Frontier buys rival phone firm
Frontier Corp. said yesterday it agreed to buy ALC Communications Corp. in a $1.8 billion stock swap, becoming the fifth-largest U.S. long-distance telephone company.
The purchase is part of Frontier's bid to use its base as a regional carrier in Rochester, N.Y., to become a nationwide long-distance power. The combined company will serve almost 2 million customers and be poised to make other acquisitions.
Chunnel lost $600 million in '94
Warning that it faces possible financial collapse later in the year, the operating company of the tunnel under the English Channel said yesterday that it lost more than $600 million in 1994 and that revenues had been so meager that it might not be able to meet its huge payments for debt service this year.
In an announcement that sent the securities of Eurotunnel plummeting, the company that built an engineer's dream -- a 31-mile link between Britain and France -- said revenues for last year totaled only $50 million.
That was less than one-fourth of what Eurotunnel officials had predicted for the year.
Electronic security contract
Information Resource Engineering Inc. has received a $400,000 order from the Department of the Treasury's Financial Management Service for an expansion of the service's electronic commerce system.
The Baltimore company will provide its "secure remote access products," which use encryption technology to protect electronic data, to help the Treasury service certify the processing of federal payments.
Investors buy land in Puerto Rico
Interstate General Co. L.P. of St. Charles has completed a $3.5 million sale of 3.2 acres of commercial land in the planned community of Parque Escorial in metropolitan San Juan, Puerto Rico, to Compri Caribe Hospitality Corp. Compri also has contracted to purchase an additional 4.3 acres of adjacent commercial land at the mixed-use commercial center for $3.4 million.
Grace got $24 million in perks
W. R. Grace & Co. said yesterday that it has paid outgoing Chairman Peter Grace a total of $24 million since 1991 for retirement benefits and housing, limousine and other perquisites.
The Boca Raton, Fla.-based company released the figures in its annual proxy statement following a bruising battle between the chairman and former Chief Executive J. P. Bolduc over whether to disclose them. Mr. Bolduc resigned last month.