Ireland plans to sell two bonds in an auction on August 18th, the National Treasury Management Agency has announced..
The 2014 bond will pay a 4 percent coupon, while the 2018 paper will carry a 4.5 coupon, the NTMA said. The amounts to be auctioned will be announced on Friday.
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Ireland Bond Auction Aug 18
Fleetwood Enterprises, Inc. (OTC Bulletin Board: FLTWQ), a leading producer of manufactured homes, today announced that Cavco Industries, Inc. (Nasdaq: CVCO) and an investment partner, Third Avenue Trust Value Fund (TAVFX), through FH Holding, Inc., their jointly owned corporation, has been named the highest and best bidder for certain of the company’s manufactured housing assets. The winning bid was determined through an auction held by the company, in consultation with the Committee of Creditors, and a Court hearing to approve the sale is scheduled for August 12, 2009 at 1:30 p.m. Pacific Time in Riverside, Calif.
Cavco’s final offer of $21.8 million was an increase on a net basis after adjustments of approximately $3.8 million over Cavco’s previously announced offer for the same assets. In addition, Cavco agreed to buy Fleetwood’s idled Woodland, Calif. plant for $4.8 million.
Cavco, headquartered in Phoenix, Ariz., is a leading producer of manufactured housing, park model homes, and vacation cabins in the United States. Third Avenue Management, the investment adviser to Third Avenue Value Fund, is a New York-based company with expertise in value and distressed investing.
Additional information about Fleetwood’s reorganization may be found online in the news section of www.fleetwood.com or at www.kccllc.net/fleetwood.
About Cavco Industries, Inc.
Cavco is one of the largest producers of manufactured housing, park model homes, and vacation cabins in the United States. Headquartered in Phoenix, Ariz., Cavco has built a reputation for quality and value since it opened for business in 1965. Cavco’s factory-built homes are produced under various trade names and in a variety of floor plans and price ranges. The company employs approximately 600 people and operates two manufacturing plants in the Phoenix area and one in Seguin, Tex. Additional information about Cavco can be found at www.cavco.com http://www.cavco.com]
About Third Avenue Management
Third Avenue Management manages approximately $13 billion of assets for private and institutional clients. Most or all of Third Avenue’s proposed investment in Fleetwood Enterprises, Inc. will be made by Third Avenue Value Fund, the company’s flagship mutual fund.
About Fleetwood Enterprises, Inc.
Founded in 1950, Fleetwood Enterprises, Inc., and its various subsidiaries, historically produced, distributed, and serviced recreational vehicles and manufactured housing. On March 10, 2009, however, the Company filed for Chapter 11 protection. Additional information about the company’s reorganization may be found online in the news section of www.fleetwood.com or www.kccllc.net/fleetwood.
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Fleetwood Enterprises Announces Results of Auction for Its Manufactured Housing Assets
Nortel(i) Networks Corporation (OTCBB: NRTLQ) announced today that it, its principal operating subsidiary Nortel Networks Limited, and certain of its other subsidiaries including Nortel Networks Inc., have concluded a successful auction of substantially all of Nortel’s CDMA Business and LTE Access assets. Telefonaktiebolaget LM Ericsson (”Ericsson”) has emerged as the winning bidder with a purchase price of US$1.13 billion. The bid is subject to court approvals in the U.S. and Canada as well as regulatory and other customary closing conditions and certain post-closing purchase price adjustments.
If approved by the courts, Ericsson will purchase Nortel’s CDMA business which is the second largest supplier of CDMA infrastructure in the world, and substantially all of Nortel’s LTE Access assets giving it a strong technology position in next generation wireless networks. Also as part of this agreement, a minimum of 2,500 Nortel employees supporting the CDMA and LTE Access business will receive offers of employment from Ericsson.
Commenting on the announcement, Nortel President and Chief Executive Officer, Mike Zafirovski said:
“The anticipated sale of our CDMA business and LTE Access assets to Ericsson for $1.13 billion represents a very positive prospect for our customers who will be able to continue their relationships with a long term partner; for employees who will have new opportunities at Ericsson and for many of our other stakeholders. I want to especially thank our customers for their tremendous support during the process, which contributed to such a positive outcome.”
“Nortel remains focused on finding the right buyers for our other businesses while continuing to maintain excellent customer service levels. We are determined to maximize value while preserving innovation platforms, customer relationships and jobs to the greatest extent possible. With today’s agreement and through the anticipated sales of the Company’s other businesses, Nortel will leave its mark on the industry for decades to come.”
Commenting on the sale, Richard Lowe, President of Carrier Networks at Nortel, said:
“The outcome of today’s auction underscores the value the industry places on Nortel’s CDMA business and LTE Access assets, which include a strong customer base and world-class operations. Nortel’s extremely talented and committed employees have been an integral part of our success in wireless and we are very pleased that so many of them will have the opportunity to continue their innovative work with Ericsson.”
Carl-Henric Svanberg, President and CEO of Ericsson said:
“The agreement between Nortel and Ericsson brings together leading-edge wireless innovation from two of the world’s top telecommunications suppliers. We at Ericsson look forward to integrating Nortel’s products and talented employees into our business and realizing the full potential of our combined strengths. Ericsson is committed to meeting the needs of our new CDMA customers today and bringing the next generation of mobile broadband to the world with LTE.”
While today’s auction is a significant step in the overall sale process, it is not the final step. Nortel will work diligently with Ericsson to close the sale later this year. Nortel will seek Canadian and U.S. court approvals of the proposed sale agreement at a joint hearing on July 28, 2009.
As previously announced in the Company’s June 19 and July 20, 2009 press releases, the Company does not expect that its common shareholders or the preferred shareholders of Nortel Networks Limited will receive any value from the creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests.
Media and Analyst Call: Representatives from Nortel and Ericsson will hold a conference call for media and analysts on Monday, July 27, 2009 at 10 am EDT. Information on how to join that call will be available at http://www.nortel.com/corporate/investor/events/072709/index.html on Monday morning.
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Nortel Selects Ericsson as Successful Bidder for CDMA Business and LTE Access Assets
Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), the world’s largest auctioneer of industrial equipment, operating through over 110 locations in 25 countries around the world, will hold its quarterly conference call to discuss its 2009 Q2 Earnings on Friday, August 7, 2009, at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time).
This call is being webcast by Thomson/CCBN and can be accessed at Ritchie Bros. Auctioneers web site at www.rbauction.com.
The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.
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Ritchie Bros. Auctioneers Incorporated Announces 2009 Q2 Earnings Conference Call
Research In Motion Limited (”RIM”) (NASDAQ: RIMM)(TSX: RIM) disclosed that it has effectively been prevented from submitting an offer for the Nortel Networks Wireless Business that is the subject of a bankruptcy auction scheduled to occur on July 24, 2009. The assets being sold are Nortel’s CDMA and Long Term Evolution Access businesses. In its CDMA and Long Term Evolution Access businesses, Nortel develops current and next generation technology for wireless infrastructure and mobile devices.
RIM sought to be qualified as a qualified bidder in Nortel’s auction bidding process for the Wireless Business, but RIM was told it could be qualified only if it promised not to submit offers for other Nortel assets for a period of one year. In seeking to impose this condition, Nortel and its advisors were fully aware of RIM’s desire to purchase other Nortel assets as part of a solution to retain key portions of Nortel’s business under Canadian ownership. Despite repeated efforts, Nortel, its advisors and its court-appointed monitor have rejected RIM’s repeated attempts to engage in meaningful discussions. Based on its preliminary review, RIM would be prepared to pay in the range of US $1.1 billion, subject to due diligence and the entering into of appropriate ancillary agreements, for the CDMA and Long Term Evolution Access businesses and certain other Nortel assets. RIM believes that such an offer would result in an extremely attractive price for Nortel creditors and value substantially in excess of the stalking horse bid made by Nokia Siemens Networks.
Jim Balsillie, RIM’s co-chief executive officer stated, “RIM is extremely disappointed that Nortel’s world leading technology, the development of which has been funded in part by Canadian taxpayers, seems destined to leave Canada and that Canada’s own Export Development Corporation is preparing to help by lending $300 million to another bidder. RIM remains extremely interested in acquiring Nortel assets through a Canadian ownership solution that would serve the dual purpose of keeping key wireless technologies in Canada and extending RIM’s leadership in the research, development and distribution of leading edge wireless solutions, but RIM has found itself blocked at every turn.”
RIM believes that the loss of Canadian ownership of Nortel’s CDMA and Long Term Evolution Access businesses may significantly, adversely affect national interests, with potential national security implications, and that the Government of Canada should review the situation closely.
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws relating to RIM’s interest in acquiring Nortel’s Wireless Business and certain other Nortel assets, the indicative price range that RIM would be willing to pay for those assets and its perception of the proposed benefits to RIM of the proposed acquisition. The phrases “desire to purchase”, “prepared to pay”, “interested in acquiring” and “extending RIM’s leadership” are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by RIM in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that RIM believes are appropriate in the circumstances, including its consideration of Nortel’s assets and its perception of the benefits to RIM of a proposed acquisition of certain of those assets, including potential long-term benefits associates with Nortel’s Long Term Evolution Access technology.
Many factors could cause RIM’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: as noted above, RIM’s due diligence review of the Nortel assets and the parties’ ability to enter into mutually-acceptable agreements with respect to an acquisition of those assets; RIM’s ability to successfully integrate the assets of Nortel into its own business; RIM’s ability to augment the research, development and distribution of the technology included as part of the Nortel assets, and its ability to realize upon its anticipated growth prospects and synergies; regulatory, court and other approvals that would be required in connection with an acquisition by RIM of the Nortel assets; RIM’s ability to attract and retain certain Nortel employees in connection with the proposed acquisition of the Nortel assets; RIM’s ability to enhance its current products and develop new products in the future utilizing Nortel’s assets; risks relating to RIM’s and Nortel’s intellectual property rights; RIM’s reliance on carrier partners, third-party network developers and suppliers; risks relating to the efficient and uninterrupted operation of RIM’s network operations center; risks related to RIM’s international operations; and intense competition. Certain of these risk factors and others relating to RIM are discussed in greater detail in the “Risk Factors” section of RIM’s Annual Information Form, which is included in its Annual Report on Form 40-F and RIM’s MD&A (copies of which filings may be obtained at www.sedar.com or www.sec.gov), and RIM’s other public filings with the Securities and Exchange Commission and Canadian securities regulators. These factors should be considered carefully, and readers should not place undue reliance on RIM’s forward-looking statements. RIM has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The RIM and Research In Motion families of related marks, images and symbols are the exclusive properties and trademarks of Research In Motion Limited and are registered with the U.S. Patent and Trademark Office and may be pending or registered in other countries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners.
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RIM Prevented from Bidding for Nortel Assets at Auction
