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Tribune out of bankruptcy
CHICAGO >> Tribune Co. emerged from a Chapter 11 restructuring Monday, more than four years after seeking bankruptcy protection.
The reorganized media company has a new board of directors and ownership that includes senior creditors Oaktree Capital Management, Angelo, Gordon and Co., and JPMorgan Chase and Co.
Minimum wage gap grows wider
OLYMPIA, Wash. » Hundreds of thousands of workers are set to get a pay raise to start 2013, as 10 states increase their minimum wage.
Washington state will again lead the way Tuesday, raising its starting salary to $9.19 an hour. Washington was first to adopt automatic adjustments in 1998 to compensate for inflation. Nine of the 10 states adjusting wages this week did so automatically.
The adjustments have expanded the pay gap between areas that make annual adjustments and those that don’t. Many states, including Hawaii, still follow the federal minimum wage of $7.25. The minimum wage will remain at $7.25 in Hawaii in 2013.
San Francisco has set the highest local minimum wage and will have workers paid at least $10.55 an hour in 2013.
Live Nation chairman resigns, sells stake
LOS ANGELES » Irving Azoff, the longtime manager of the Eagles band, is resigning as chairman of concert promoter Live Nation Entertainment Inc. and selling off 1.7 million shares to Liberty Media Corp.
Azoff, 65, will continue to manage the acts that he brought to the company, including the Eagles and Christina Aguilera. Live Nation said in a statement it did not expect Azoff’s departure or the restructuring to have a material impact on its operating results.
The surprise announcement came days after Live Nation extended the term of CEO Michael Rapino for another three years through December 2017.
FDA OKs first new TB drug in 40 years
WASHINGTON » The Food and Drug Administration on Monday approved a Johnson & Johnson tuberculosis drug that is the first new medicine to fight the deadly infection in more than four decades.
The agency approved J&J’s pill, Sirturo, for use with older drugs to fight a hard-to-treat strain of tuberculosis that has not responded to other medications. However, the agency cautioned that the drug carries risks of potentially deadly heart problems and should be prescribed carefully by doctors.
Roughly one-third of the world’s population is estimated to be infected with tuberculosis bacteria. The disease is rare in the U.S., but kills about 1.4 million people a year worldwide. Of those, about 150,000 succumb to increasingly common drug-resistant forms of the disease. About 60 percent of all cases are concentrated in China, India, Russia and Eastern Europe.
Greece’s ex-minister faces prosecution
ATHENS, Greece » Greece’s coalition government called on Monday for the indictment of former Finance Minister George Papaconstantinou for allegedly removing the names of three of his relatives from a list of Swiss bank account holders whose tax records were to be re-examined.
Some 71 deputies from the three-party coalition signed the proposal to indict Papaconstantinou for allegedly tampering with a public document and breach of duty — offenses that carry a maximum 10-year jail term, according to legal experts.
Papaconstantinou, 51, served as finance minister between 2009 and 2011 in the previous Socialist government.
LodgeNet files for bankruptcy protection
NEW YORK » LodgeNet Investment Corp. said Monday that it is filing for Chapter 11 bankruptcy protection and will be acquired by investment firm Colony Capital.
LodgeNet provides video, Internet and advertising services to the lodging and health care sectors. The company said it will continue to operate during the expedited bankruptcy process. When that is complete, Colony will own LodgeNet.
LodgeNet says a Colony Capital affiliate will provide it with $60 million in new capital, and that funding will be used to support recapitalization of the company. It also received commitments for up to $15 million in debt financing from creditors. LodgeNet, based in Sioux Falls, S.D., said its lenders will extend their credit agreements. The company said it has a secured credit facility worth about $346 million.
On the Move
Aloha Pacific Federal Credit Union has hired Carlos “Paris” Scott as senior compliance manager. His responsibilities include ensuring that the credit union meets federal rules and regulations. He was previously audit manager for the Kamehameha Schools, vice president for compliance and offshore trust with the International Banking Division at Bank of Hawaii, manager of Citigroup Private Bank branch in Honolulu and compliance and training director for Citigroup Private Bank Americas in New York.
Verizon Wireless has awarded $15,000 in grants to two domestic violence prevention organizations: >> Joyful Heart Foundation, for staffing and supplies for Kukui Center Wellness Day in Kona >> Domestic Violence Action Center in Honolulu, for production support and sponsorship of “Anatomy of a Survivor’s Journey, a photo and voice exhibition
The Hawaii Aloha Chapter of Certified Residential Specialists has named Ramona J. Biho CRS of the year for Hawaii. She is the owner and principal broker of Ramona J. Biho Realty.
The Hawaii State Federal Credit Union gave more than $25,000 to teachers with the Department of Education in 2012 to obtain supplies, books, furniture, electronics equipment and classroom necessities.