S.E.C. IS INVESTIGATING FISCHER IMAGING ACCOUNTING
Date: 12 June 2003
By Bloomberg News
Bloomberg News
Fischer Imaging Corp, maker of X-ray equipment, says Securities and Exchange Commission has begun probe of its accounting; chief financial officer Stephen Burke says SEC has subpoenaed records related to financial statements for 2000, 2001 and first three quarters of 2002 (S)
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XEROX PLANS $3.1 BILLION RECAPITALIZATION
Date: 12 June 2003
By Bloomberg News
Bloomberg News
Xerox Corp plans $31 billion recapitalization to strengthen its balance sheet and to repay and terminate its current bank facility (S)
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SALERNO NAMED CHIEF EXECUTIVE OF AVIS AND BUDGET
Date: 12 June 2003
By Bloomberg News
Bloomberg News
Cendant Corp names F Robert Salerno as chief executive of its Avis and Budget car-rental business; will retain title of president (S)
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JURY AWARDS HONEYWELL $30 MILLION IN PATENT LAWSUIT
Date: 13 June 2003
By Bloomberg News
Bloomberg News
Federal jury in St Paul awards Honeywell International $30 million in lawsuit against two units of Matsushita Electric Industrial over patent for video camera technology; jury finds units, JVC in US and Victor in Japan, infringed Honeywell's patent for circuit chip used to create equivalent of electronic film in video camcorders (S)
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DEY TO PAY $18.5 MILLION TO SETTLE FRAUD ALLEGATIONS
Date: 12 June 2003
By Bloomberg News
Bloomberg News
Justice Department says Dey Inc, unit of Merck of Germany, agrees to pay $18.5 million to US and Texas to settle Medicaid fraud allegations; says company submitted false price information on its drugs and caused providers to submit inflated reimbursement claims (S)
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MIDWEST EXPRESS CONSIDERING CHAPTER 11 FILING
Date: 13 June 2003
By Bloomberg News
Bloomberg News
Midwest Express Holdings, which operates Midwest Airlines of Milwaukee, may seek bankruptcy protection if it is unable to reduce labor costs and plane payments in third quarter or earlier; is trying to cut costs by renegotiating labor contracts with its pilots and flight-attendant unions (S)
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XO MAY CHANGE BID FOR GLOBAL CROSSING TO CASH
Date: 13 June 2003
By Bloomberg News
Bloomberg News
XO Communications says it may offer $700 million in cash for Global Crossing after initial offer is spurned by Global Crossing's creditors; XO, controlled by financier Carl C Icahn, says it may also offer $472.5 million for company's bank debt, on condition that Global Crossing cancels agreement to sell control to Singapore Technologies Telemedia (S)
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INSPECTIONS MAY CLEAR WAY FOR APPROVAL OF LILLY DRUG
Date: 12 June 2003
By Bloomberg News
Bloomberg News
Eli Lilly & Co moves closer to approval of new drug for depression after Food and Drug Administration completes reviews of two Indianapolis plants that failed earlier inspections; Federal approvals for drug Cymbalta and for injectable version of schizophrenia drug Zyprexa have been delayed until factories meet FDA manufacturing standards (S)
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CHRYSLER PLANS LOWER-PRICE VERSION OF ITS PACIFICA
Date: 13 June 2003
By Bloomberg News
Bloomberg News
Chrysler says it will offer lower-price version of its Pacifica, new station wagon, as it tries to more than triple monthly sales of car; new version, to begin production in July, will cost less than $30,000, down from about $38,000 for models that started selling in April (S)
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REGAL ENTERTAINMENT TO PAY ONE-TIME CASH DIVIDEND
Date: 12 June 2003
By Bloomberg News
Bloomberg News
Regal Entertainment Group, one of world's largest movie theater chains, will pay investors one-time cash dividend of $5.05 for each share they hold (S)
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POZEN SAYS DEAL WITH GLAXO MAY BE WORTH $160 MILLION
Date: 13 June 2003
By Bloomberg News
Bloomberg News
Pozen Inc, unprofitable developer of migraine drugs, says it may gain as much as $160 million from agreement with GlaxoSmithKline to develop new treatments for headaches; Glaxo will have rights in US to market migraine treatments based on Pozen's MT 400 formulation (S)
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