Tropicana under new owners
Tropicana Las Vegas has emerged from bankruptcy protection with new owners. Toronto-based Onex Corporation and former MGM Mirage President Alex Yemenidjian acquired a majority stake in the Las Vegas hotel-casino this week, as it completed its yearlong bankruptcy process, the Las Vegas Sun reported. The new owners took over the property on Thursday from the Las Vegas-based Tropicana Entertainment LLC. The once-debt ridden casino emerged from bankruptcy with no debt, more than US$10 million in cash and US$75 million in commitments from its new owners for upgrades.
Stanton victims file suit
Two US legal firms announced on Friday that they have filed a class action suit against a London-based insurer on behalf of the Mexican victims of fraudulent financier Allen Stanford. The lawsuit was filed by the Strasburger & Price and Castillo Snyder law firms before a court in Houston and targets Willis Group Holdings — an insurer headquartered in London, with offices around the world. Also named in the suit are the Willis office in Colorado, insurance company Bowen, Miclette & Britt, and two unidentified individuals. The suit accuses Willis Group Holdings of having given Stanford Financial “safe and soundness” letters at Stanford’s request.
VW electric car set for 2013
German auto maker Volkswagen (VW) hopes to turn out its first all-electric car in 2013, VW head Martin Winterkorn said on Friday. “We are going to use our New Small Family line to offer our first electric vehicle in 2013,” he said in a speech, according to an advance text. “And in 10 years at the latest we want to offer a large number of all-electric vehicles at affordable prices and with the autonomy that our clients expect.” Winterkorn added that VW was aiming for 1.5 percent of the global all-electric vehicle market by 2020.
African pipeline in works
Nigeria, Algeria and Niger have signed an agreement to create a US$10 billion pipeline that would ship gas across the Saharan desert to Europe, Nigeria’s state oil company said on Friday. The plan comes as Europe seeks new sources of gas imports as it currently depends on Russia for much of its needs. The project was approved by energy ministers from all three governments, an official said. It is expected to come on line in 2015.
EU airline ban lifted
Indonesia’s transport minister says the European Commission will lift a ban on four Indonesian airlines. Jusman Syafii Djamal says Garuda, Mandala Airlines, Airfast Indonesia and Prime Air will be allowed to fly in the EU within 20 days. The ban, which was imposed in 2007 after a series of accidents, remains in place for 53 other Indonesian airlines. Jusman said the ban was lifted because the carriers introduced new safety measures.
Rosenthal takes bids
A Turkish china manufacturer has bid for Rosenthal, a premium German manufacturer of table porcelain, an insolvency administrator said in Munich on Friday. Kutahya Seramik Porselen’s bid trumps that of Italian saucepan and cutlery group Sambonet Paderno. Rosenthal makes fine porcelain dinner sets which are prized in Germany as wedding presents. Germany’s china industry has struggled to pay labor costs at German levels.