ConocoPhillips to split into oil and refining companies
ConocoPhillips plans to separate into two firms, one focused on oil production and the other on refining into gasoline and fuels. CEO Jim Mulva will retire when the spin off completes, and the move follows debt from big acquisitions and a shift sparked by Marathon Oil’s prior spin off success.
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ConocoPhillips
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Oppenheimer & Co
Fadel Gheit
Conoco
America
Burlington Resources
Russia
Lukoil
Rockies Express
Jim Mulva
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Bernanke warns deficits rise with debt default risk
Fed Chair Ben Bernanke told a Senate panel that a default on U S debt would worsen deficits, raise interest costs, slow growth, and shock the financial system. He said the Treasury may default if the borrowing limit isn’t raised by August 2, while the Fed has no immediate new stimulus plans.
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Federal Reserve
Ben Bernanke
U.S
Fed
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Treasury Department
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Senate Banking Committee
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Alden Global Capital acquires Journal Register
Alden Global Capital buys Journal Register Co in a deal disclosed as a vote of confidence in the company’s Digital First strategy. Journal Register operates 18 newspapers in five states and 350 multiplatform products reaching nearly 20 million monthly readers.
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Alden Global Capital
Journal Register
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Journal Register Co
Alden Global Capital Hedge Fund
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Lorain
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Alden
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Murdochs questioned as FBI probes 9/11 phone hacking claims
Rupert Murdoch and son James agreed to testify before UK lawmakers on phone hacking and police bribery as News Corp faces stock pressure. In the United States the FBI opened a review into alleged News Corp efforts to hack Sept 11 victim phones amid bipartisan calls for action.
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Rupert Murdoch
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Murdoch
News Corp
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Jay Rockefeller
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Judge OKs Borders auction as liquidators lead bid
Borders Group wins court approval to auction itself off with Hilco Merchant Resources and Gordon Brothers as stalking horse bidders. Najafi’s $215 million offer and $220 million debt were questioned by creditors while Liberty Media and Barnes & Noble potential moves loom as a higher bid possibility.
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Oks Borders
New York
Borders Group
Borders
Najafi
Phoenix
Hilco Merchant Resources
Gordon Brothers
U.S. Bankruptcy Court
Southern District of New York
Barnes & Noble
John Malone
Liberty Media
Liberty
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