Papermaker NewPage files for bankruptcyNewPage Corp., the ailing papermaker owned by the private equity firm Cerberus Capital Management, filed for bankruptcy, blaming a sharp decline in the magazine industry, a spike in the cost of raw material and too much debt. The company, which is based in Miamisburg, Ohio, and employs about 6,000 people, will operate under Chapter 11 bankruptcy protection while it seeks to slash its $3 billion in debt. NewPage, which specializes in coated paper used by magazines, operates 16 paper mills from Duluth, Minn., to Rumford, Maine.
Saab seeks protection from creditorsThe Swedish carmaker Saab, awaiting investments from companies in China, sought court protection from creditors, heading off a legal challenge from unions that could have forced the breakup of the company. Saab Automobile and two subsidiaries, Saab Automobile Powertrain and Saab Automobile Tools, filed for "voluntary reorganization" with the District Court in Vanersborg, Sweden.
Regional Fed chief dims view of economyFederal Reserve Bank of San Francisco President John C. Williams cut his growth forecast for the rest of 2011 and said the economy probably won't be able to expand enough to bring down a 9.1 percent jobless rate soon. "The real threat is an economy that is at risk of stalling and the prospect of many years of very high unemployment," he said in in Seattle.
Despite spinoff plans, HP rolling out new PCsHewlett-Packard Co. plans to introduce eight new desktop personal computers in the next two months, including four touch-screen models, ahead of a planned spinoff of its $41 billion PC unit. The world's largest maker of PCs plans to deliver three TouchSmart models aimed at consumers with starting prices between $600 and $900 beginning this month.
VeriSign shares leap amid deal speculationShares of VeriSign Inc. rose 7.6 percent after the company canceled appearances at two investment conferences, fueling speculation that the Internet traffic manager is in talks to be acquired. Pulling out of two events without explanation suggests that a "significant corporate action may be pending," said Ed Maguire, an analyst at Credit Agricole Securities Inc. in New York.
Cubs fans will get to keep their Old Style beerChicago's iconic workingman's brew will continue to have a place at Wrigley Field under a deal announced by the Chicago Cubs and Pabst Brewing Co., the maker of Old Style beer. Old Style has been available to Cubs baseball fans since 1950, and under the new deal, it will be peddled at Wrigley Field through 2013. News that Pabst might pull the beer from the ballpark after six decades didn't sit well with loyalists. Cubs spokesman Kevin Saghy wouldn't disclose the value of the new contract.
FROM NEWS SERVICES
