MINNEAPOLIS — A bankruptcy judge on Monday sealed a report that was expected to shed light on Northwest Airlines Corp.’s efforts to market itself to potential buyers.
The bankruptcy judge overseeing Northwest’s case had appointed examiner Richard Nevins to look into whether Northwest properly evaluated the value of its assets.
Nevins wrote in a court filing on Monday that he planned to file the report publicly, but that Northwest wants it sealed “as they believe the report contains highly sensitive business information.”
U.S. Bankruptcy Judge Allan Gropper in New York sealed the report but ordered Northwest to designate which parts disclose confidential information so the examiner can file a redacted version.
Nevins was appointed at the request of an ad hoc committee of shareholders, which has claimed in court filings that Northwest is worth more than it is letting on. The shareholders have argued that there ought to be some money left over for them. Northwest’s bankruptcy plan calls for them to receive nothing. A hearing on confirming Northwest’s bankruptcy plan is set to begin Wednesday.
The Carlyle Group will sell stock in a fund
Private-equity firm the Carlyle Group LP will for the first time sell shares to the public in one of its investment funds, according to a source familiar with the matter said Friday.
The fund is not the one that is buying Goodyear’s engineered products division, which includes a plant in Lincoln.
After a planned initial public offering of stock in June or July, the Carlyle Capital Corp. Ltd. fund, could have up to $1 billion to invest, the source said, speaking on condition of anonymity. The fund, which will focus on mortgage-backed securities, has already raised private capital.
Carlyle plans to list the fund on the Euronext Amsterdam exchange.
The Washington-based firm is following several other private-equity groups in entering the public markets.
The Carlyle Group currently manages $56 billion in 48 different funds, according to its Web site, investing in everything from aerospace and defense to energy and infrastructure.
Ford, Acura cars earn top crash-test scores
WASHINGTON — The 2007 Acura MDX sport utility vehicle and the 2008 Ford Taurus and Mercury Sable passenger cars received top scores in new crash tests released Monday by the insurance industry.
The MDX, Taurus and Sable received the Institute’s “top safety pick” award, given to vehicles that receive the highest scores on the crash tests and have electronic stability control.
Wynn’s dealers make up for lost tips, organize
LAS VEGAS — Days after billionaire casino magnate Steve Wynn told dealers he made “a big mistake” in allowing supervisors to share in their tips, full-time dealers at the Wynn Las Vegas resort voted overwhelming to join a union.
The dealers voted 444-149 in favor of being represented by the Transportation Workers Union of America.
Dealers said sharing with supervisors cut their tip income i15 to 20 percent.
— From news wires
Posted in Business on Sunday, May 13, 2007 7:00 pm Updated: 2:51 pm.
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