Friday, March 19, 2004

Tristate summary

Bell gets waiver from lenders

Cincinnati Bell Inc. said Thursday that it has received a waiver from its lenders under its credit facility and intends to release earnings for fourth quarter and full year Monday. The company last Friday announced a restatement of results dating to 2002. The restatement was triggered by an investigation announced in January into allegations in a shareholder lawsuit that the company improperly recognized $54 million in revenue at its former Austin, Texas-based broadband business. The restatement triggered a technical default under the company's credit facilities and certain other indebtedness.

P&G eyes options for Clairol plant

Procter & Gamble Co. said Thursday that it was studying options for its Clairol headquarters and plant in Stamford, Conn., after acquiring German hair-care company Wella AG last year. Officials in Stamford are considering tax-incentive offers to keep the Clairol plant, which employs about 570 workers, according to the Stamford Advocate newspaper. P&G pledged to keep its offices in Stamford open for at least twoyears after buying Clairol in 2001,the newspaper said.

Staff/wire reports

Crowley voted no

A story in Thursday's Business section failed to note which member of Cincinnati City Council cast the no vote on a $2.5 million subsidy for condominiums as part of the Kroger parking garage project at Vine Street and Central Parkway. It was Democrat David Crowley. Crowley said the $100,000 subsidy per unit was too high. "That's not gap financing. That's almost 60 percent," Crowley said. "As exciting as it is for a gateway to Over-the-Rhine, it's not exciting enough for me to spend $2.5 million."

Behind the Milacron deal
New focus warms things up at business incubator
Stewart asks friends to write judge
EU plans sanctions against Microsoft
France wooing tourists back
Low interest rates have consumers piling on debt
Jobless claims continue down
Jurors in 5-month Tyco trial begin deliberations
United delays Chapter 11 exit
Tristate summary
Business digest