Last week's headlines

Financing eludes buyer of Baltimore County steel mill

December 23, 2007

Sparrows Point for sale again

A deal to sell the Sparrows Point steel mill to a group led by steelmaker Esmark Inc. collapsed, reopening a government-supervised search for a new owner. ArcelorMittal said it canceled the purchase agreement because the prospective buyer, E2 Acquisition Corp., was unable to secure the necessary financing.

Port turns to investors

Officials at Baltimore's port are sounding out investors to help pay for a $120 million project to deepen a berth at the Seagirt Marine Terminal to accommodate bigger ships. If the initiative moves forward, it would be the first time the state has turned to private investors to finance public improvements at port terminals.

Visicu is sold to Dutch firm

Less than two years after going public, Visicu Inc. has agreed to sell out for $430 million to the health care unit of Dutch electronics giant Royal Philips Electronics NV. Philips made a $12-a-share cash offer for the Baltimore company, which developed systems to monitor intensive-care patients. Visicu's board will recommend the transaction.

UniStar signs reactor client

UniStar Nuclear Energy, a joint venture led by Baltimore's Constellation Energy Group Inc., moved a step closer to building several new nuclear reactors with the signing of a deal with Pennsylvania's second-largest utility owner. PPL Corp. has asked UniStar to prepare a license application for a reactor to be built near Berwick, Pa.

Hotel shares profit with city

Baltimore has collected its first profit-sharing check from one of the major development projects that got tax breaks from the city over the past decade. The Baltimore Development Corp. received $819,826 for fiscal 2006 from the Marriott Waterfront Hotel, one of the first big redevelopment projects in Harbor East.

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