Columbia Gas files planColumbia Gas System Inc. and its...

BUSINESS DIGEST

April 18, 1995

Columbia Gas files plan

Columbia Gas System Inc. and its pipeline subsidiary filed bankruptcy reorganization plans yesterday to pay $7.5 billion to creditors.

Columbia Gas, based in Wilmington, Del., proposed paying some $3.6 billion, of which about $3.4 billion would settle loans. Charleston, W.Va.-based Columbia Gas Transmission Corp. would pay about $3.9 billion, including $2 billion to the parent firm and $1.2 billion to suppliers.

A Bankruptcy Court judge, regulators, creditors and shareholders must approve the plan before the utility can emerge from Chapter 11.

Travelers' earnings drop

Travelers Inc. said yesterday its first-quarter operating income fell 1.3 percent from a year ago as earnings at the company's Smith Barney Inc. unit plunged.

The New York-based insurance, commercial finance and brokerage firm, parent of Commercial Credit of Baltimore, said operating earnings fell to $338, or $1.01 a share, from $342.6 million, or 99 cents a share, a year ago.

Patent infringement suit

Comsat Corp. has filed a lawsuit against Chronicle Publishing Co., the Baycable Group, and General Instrument Corp. for allegedly infringing Comsat's patent for a security system for subscriber television systems.

The lawsuit, filed in U.S. District Court for Northern California, alleges that General Instrument has been manufacturing, selling, or causing to be sold devices that embody the Comsat invention. The suit also alleges that the two San Francisco-based cable companies were using the General Instrument technology.

B&D awarded injunctions

Black & Decker Corp. has won permanent and temporary injunctions against a group of importers, distributors and foreign manufacturers accused of illegally copying its SnakeLight flashlight.

In separate lawsuits brought before federal courts in Los Angeles and Baltimore earlier this month, five court orders have been entered prohibiting the manufacture, importation, sale, promotion, advertisement or marketing of products similar to the SnakeLight.

Schulman gets cellular post

Bell Atlantic Mobile announced yesterday that Gary Schulman, an 11-year veteran of the cellular telephone industry, will become its top executive in the Baltimore-Washington region. Mr. Schulman, who was previously regional vice president for the company's New England region, replaces Bob Johnson as the vice president for this region.

Mr. Johnson was named executive vice president and chief operating officer of Telezone Corp., a Toronto-based wireless communications company in which Bell Atlantic International holds an equity interest.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.