Qwest Communications International Inc. submitted a revised $8 billion bid for MCI Inc. on Thursday in an effort to squash the long distance phone company's plan to be acquired by Verizon Communications Inc. The revised bid contains a mechanism to guarantee the value of the stock portion of the deal at the time of closing and will speed up the cash payments, the company said. The new bid comes as some key MCI shareholders have questioned MCI Inc.'s decision to accept a $6.7 billion offer from Verizon over an initial $8 billion offer from Qwest. MCI's board said it would thoroughly review the new Qwest offer, as it has previous offers.
PennFuture wins appeal
The State Department of Environmental Protection erred in allowing UMCO Energy Inc. to conduct longwall mining operations last summer under a stream at the High Quality Mine in Fallowfield Township, Washington County, without giving public notice or conducting a comprehensive impact assessment on area streams. The admission was part of a settlement of an appeal by Citizens for Pennsylvania's Future, a nonprofit environmental group. The agreement was approved by the state Environmental Hearing Board. "The way the state had been permitting, the public was effectively shut out of the process. This (settlement) impacts similar permitting situations in the future," said George Jugovic Jr., an attorney for PennFuture. The settlement is separate from ongoing litigation involving state-ordered prohibition of longwall mining in a different section of the same mine.
NEP names Borrelli CEO
NEP Broadcasting LLC, a Harmar-based provider of mobile live sports and entertainment production services, said Thursday it has named cable television industry veteran Louis A. Borrelli Jr. as CEO. Borrelli replaces Peter Michel, who left the company in August after less than a year on the job. NEP Broadcasting is a division of NEP Supershooters Inc., which also includes subsidiaries that provide giant display screens for concerts and other events, and that operate television production studios in New York. The majority ownership was acquired last year by New York-based Apax Partners and Boston-based Spectrum Equity Investors for $320 million.
Utility's debt upgraded
Allegheny Energy Inc.'s improving financial picture led Moody's Investors Service to upgrade the Greensburg-based energy company's secured and unsecured debt. The upgrade includes the parent firm's senior unsecured debt and marketing/generation unit Allegheny Energy Supply Co. LLC's senior secured and unsecured debt. Moody's also upgraded Allegheny Generating Co.'s senior unsecured debt, and Allegheny Energy Supply Statutory Trust's senior secured debt.
Video shows no fire in mine
Consol Energy Inc. said Thursday that video equipment lowered through boreholes drilled at its Buchanan Mine in Virginia to visually inspect an area where a fire is suspected to have started Monday showed that location is clear of fire or smoke. The mine has been sealed since Feb. 16, two days after a cave-in behind longwall mining machinery disrupted ventilation and ignited methane gas, said the Upper St. Clair-based mining company. Consol said temperature probes in the area registered 63 degrees Fahrenheit. The mine primarily produces metallurgical-grade coal, which steelmakers use to make coke.
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