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Aug 06, 2008 -- WCI Communities, Inc. (OTCBB: WCIMQ), a leading developer, builder and seller of luxury homes and tower units, announced today that Chief Judge Kevin J. Carey, of the U.S. Bankruptcy Court in Wilmington, Delaware, has approved a package of relief designed to facilitate and ensure the continued and uninterrupted operation of WCI's business, as requested. Importantly, the Court assured current and prospective homebuyers that WCI's Chapter 11 proceedings would not impact their rights or create any unexpected risks. "The Company has worked very hard to formulate the special relief it would need so that its transition into Chapter 11 would have no impact on past, present or future customers," said Thomas Lauria of White & Case, WCI's counsel in the Chapter 11 case. The Court's orders also permit WCI to continue supporting the operations of Prudential Florida Realty, and its WCI Mortgage venture, neither of which has sought Chapter 11 relief. In addition, WCI may continue to provide all recreational amenities and club-related services at existing projects, performing ongoing warranty obligations and honoring all customer incentive programs. The Court also authorized the payment of all employee wages and benefits, including the payment of all compensation and commissions earned by brokers. "Our workforce is our most valuable and irreplaceable asset," said David L. Fry, interim president and CEO. "For this process to succeed as it should, we need to make sure that our team receives all required payments and ongoing benefits." As a final matter, the Court approved the Company's agreement with its senior lenders to obtain immediate access to approximately $50 million of cash on hand. "This will provide sufficient liquidity to run the business until the Company can finalize a deal for a new debtor-in-possession credit facility, which we expect to ask the Court to approve on August 27," Mr. Lauria told the Court at the hearing.
Aug 06, 2008 -- AMB Property Corporation (NYSE: AMB), a leading global developer and owner of industrial real estate, today announced that, through an affiliate, it entered into a strategic alliance with Cyrela Commercial Properties S.A. Empreendimentos e Participacoes ("CCP"), a leading Brazilian real estate company. The venture will focus on the development of distribution facilities in Brazil's major metropolitan markets. "This strategic alliance combines AMB's global experience and customer relationships with CCP's regional knowledge and development expertise, creating a great opportunity for AMB to expand its global business into Brazil, a country with a vibrant economy, significant global trade activity, and a growing middle class," noted Eugene F. Reilly, president of AMB's Americas region. "CCP's development expertise in Brazil, as well as their established market presence, makes them an ideal strategic alliance partner as AMB looks forward to expeditious transactions and development implementation speed." Brazil's economy is the ninth-largest in the world, and the largest in Latin America. The joint venture between AMB and CCP will focus initially on investments in infill submarkets of Sao Paulo, the country's largest city by population and the recognized business hub of Latin America. The venture also anticipates significant investment activity in Rio de Janeiro, the second-most populated city in Brazil. "AMB's opportunities in Brazil stem from our global customers' expansion into the country's major markets which are underserved by a stock of dated facilities lacking modern technical specifications," commented Kim B. Snyder, AMB's senior vice president, managing director responsible for AMB's expansion in Brazil. "The consistency of AMB's customer service and quality facilities will enable our global customers to meet their business demands in Brazil with well-located, Class-A product facilitating the rapid movement of goods."
Aug 06, 2008 -- Cousins Properties Incorporated (NYSE: CUZ | Quote | Chart | News | PowerRating) announced today it has signed Forestar Real Estate Group Inc. to a 32,000-square-foot lease in Building II at Palisades West, a two-building, 375,000-square-foot office project under construction in southwest Austin, Texas. The lease, the first in the project's second building, brings Palisades West to 67 percent leased overall. The project's 220,000-square-foot first building is fully leased to Dimensional Fund Advisors. Both buildings are expected to deliver this fall. "Palisades West is fulfilling its promise as a great corporate office site with this new commitment from Forestar. Southwest Austin continues to be one of the city's most attractive office market and we look forward to more interest as we get closer to delivering the buildings," said Tim Hendricks, senior vice president of Cousins. Jim DeCosmo, president and chief executive officer of Forestar Real Estate Group, stated, "We are excited about the relocation of our corporate headquarters to Palisades West. This new facility has a great location and provides our company with space that will support our growth needs for the foreseeable future. As a 25% owner in the Palisades West project, we believe this site will provide significant value to other corporate office customers in the Austin market."
Aug 06, 2008 -- MasTec, Inc. (NYSE: MTZ | Quote | Chart | News | PowerRating) today announced that it has acquired the assets and liabilities of Nsoro, LLC, a private company specializing in wireless infrastructure management and construction. MasTec paid $17.5 million in cash plus an earn out and assumed debt related to a working capital line. Nsoro is headquartered in Atlanta, Georgia, and had revenue of approximately $70 million in 2007. Jose Mas, MasTec's President and CEO noted, "The acquisition of Nsoro's business is a strategic addition to MasTec. Wireless voice, video and data traffic have all grown dramatically as consumers have embraced the convenience and higher speeds of mobile network access. As consumers continue to push for more integration of content into their wireless devices, the bandwidth requirements keep expanding. As a result, our large communications customers have announced major wireless spending plans to keep up with this growing market opportunity." Mr. Mas concluded, "We were impressed with the quality of the Nsoro team and expect Nsoro's revenue to grow dramatically in the next few years as it supports wireless infrastructure upgrades. We expect Nsoro to be accretive in 2009." Nsoro's experienced management team will remain in place after the acquisition, and Darrell Mays, Nsoro's Founder, President and CEO noted, "We are excited about joining the MasTec team. We have strong relations with our customers, and by combining with MasTec, we will expand our ability to grow in this rapidly expanding market." Additional details of the transaction and associated risks are included in the 8-K which is being furnished to the SEC concurrently with this press release.
Market Wrap for August 6th, 2008
The S&P 500 eked out a slight gain on Wednesday. Still, stock market bulls are pleased with the end result, considering the market was able to climb out of negative territory, and the gain comes after the previous session's rally of nearly 3%. A strong showing by large-cap tech helped offset negative news out of the financial sector. Crude prices dropped for the third consecutive session, which also helped bring buyers to the table.
The S&P 500 settled with a gain of 0.3% after being down as much as 0.7%. Six of the ten economic sectors advanced. The Nasdaq Composite handily outperformed with a gain of 1.2%, partially due to better-than-expected earnings from a network and communication device giant. With regard to crude oil, prices fell 0.7% to $118.37 per barrel after traders digested the government's weekly energy inventory data that painted a picture of mixed demand. Crude stockpiles unexpectedly rose, although gasoline inventory levels dropped by a large amount. After some volatile action, oil prices dropped from a gain of 1.1%, which coincided with the stock market's recovery from its session low. Crude prices are down 5.4% this week. The tech sector was the leader behind the market's recovery, ending the day with a gain of 1.3%. Cisco (CSCO 23.96, +1.31) reported second quarter earnings that modestly topped expectations on the top and bottom line. The company issued revenue guidance for the next two quarters that was slightly below consensus, but reiterated its long-term growth rate guidance of 12% to 17%. Microsoft (MSFT 27.01, +0.80) also provided leadership, with shares rising 3% after a UBS analyst said Microsoft will buy back as much as $20 billion shares, according to Bloomberg.com. Strikingly, the energy sector (+1.9%) posted the largest advance this session, despite the drop in crude prices. The financial sector (-1.0%) settled well above its session low when it was down 2.4%, but still acted as a drag on the broader market. The telecom sector (-1.4%) posted the largest decline.
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