VOL. 119 | NO. 169 | Monday, September 19, 2005
Hotels Financed for $7.3 Million
Tennessee No. 1 LP and Tennessee No. 2 LP have financed a Fairfield Inn & Suites at 8489 U.S. Highway 64 and a SpringHill Suites at 2800 New Brunswick Road through Countrywide Commercial Real Estate Finance Inc. for $7.3 million. The hotels were quitclaimed to the borrowers by Heritage Inn of Mankato Inc.
IP to Acquire Stake in Moroccan Company
International Paper has agreed to acquire a majority share of Compagnie Marocaine des Cartons et des Papiers, a Moroccan corrugated packaging company. IP will acquire about 65 percent of CMCP for $80 million in cash plus assumed debt of $40 million. The deal is expected to close by the end of 2005.
D.A.'s Office Grows Domestic Violence Unit
The Shelby County District Attorney's Office has announced plans to add two assistant district attorneys to its Domestic Violence Prosecution Unit, making it the largest unit in the D.A.'s Office. DVPU prosecutors have specific roles targeting the special needs of domestic violence cases.
FedEx Institute Gets Funding for New Program
The University of Memphis FedEx Institute of Technology has launched CEO in Residence, a program enabling business leaders to share knowledge with students and researchers while cultivating personal projects using FIT resources. Funding for the program, announced Friday, is part of a recent $5 million gifth from FedEx Corp.
US Airways to Emerge From Bankruptcy
A federal judge has approved US Airways' plan to emerge from Chapter 11 bankruptcy, clearing the way for a pending merger with America West Airlines. The merger, expected to close by the end of the month, will create the nation's fifth-largest airline.