Liberty Global sells off Norwegian cable company
Douglas County-based Liberty Global said Tuesday it sold Norwegian cable company UPC Norge AS to London investment firm Candover Partners Ltd. for $542 million.
The sale comes just weeks after the cable giant created by John Malone bought cable companies in Austria, Switzerland and Ireland and an Austrian Internet service provider.
“The company decided it is concentrating businesses on markets where we have high growth potential,” said Hanne Wolf, a spokeswoman. “Most of the places where we’re located, we’d like to be a dominant player in each market.”
Liberty Global was formed in June by a merger of the former Liberty Media International and UnitedGlobalCom. It bills itself as the largest cable company outside the United States, with networks serving 23.6 million subscribers.
DENVER
SEC moves against head of failed firm
The Securities and Exchange Commission has filed an administrative order against Stephen J. Horning, president of the failed Rocky Mountain Securities and Investments Inc.
According to the order, which initiates administrative proceedings against Horning, he failed to take steps to avoid the financial collapse of the investment firm in February 2003.
The SEC alleged that a Rocky Mountain trader lost a substantial amount of money on investments between April 2002 and January 2003 and tried to cover it up. The firm’s operations manager diverted $4.5 million in customer money to cover the trading losses, the SEC said. Horning allegedly knew of and allowed the scheme to proceed, the SEC said.
An administrative-law judge will hold a hearing to determine if the allegations are true. Horning, of Aurora, could face sanctions including being barred from the investment profession and a fine of more than $100,000.
BROOMFIELD
MWH’s acquisition to boost S. Asia presence
Broomfield-based environmental engineering and construction firm MWH has acquired Liquid Earth, an Australian consulting firm that provides hydrogeologic services to mining and industrial clients.
Privately owned MWH didn’t provide financial details. The acquisition will help MWH build a stronger presence in South Asia and the Pacific, the company said Tuesday.
“This transaction provides MWH with a significant presence in western Australia that will enable us to further leverage our service capabilities in the South Asia Pacific natural-resources market, in particular the environmental management of mining projects,” said Alan Krause, president of the Natural Resources, Infrastructure and Industry division of MWH.
GOLDEN
British trade group honors Peter Coors
One of London’s oldest trade organizations has named Peter Coors, vice chairman of Molson Coors Brewing Co., a liveryman of the Brewers’ Company.
As a recipient of the prestigious British honor, Coors is entitled to wear the insignia of the ancient guild and vote in the election of Lord Mayor, chamberlain and other municipal and honorary officers. He is only the second U.S. citizen to earn the designation.
ARVADA
Lockheed, Ball to tell how to win contracts
Lockheed Martin Space Systems and Ball Aerospace will sponsor a Feb. 7 conference in Arvada to explain how to win government contracts.
The Jefferson Economic Council is hosting the conference, which will feature speakers from the Department of Energy and other government agencies.
Registration is $55 for the day-long conference at the Arvada Center for Arts and Humanities. Log on to www.jeffco.org or call 720-544-5507 for more information.
ARVADA
Bias lawsuit targets Stephany’s Chocolates
The Capitol Hill Action and Recreation Group and the Colorado Cross-Disability Coalition have sued Arvada-based Stephany’s Chocolates over a factory tour policy the groups allege is discriminatory.
According to the lawsuit filed Tuesday, Stephany’s requires each disabled person who takes its tours to be accompanied by a nondisabled person. The company also bars people using wheelchairs, canes and walkers from taking its tours, according to the suit. Stephany’s officials were unavailable to comment Tuesday afternoon.
NEW YORK
Colo. Albertsons will stay open, buyer says
A spokesman for the group leading the buyout of Albertsons Inc. stores on Tuesday said the company intends to keep its Colorado stores open and operate them under the Albertsons name. Analysts have speculated that the leader of the buyout group, Cerberus Capital Management LP, would seek to jettison its Colorado stores, which rank fourth in the state for market share.
WASHINGTON
AF delays revealing contract winner
The U.S. Air Force on Tuesday delayed an announcement on the winner of a $2 billion contract to build a system that would give soldiers high-speed data-transmission capability in war zones. A team led by Raytheon Co.’s Aurora-based space-systems unit is competing for the contract against teams led by Northrop Grumman Corp. and Lockheed Martin Corp. Aurora could gain 300 new jobs if Raytheon wins the contract. An announcement could come as early as today.
AUSTIN, Texas
Firm drops coverage of Level 3 notes
Investment analyst company APS Financial Corp. said Tuesday it dropped coverage of Broomfield-based Level 3 Communications high-yield notes.
The Internet network provider earlier this month refinanced its debt with a $1.23 billion exchange to buy more time rather than lower its interest rate. The company asked bondholders to trade in notes due in 2008 paying between 9.12 percent and 11 percent for notes due in 2010 that pay 11.5 percent.
ELK GROVE, Ill.
UAL’s new stock will trade on Nasdaq
UAL Corp., United Airlines’ holding company, said Tuesday its new stock will trade on the Nasdaq Stock Market when the company comes out of bankruptcy next week. The ticker symbol will be UAUA.
UAL’s reorganization plan was given final approval by a federal bankruptcy court Friday.
Most of the new shares will go to the company’s unsecured creditors. The company also said it has received offers of subscription for more than twice the capital necessary to support its $3 billion in exit financing.
