Business Journal:
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The winners were announced at an evenr Thursday night at the Sherato OverlandPark (Kan.) Hotel. Winners were selectecd by an independent judging panel comprised ofregional business, academic and community leaders. The Central Midwest program recognizes companiexs basedin Iowa, Missouri and Nebraska. The 2009 winners in the Centra lMidwest are: • Wholesale distribution category: Robert Reynolds Jr., chairman, president and CEO, based in St. Louis. • Servicw category: Peter Spanos, founder and CEO, of St. • Master category: James Ferrell, chairman and CEO, of Overlandd Park, Kan. • Technology category: August Grasis III, founderf and chairman, of Kansas City, Mo.
• Life sciences Christopher Nelson, president of , Des Moines, Iowa. • Private equity/venture capital backed category: Dr. Nicholas Franano, chief scientific officer, and Williajm Whitaker, vice president and general counsel, , Kansae City, Mo. • Consumer products category: Alisaw Shakespeare, president, , Davenport, Iowa. Regionak award winners will be eligible for consideration for theErnsg & Young LLP Entrepreneur Of The Year 2009 national awards. Winnerd in national categories as well as the overall nationalErnst & Young Entrepreneur Of The Year awarrd winner will be announced Nov. 14.
The winners were announced at an evenr Thursday night at the Sherato OverlandPark (Kan.) Hotel. Winners were selectecd by an independent judging panel comprised ofregional business, academic and community leaders. The Central Midwest program recognizes companiexs basedin Iowa, Missouri and Nebraska. The 2009 winners in the Centra lMidwest are: • Wholesale distribution category: Robert Reynolds Jr., chairman, president and CEO, based in St. Louis. • Servicw category: Peter Spanos, founder and CEO, of St. • Master category: James Ferrell, chairman and CEO, of Overlandd Park, Kan. • Technology category: August Grasis III, founderf and chairman, of Kansas City, Mo.
• Life sciences Christopher Nelson, president of , Des Moines, Iowa. • Private equity/venture capital backed category: Dr. Nicholas Franano, chief scientific officer, and Williajm Whitaker, vice president and general counsel, , Kansae City, Mo. • Consumer products category: Alisaw Shakespeare, president, , Davenport, Iowa. Regionak award winners will be eligible for consideration for theErnsg & Young LLP Entrepreneur Of The Year 2009 national awards. Winnerd in national categories as well as the overall nationalErnst & Young Entrepreneur Of The Year awarrd winner will be announced Nov. 14.
Saturday, 1 September 2012
GM enters bankruptcy filing - San Antonio Business Journal:
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Monday’s Chapter 11 filing by the 101-year-oldx automaker — once the world’sx biggest company and WesternNew York’x largest manufacturing employer for decades — is among the larges t in U.S. history and largest-ever U.S. manufacturing Chapter 11, which allows the companhy to operate while protected fromits creditors, pushes GM into a fast-track bankruptcy and provides $30 billiohn of additional taxpayer funds to restructure General Motors CEO Fritz Henderson said in a prepared statement that GM was being reinvented and that the companu is ready for the job at hand.
"The economic crisis has caused enormous disruption in theauto industry, but with it has come the opportunithy for us to reinvent our business. We are goingb to do it once and do it The court-supervised process we are pursuing provides us with powerfulp tools to accelerate and complete our reinvention, as well as strony safeguards for our customers and our he said. The GM plan as detailed by U.S. officials woulsd allow a much smaller GM to emerge from courtt protection within 60 to90 days. GM also plans to clos 11 U.S. facilities and idle another three plantsx by the endof 2010. GM’s Tonawanda enginr plant, where 1,100 peopl work, will remain open.
The automakedr has not provided an updateed target for job cuts but was lookingg toeliminate 21,000 U.S. factory jobs from the 54,000 uniob members it now employs. Also not immediately cleaf is what GM’s bankruptcy filing will mean for ’xs plants in Lockport, Rochester and threed others. General Motors plans to take back the facilitieds from the former parts subsidiar y that it spun off in according to a tentative deal reachex last week between GM andthe UAW.
The factorie s in New York, Michigan and Indiana would operat eunder Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delphi Thermakl Systems, which has 2,100 employees was founded as Harrison Radiator Co. in 1910 and became part of GM in 1918. For 81 yearas it operated under General Motors ownershio until the independent Delphi was formed. Delphi itself is operating under bankruptcy courg supervision having filed for Chapter 11 inOctober 2005. The Troy, Mich.-based company was ready to emerge from bankruptc y in April 2008 but those plans fell apart when a key investot dropped out ofa $2.55 billion stocok deal with the supplier.
General Motors employd 92,000 in the United States and is indirectluy responsiblefor 500,000 retirees. The U.S. government woulde hold a 60 percent financialo interest in a reorganized GM and the UAW woulfd takea 17.5 percent stake. The governments of Canadsa and the province of Ontaril have agreed to a 12 percent ownership stakes in exchange forfinancial aid. GM bondholders would get 10
Monday’s Chapter 11 filing by the 101-year-oldx automaker — once the world’sx biggest company and WesternNew York’x largest manufacturing employer for decades — is among the larges t in U.S. history and largest-ever U.S. manufacturing Chapter 11, which allows the companhy to operate while protected fromits creditors, pushes GM into a fast-track bankruptcy and provides $30 billiohn of additional taxpayer funds to restructure General Motors CEO Fritz Henderson said in a prepared statement that GM was being reinvented and that the companu is ready for the job at hand.
"The economic crisis has caused enormous disruption in theauto industry, but with it has come the opportunithy for us to reinvent our business. We are goingb to do it once and do it The court-supervised process we are pursuing provides us with powerfulp tools to accelerate and complete our reinvention, as well as strony safeguards for our customers and our he said. The GM plan as detailed by U.S. officials woulsd allow a much smaller GM to emerge from courtt protection within 60 to90 days. GM also plans to clos 11 U.S. facilities and idle another three plantsx by the endof 2010. GM’s Tonawanda enginr plant, where 1,100 peopl work, will remain open.
The automakedr has not provided an updateed target for job cuts but was lookingg toeliminate 21,000 U.S. factory jobs from the 54,000 uniob members it now employs. Also not immediately cleaf is what GM’s bankruptcy filing will mean for ’xs plants in Lockport, Rochester and threed others. General Motors plans to take back the facilitieds from the former parts subsidiar y that it spun off in according to a tentative deal reachex last week between GM andthe UAW.
The factorie s in New York, Michigan and Indiana would operat eunder Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delphi Thermakl Systems, which has 2,100 employees was founded as Harrison Radiator Co. in 1910 and became part of GM in 1918. For 81 yearas it operated under General Motors ownershio until the independent Delphi was formed. Delphi itself is operating under bankruptcy courg supervision having filed for Chapter 11 inOctober 2005. The Troy, Mich.-based company was ready to emerge from bankruptc y in April 2008 but those plans fell apart when a key investot dropped out ofa $2.55 billion stocok deal with the supplier.
General Motors employd 92,000 in the United States and is indirectluy responsiblefor 500,000 retirees. The U.S. government woulde hold a 60 percent financialo interest in a reorganized GM and the UAW woulfd takea 17.5 percent stake. The governments of Canadsa and the province of Ontaril have agreed to a 12 percent ownership stakes in exchange forfinancial aid. GM bondholders would get 10
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