Pabst Brewing Co. sold
Pabst Brewing Co.'s purchase by C. Dean Metropoulos & Co. has closed, giving the private-equity firm the owner of Pabst Blue Ribbon and Old Milwaukee beer.
C. Dean Metropoulos, who previously managed brands such as Chef Boyardee and Hungry-Man, bought the company with his two sons, he said in an interview on Bloomberg Television. Pabst had sought a $90 million term loan to back a buyout after last year hiring Bank of America Merrill Lynch to find bidders.
The company's namesake beer, also known as PBR, has built a cult following and was a personal favorite of Dennis Hopper's character in the 1986 film "Blue Velvet." U.S. sales of Pabst Blue Ribbon jumped 33 percent to $173 million in the 52 weeks ended April 18, making it the 20th-largest beer brand, according to SymphonyIRI Group, a Chicago-based market research firm.
The deal was contingent on renegotiating a "long-term" agreement with MillerCoors LLC, the U.S. joint venture between Molson Coors Brewing Co. and SABMiller Plc, Metropoulos said. Pabst contracts production of its beer to MillerCoors, and the existing accord was set to expire in 2014, according to regulatory filings.
-- Bloomberg News
Visteon plan clears hurdle
WILMINGTON, Del. (AP) -- A Delaware bankruptcy court judge has cleared the way for auto parts supplier Visteon Corp. to begin soliciting votes on its proposed reorganization plan, which would leave unsecured bond holders in control of the company.
Overruling objections from certain shareholders and holders of unsecured trade claims, Judge Christopher Sontchi approved documents describing Visteon's proposed reorganization plan and the process for creditors to vote on it.
Creditors will have until July 30 to vote on the plan, and Sontchi scheduled a plan confirmation trial to begin Sept. 28.
Wind farm lawsuit filed
BOSTON (AP) -- Environmental and watchdog groups on Friday filed the first legal challenge to a wind farm off Cape Cod since federal agencies gave final approval to the project, alleging that the 130 turbines planned for Nantucket Sound will endanger protected migratory birds and whales.
A lawsuit filed in federal court in Washington, D.C., alleges that required scientific studies were not done and that mandated protective measures were ignored. It also alleges that the Bureau of Ocean Energy Management and the U.S. Fish and Wildlife Service violated the Endangered Species Act, Migratory Bird Treat Act, and National Environmental Policy Act.
The groups say federal agencies refused to adopt recommended protective measures for the endangered roseate tern and the threatened piping plover, including shutting down turbines during peak migration periods.
Chinese Web suffixes OK'd
BRUSSELS (AP) -- Chinese speakers will soon be able to tap out Internet addresses in their own language.
Until recently, the suffix -- the ".com" part of an address -- had to use English characters, even though Chinese characters have sometimes been allowed for the rest of the Internet address.
ICANN, the Internet Corporation for Assigned Names and Numbers, agreed Frida to start using Chinese characters for suffixes handed out by Chinese, Hong Kong and Taiwan-based Internet registries. It started allowing Arabic earlier this year.
This week in business
Here are the major business and economic events scheduled for this week:
*Today -- Commerce Department releases personal income and spending for May.
*Tuesday -- The Conference Board releases the Consumer Confidence Index. Standard & Poor's releases April index of home prices.
*Thursday -- Labor Department releases weekly jobless claims. Commerce Department releases construction spending for April. National Association of Realtors releases pending home sales index for May. Freddie Mac, the mortgage company, releases weekly mortgage rates.
*Friday -- Labor Department releases employment data for June.