Donna Karan delays shares' sale
Donna Karan Co., the high-flying designer apparel business, said yesterday that it was postponing its plans to sell 11 million common shares to the public, confirming speculation that the much-ballyhooed offering would not take place this year.
"This is not the right time for us," said Ms. Karan, the company's co-chief executive. "We don't feel that a public offering at this time would reflect the potential value of the company."
Southwest to order 63 jetliners
Southwest Airlines will order 63 Boeing jetliners, allowing the aerospace manufacturer to launch a new version of its best-selling 737.
At a cost of $36 million to $40 million per plane, the order would be worth $2.27 billion to $2.52 billion. The deal still must be formalized in a signed agreement, the companies said yesterday.
Leedmark switches to Chapter 11
The bankruptcy of the failed Leedmark store in Glen Burnie has been converted from a Chapter 7 filing to a Chapter 11 proceeding after the change was requested by the store's owner, G. B. Glenmark Ltd. Co.
A petition for involuntary bankruptcy was filed in federal court against Glenmark on Nov. 2 by three creditors. Under a Chapter 11 filing, a company restructures its debt and establishes a repayment plan. With a Chapter 7 proceeding, the assets of the business are liquidated and divided among the creditors.
State rejects Fujitsu protest
The state Department of General Services has rejected a protest from Fujitsu Business Communications Systems regarding the state's plans to rebid a contract for a state government telephone switching system.
Fujitsu had appealed an earlier award for the system to the Maryland State Board of Contract Appeals. The board later ordered the state to drop the previous winner, Bell Atlantic Meridian Systems, from consideration and to re-evaluate the remaining bids. Instead, the General Services Department decided to throw out all bids and issue a new bid solicitation.
Mid-Atlantic Realty dividend is 5
Mid-Atlantic Realty Trust of Linthicum announced a dividend of 5 cents a share for the period from Sept. 11 to Sept. 30, the initial 20 days after the company converted to a real estate investment trust.
Mid-Atlantic, formerly known as BTR Realty Inc., said the distribution was the equivalent of 21 cents per quarter, or 84 cents per year, per share of the trust. The dividend, which BTR had suspended because of the real estate recession, will be paid Dec. 15 to holders of record on Dec. 1.