Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, January 28, 1995 TAG: 9501300040
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Wytheville's television cable operation changed hands Thursday as Tele-Communications Inc. of Denver, a TV cable industry giant, completed its $1.6 billion buyout of Norfolk-based Tele-Cable Corp.
The merger, which involved a swap of publicly traded TCI stock for Tele-Cable stock, was approved Thursday by Tele-Cable's shareholders meeting in Norfolk.
Tele-Cable was a private company that until 1984 was a division of Landmark Communications Inc. of Norfolk, parent company of the Roanoke Times & World-News. Frank Batten Sr., Landmark's chairman, also was chairman of Tele-Cable.
Under terms of the deal, about 160 Tele-Cable shareholders will get about $1 billion in TCI common stock and $300 million more in preferred stock that can be converted to common stock. TCI also will assume Tele-Cable's $300 million debt.
The Federal Trade Commission has given antitrust clearance as long as TCI sells either its own or Tele-Cable's cable operation in Columbus, Ga. Tele-Cable operated 21 cable systems in 15 states and had revenues of $287 million in 1993.
-Staff report
Bankruptcies
Five bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Two of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
Fleming Enterprises Inc., a mining company at Clintwood, filed for reorganization and protection from creditors. The company did not estimate assets, but said it had debts of more than $100,000. It has more than 20 employees.
Darrell Vaught Monk Jr. of Cedar Bluff filed a wage-earner plan for repayment of debts, listing assets of $86,075 and liabilities of $101,300. He said he has an interest in High Country Inc., a logging business, and Taters Inc.
Daniel Ray Tucker and Rebecca Ann Tucker of Raven, who operate a coal-mining business, filed for liquidation, estimating assets and liabilities at less than $50,000.
John Calvin Stiltner, who trades as Stiltner Trucking of Cedar Bluff, filed for a wage-earner plan for repayment of debts. He estimated assets and liabilities at more than $100,000.
Robert Evan White of Dublin filed for liquidation, listing assets of $86,500 and liabilities of $505,444. He has an interest in New River Camping Center Inc.
-Staff report
Briefly ...
Federal Express Corp. will pay the government $1.1 million to settle allegations it failed to pay Customs duties on foreign merchandise shipped through its Memphis hub, the Justice Department said Friday.
Argentina, Brazil, Colombia and Chile have agreed to offer a $1 billion credit line to help Mexico overcome its financial crisis, the Brazilian Embassy in Washington confirmed Friday.
by CNB