Pittsburgh Corning reorganization plan OK'd
PPG Industries said the U.S. Bankruptcy Court for the Western District of Pennsylvania has issued an interim order confirming a reorganization plan for Pittsburgh Corning, a business jointly owned by PPG and Corning Inc. Under the plan, PPG will make payments totalling $825 million through 2023 to a trust that will serve as the repository for asbestos-related litigation involving Pittsburgh Corning. The company also will contribute 1.4 million shares of stock or a cash equivalent and surrender its shares in Pittsburgh Corning. Its insurance carriers are to make cash payments totalling $1.7 billion by 2027 to the trust. A final order is expected from the court following a hearing scheduled for next week.
Las Vegas equity fund acquires Century III Mall
Moonbeam Capital Investments LLC, a Las Vegas-based private equity fund with expertise in the redevelopment of distressed commercial and residential properties, has acquired the Century III Mall in West Mifflin. No sales price has been disclosed.
Economic index shows strength in April
The Conference Board said Friday that its index of leading indicators increased 0.6 percent in April to a reading of 95. That followed a 0.2 percent decline in March. Strength in April came from a surge in building permits, a drop in applications for unemployment benefits and a rising stock market. Holding the index back in April: weaker consumer confidence and a decline in the average hours worked at U.S. factories. A separate report Friday showed consumer confidence jumped to near a six-year high. The University of Michigan's consumer sentiment index rose to 83.7, up from 76.4 in April.
McDonald's considers axing more dishes
The Angus burger is going away, and it may not be the only McDonald's dish on the chopping block. The world's largest restaurant chain also is considering axing Caesar salads, the McSkillet Burrito, the Southern Style Biscuit and steak bagels, according to a franchisee email obtained by Bloomberg News. It's an effort by McDonald's Corp. to streamline a menu that has expanded by 70 percent to about 145 items since 2007 -- straining kitchen staff and gumming up service. "We are constantly adding and removing menu items," Danya Proud, a McDonald's spokeswoman, said in an email. "It's not new for McDonald's." Even as it cuts items, McDonald's is adding new ones, including egg-white McMuffin sandwiches, three varieties of chicken McWraps and three new Quarter Pounders.
Ex-CEO says discriminated against over breast cancer
Kathleen Mason, the former CEO of Tuesday Morning, has filed a discrimination lawsuit against the discount retailer, saying she was fired just months after revealing she had breast cancer. Her lawyer said Friday that Ms. Mason's health is "good" and that she is "fighting through it." Tuesday Morning Corp. said in a statement that the allegations are "without merit."