Business Briefs: LIHEAP begins offering grants Wednesday

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LIHEAP begins offering grants Wednesday

The Low-Income Home Energy Assistance program, also known as LIHEAP, will start offering crisis grants on Wednesday to provide people who are struggling to heat their homes this winter with emergency home heating support. The crisis grants help with heating emergencies, such as broken heating equipment, a lack of fuel, or a danger of being without fuel. To speed up the process of getting a grant, the Pennsylvania Department of Welfare recommends completing an application online at www.compass.state.pa.us. However, paper applications are available through local county assistance offices. All crisis requests for Allegheny County residents are now handled by the Allegheny County Assistance Offices. For more information call toll-free 1-800-622-3527.

Gas prices rise 4 cents here, still above average

The price of gasoline in Pittsburgh rose 4 cents per gallon this week, with the average cost for a gallon of regular unleaded hitting $3.49, according to GasBuddy.com. Local gas prices remain above the national average, which rose 2.5 cents to hit $3.27 per gallon.

Tribune Co. closes loan, exits bankruptcy

Tribune Co., owner of the Chicago Tribune, Los Angeles Times and six other daily papers, emerged from bankruptcy Monday, four years after a doomed leveraged buyout by billionaire Sam Zell led to Chapter 11 proceedings. As part of its exit from bankruptcy, Tribune Co. also closed on a new $1.1 billion term loan and a $300 million revolving credit line. Asset sales will be the quickest way JPMorgan, Oaktree and Angelo, Gordon & Co. can profit from their new ownership stakes, Lance Vitanza, managing director at CRT Capital Group, said in a interview.

Price of gold rises for 12th straight year

Gold rose for its 12th straight annual gain. Futures for February delivery gained 1.2 percent to settle at $1,675.80 at 1:41 p.m. on the Comex in New York, while prices for immediate delivery jumped as much as 1.5 percent, extending this year's climb to 6.3 percent. The metal averaged a record $1,668.70 this year even as it slid 6.3 percent since September. The run of annual gains is the longest since at least 1920.

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