Energy Future Holdings Corp., the Texas power company that plans to leave bankruptcy in less than a year, can’t reduce its $50 billion in debt without fighting junior creditors who face losing their investment.
Patrick Foye, New York’s deputy secretary for economic development, has been selected by Governor Andrew Cuomo to head the Port Authority of New York and New Jersey, the transit agency that is also rebuilding the World Trade Center.
Christopher Ward, executive director of the Port Authority of New York and New Jersey, intends to resign by the end of October, according to a person with knowledge of the situation who declined to be identified before Governor Andrew Cuomo’s office responded.
Sheftesbury Plc said Christopher Ward has been appointed finance director. As previously announced, Brian Bickell took over as chief executive officer and Jonathan Lane became deputy chairman as of Oct. 1.
Global Aviation Holdings Inc.’s latest bankruptcy stalled when a U.S. judge said she can’t act on the company’s petition for court protection because the air charter service still hasn’t finished its first bankruptcy.
Security was heightened across the U.S. and at government installations worldwide following President Barack Obama ’s announcement last night that al-Qaeda leader Osama bin Laden was killed by U.S. forces.
Larry Silverstein reached a preliminary agreement for advertising firm GroupM to lease offices at 3 World Trade Center, marking a key step for the developer to proceed with building the 80-story lower Manhattan skyscraper, two people with knowledge of the negotiations said.