Business news briefs: 11/24/09

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Majestic Star Casino files for bankruptcy

Majestic Star Casino LLC, which at one time held the license to build a casino Pittsburgh but was unable to get financing for the project, has sought Chapter 11 bankruptcy protection from creditors after senior secured lenders called a default and demanded to be repaid $79.3 million in debt. The company, owned by Detroit businessman Don Barden through Barden Development Inc., had assets valued at $406 million and debt of $750 million as of June 30, it said in a quarterly report. "Mr. Barden holds a small equity position in Rivers Casino which is unrelated to Majestic Star Casino LLC. The Majestic Star Casino bankruptcy will have no impact on Rivers Casino," said Greg Carlin, CEO of Rivers Casino.

BLACK FRIDAY LIVE
Going out on Black Friday? Tell us what you see by tweeting reports to @PostGazetteBiz or e-mailing eschwartzel@post-gazette.com. And follow the action at Twitter.com/PostGazetteBiz.
Survey: Black Friday crowds may be bigger

As many as 134 million Americans could be shopping this weekend, according to a survey conducted for the National Retail Federation by BIGresearch, up from 128 million people who said they planned to do so last year. Discount and department stores will be the biggest attractions for consumers, with more than 60 percent of shoppers headed there. Forty-one percent will shop at electronics stores, 36 percent will head to a clothing store, and 28 percent will shop online. One in ten will start shopping before 3 a.m., while about 29 percent will head out between 4 a.m. and 6 a.m.

Data shows customers better at managing debt

For the first time in a decade, more people paid their credit card bills on time in the third quarter this year than in the second quarter. The delinquency rate on bank-issued cards such as those bearing MasterCard and Visa logos fell to 1.1 percent for the June-to-September period, from a rate of 1.17 percent in the prior three months, according to TransUnion. The average balance on outstanding bank cards was $5,612, down from $5,719.

Campbell's profit beats expectations

Campbell Soup Co. said it earned $304 million or 87 cents per share in the first quarter, an increase of 17 percent from the year-ago period, largely due to lower costs. Revenue fell 2.1 percent to $2.2 billion. Analysts expected a profit of 81 cents per share on revenue of $2.28 billion. The company raised its guidance for the year, saying it expected its earnings per share to rise by 9 to 11 percent.

Also in business ...

Filmet Color Laboratories Inc. on Russellton Road in Cheswick has filed for Chapter 11 bankruptcy reorganization. ... General Motors Co. yesterday asked European governments to help pay most of the $4.9 billion it needs to restructure its struggling European operations. ... Parkvale Financial Corp. announced the resignation of Timothy G. Rubritz, chief financial officer of Parkvale Savings Bank, effective Friday. ... Shares in British candy maker Cadbury PLC hit a five-year high yesterday on reports Nestle may make a takeover bid. Cadbury is the target of a hostile bid from Kraft Foods, which it has dismissed as "derisory." ... S&T Bancorp, Inc. announced the resignation of Gregor T. Young IV, executive vice president, wealth management, effective Feb. 28. ... Stork Craft Manufacturing Inc. is recalling about 2.1 million cribs because of fears they could injure babies. For more information, visit www.cpsc.gov.



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