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U.S. markets recover from steep losses
HOUSTON, Dec. 22 (UPI) -- The family that founded The Gap clothing chain has made an offer for a bankrupt California logging company, promising to restore its redwood forests.
Pacific Lumber is now owned by Charles Hurwitz and his company, Maxxam Corp. Hurwitz acquired Pacific Lumber in a heavily leveraged buyout in the 1980s and increased the rate of tree-cutting.
The offer by Don and Doris Fisher of San Francisco to invest $200 million depends on Hurwitz completely giving up Pacific Lumber, the San Francisco Chronicle reported. The Fishers already own Mendocino Redwood Co.
Many environmentalists say that Mendocino has been a responsible logger.
"They are clearly a cut above the other redwood companies," said Paul Mason, a Sierra Club lobbyist.
Pacific Lumber's fate is in the hands of a bankruptcy judge in Texas. On Friday, he gave Maxxam a deadline for presenting a reorganization plan to the court.
An earlier plan, which called for selling off much of Pacific Lumber's remaining holdings to pay debt, was rejected by the creditors.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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