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."




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Jobless claims continue down
Jurors in 5-month Tyco trial begin deliberations
United delays Chapter 11 exit
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