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PM Bankruptcy: So Much Smoke?
Investors, AGs worried over cigarette maker’s ability to post $12 billion bond
NEW YORK -- A court order that Altria Group Inc.'s Philip Morris USA unit post a $12 billion bond to appeal an Illinois tobacco verdict is spooking Wall Street, state governments and credit-rating agencies, the Wall Street Journal reported. Those institutions worry that the cigarette division will come under severe pressure, said the report, and may even be forced to file for bankruptcy-court protection.
While a bankruptcy filing is considered a long shot, Moody's Investors Service cut the debt rating on Altria by two notches to three levels above “junk” and by one on Kraft Foods Inc., the nation's largest food firm, which is publicly traded but controlled by Altria. The move is significant because Altria prizes its high credit rating and has maintained it for years even when faced with massive punitive-damage awards.
FULL STORY
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Fleming Bankruptcy Details
All facilities open for business; will protect customers, vendors
LEWISVILLE, Texas -- As reported in a CSP Daily News Flash yesterday, Fleming Cos. and its operating subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The company said that it is open and conducting business at all of its facilities, and it continues to receive supplies and service its customers.
The filings were made Tuesday morning in the U.S. Bankruptcy Court in Wilmington, Del. Fleming intends to use the Chapter 11 process to restructure its business operations and finances. The purpose of the Chapter 11 filing is to allow the company to establish an improved capital and cost structure, and to position itself for long-term success upon emergence from Chapter 11, said the Lewisville, Texas-based distributor.
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Truckstop WiFi Alliance is Born
Flying J, Petro, SmartStop form network, invite other retailers to join
OGDEN, Utah -- Flying J Inc., Petro Stopping Centers and SmartStop Wireless Solutions have formed a wireless communications alliance--the Travel Plaza Alliance Network. The collaboration will ensure fleet carriers and professional drivers of easy access to a secure network at participating Flying J Travel Plazas and Petro Stopping Centers across the U.S. and Canada, the companies said.
The Travel Plaza Alliance Network will use the rapidly growing IEEE 802.11 technology, commonly known as WiFi. Flying J has been installing its 802.11 systems and technology over the last few months and has its network approximately 50% complete. The company expects to begin selling services in mid-April, it said.
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