Carr Realty to go publicCarr Realty Corp., a Washington...

BUSINESS DIGEST

October 27, 1992

Carr Realty to go public

Carr Realty Corp., a Washington company, plans to go public with an initial offering of 6.25 million common shares for $20 to $21.50 each through Merrill Lynch & Co., Lehman Brothers and Legg Mason Wood Walker Inc. Carr is a newly formed company that was developed to take over the interests of The Oliver Carr Co.

The company said it is the largest full-service realty company active in Washington, according to a Securities and Exchange Commission filing. The company, which reported income of $11.3 million for the six months ended June 30, has applied to have its shares list on the New York Stock Exchange under the symbol CRE.

Clifford seeks dismissal of charges

Former Secretary of Defense Clark Clifford, citing poor health, asked a New York judge yesterday to dismiss charges alleging he helped the Bank of Credit and Commerce International hide its ownership of U.S. banks. Manhattan District Attorney Robert Morgenthau has two weeks to respond to the motion for a dismissal. The state case had been scheduled to begin Jan. 4.

Daily News sale OK'd by judge

A federal bankruptcy judge took a step yesterday toward preserving New York City as a four-newspaper town, approving the sale of the Daily News to real estate developer and publisher Mortimer B. Zuckerman.

U.S. Bankruptcy Judge Tina L. Brozman approved Mr. Zuckerman's $36.3 million bid for the News, which has been in bankruptcy proceedings since shortly after the death last year of British press baron Robert Maxwell. Mr. Zuckerman's offer was the only one still on the table, and its failure would have meant almost certain death for the 73-year-old tabloid.

B&D to refinance Emhart debt

Black & Decker Corp. said yesterday that it had commitments for a new $2.3 billion credit line, partly to refinance $1.9 billion in debt remaining from the 1989 takeover of the Emhart Corp.

Spokeswoman Barbara Lucas said the proposed five-year unsecured revolving credit facility would save about $5 million in interest next year because of lower rates. The company said it would save another $5 million in banking fees in 1993.

Continental to cut European fares

Continental Airlines said yesterday it would cut fares to Europe by an average 35 percent for travel this winter, but competitors did not immediately match the discounts.

The fare cut comes as the airline industry was trying to push fares higher.

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