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Friday, November 08, 2002

Court approves US Airways funding

The Retirement Systems of Alabama received final approval from a U.S. Bankruptcy Court judge yesterday to provide US Airways with $500 million in debtor-in-possession financing as part of the airline's reorganization. Judge Stephen S. Mitchell had previously given interim approval while creditors and other parties reviewed the proposal. US Airways has drawn $300 million of the $500 million facility. The airline must meet certain financial conditions to access the remaining $200 million. The court also approved a US Airways agreement to cover legal expenses of executives and directors if they are sued over decisions made as part of the reorganization effort.

C-Cor.net to slash work force

C-Cor.net Corp. said yesterday it planned to eliminate 300 to 350 jobs, or about 22 percent of its work force, as it reduces its second-quarter forecast. The State College-based company lowered its forecast for the second quarter ending Dec. 27 to sales of $49 million to $53 million from an earlier estimate of sales of $57 million to $63 million. The company reduced its net loss forecast to 21 cents to 25 cents a share from earlier guidance of a loss of 12 cents to 17 cents.

Medical images on a Tablet PC

Stentor Inc. has adapted a version of its iSite Enterprise medical imaging software for use with Microsoft Windows XP Tablet PC edition. Microsoft launched the Tablet in New York yesterday. California-based Stentor, whose technology originated and continues under development at UPMC Health System, said the wireless Tablet PC, which includes handwriting recognition software, will enable doctors to view medical images and other patient information wherever they're working.

Local investors buy South Side building

Downtown-based real estate investor Peter Gordon, who owns several commercial buildings along Shadyside's South Highland Avenue, has purchased a 36,000-square-foot building at 17th and Carson streets, on the South Side. He and a partnership called 17th and Carson Partners L.P. paid $850,000 for the white terra cotta, four-story building. Philip Pelusi, the hair salon, is on the first floor.

Federated tops own forecast

Federated Department Stores Inc., owner of Macy's, Lazarus and Rich's, said yesterday fiscal third-quarter profit rose more than its forecast after shoppers bought more clothing than expected in October. Profit was about 36 cents to 38 cents a share in the period ended Nov. 2, according to preliminary results, a spokeswoman said. Federated, which will report full results on Wednesday, had forecast profit of 30 cents to 35 cents a share.

Also in business ...

NuRelm E-Business Software, of Uniontown, Fayette County, said it received $300,000 in funding from the CL Fund, a Pittsburgh-based venture capital fund ... Allin Corp. reported third-quarter net income of $16,000, or less than a penny a share, on revenue of $3.3 million, vs. $4,000, or less than a penny a share, on revenue of $4.3 million a year ago. The IT consulting firm also estimated fourth-quarter revenue of from $3.6 million to $3.75 million and full-year revenue of from $13.1 million to $13.25 million ... Citizens National Bank of Butler will open its new operations center Monday on Route 8 south of Butler in Butler Township. Approximately 65 employees are moving to the 56,000-square-foot office building ... US Airways said yesterday that it would honor tickets to passengers of the Las Vegas-based National Airlines, which shut down this week after spending two years under bankruptcy court protection.