Bush, Major seek trade pushPresident Bush and British...

BUSINESS DIGEST

December 19, 1992

Bush, Major seek trade push

President Bush and British Prime Minister John Major called yesterday for completion of global trade talks in Geneva by the middle of January. Mr. Bush and Mr. Major spoke after a meeting at the White House that also included European Community Commission President Jacques Delors.

The GATT talks have been at an impasse, with speculation growing that it could not be resolved before Mr. Bush leaves office. The talks had all but broken down over a U.S.-EC dispute on ending farm subsidies. But Brussels shifted its position to meet some U.S. demands -- and the talks resumed soon after.

Kornblatt plan gets OK

One of Baltimore's most prominent real estate bankruptcies reached a happy ending, as a U.S. Bankruptcy Court judge approved a deal for developer David Kornblatt to restructure more than $25 million in debt with more than 80 creditors.

Judge James Schneider on Thursday approved a plan that Mr. Kornblatt formally proposed in November after months of talks with his lenders, led by secured creditors Maryland National Bank and Cigna Corp. of Philadelphia.

Mr. Kornblatt and his wife, the David Kornblatt Co., and Kornblatt-controlled partnerships that own St. Paul Plaza, a 28-story office building and parking garage at 200 St. Paul Place, are expected to emerge from Chapter 11 by Jan. 1.

Mellon Bank expands in Md.

Mellon Bank has doubled its deposits and the size of its Maryland branch network by completing the previously announced purchase of approximately $235 million in deposits and eight branch offices of Standard Federal Savings Bank from the Resolution Trust Corp.

As a result of the purchase, Mellon Bank will increase to 16 locations its branch office network in the Washington suburbs and will boost core deposits to approximately $450 million.

The eight Standard Federal offices purchased by Mellon will open Monday morning under Mellon ownership.

Washington Gas seeks increase

The District of Columbia division of Washington Gas Light Co. has filed for an increase in natural gas rates with the Public Service Commission of the District of Columbia.

In a news release, Washington Gas said the District division has requested an overall increase of about 13.2 percent, which will produce additional annual revenues of $24.5 million. The request would result in an average monthly increase of $7.73 for residential heating customers and $3.62 for residential nonheating customers, the company said.

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