Daily Briefing

April 10, 2009

Trading of Six Flags to be suspended

Six Flags Inc. says trading on its common stock and preferred income equity redeemable shares will be suspended on the New York Stock Exchange before market opening April 20 after it failed to meet NYSE listing standards. The shares will then trade over the counter, New York-based Six Flags said in a news release. The company might issue a "significant number" of common shares under a restructuring plan, a move that could make it eligible to trade on a national exchange, according to the statement. Six Flags is seeking to restructure its debt before a mandatory redemption Aug. 15 of $287.5 million in preferred income equity redeemable shares. The suspension in trading will have no effect on operations of the company's theme parks, Six Flags said in the statement. Six Flags operates an amusement park in Maryland and 10 others in the U.S., Mexico and Canada. Six Flags shares rose 6 cents, or 2.3 percent, to 27 cents before trading was halted.

Bloomberg News

Tax answers available today

The April 15 tax deadline is less than a week away. Still not sure if you are entitled to a deduction or not sure what forms you need to file? Or are you confused by the tax breaks in the economic stimulus package? Get IRS answers to these or any other tax questions you have today during a live chat on The Baltimore Sun's consumer blog, Consuming Interests. IRS spokesman Jim Dupree will be answering questions for an hour, starting at 11 a.m. You can check out the live chat at www.baltimoresun.com/consuminginterests.

Eileen Ambrose

Judge allows appeal in candy price-fixing

HARRISBURG, Pa. : The nation's largest candymakers can appeal a federal judge's decision sustaining a civil lawsuit that accuses them of fixing prices. U.S. District Judge Christopher C. Conner issued a memorandum Wednesday allowing the Hershey Co., Mars Inc. and others to appeal his decision. Last month, Conner denied the companies' requests to dismiss the case. The manufacturers control 75 percent of the U.S. market. They are being sued by buyers who accuse them of fixing prices between 2002 and 2007. The defendants say they never conspired to fix prices. U.S., Canadian and European authorities have launched similar investigations.

Associated Press

3M offers buyouts to 3,600 workers

MAPLEWOOD, Minn. : 3M Co. is offering early retirement packages to 3,600 employees, or 11 percent of its U.S. work force, to reduce costs further amid the economic slowdown. The voluntary buyout offers follow the manufacturer's recent moves to cut 3,600 jobs, defer merit pay raises and adjust vacation allowances. 3M has not said how many employees it hopes will take the package.

Associated Press

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.