IN BRIEF
Harrah's expands offer to buy back bonds
The owners of Harrah's Entertainment have expanded their cash offer to buy back $946 million in bonds to include the new 10 percent notes due 2018 that were issued Wednesday.
Affiliates of Apollo Management and TPG Capital first announced the buyback offer March 5, but expanded the offer late Wednesday to include some of the new notes issued after a debt swap was completed by Harrah's Entertainment on Wednesday.
The owners also extended the early tender date and withdrawal deadline until April 29; the expiration date for the offers was moved to May 13.
Bondholders who tender their notes by the early deadline will receive 37 cents on the dollar. After April 29, investors will receive 34 cents on the dollar.
Bloomberg News reported in mid-March that the owners were buying part of the company's debt to help ensure they retain control of Harrah's Entertainment should the company be forced into bankruptcy.
FALLON
Geothermal plants dedicated in Nevada
Nevada's Churchill County is now home to the world's largest and most technically advanced geothermal plants in the world.
Enel North America dedicated the two plants Wednesday in Stillwater and Salt Wells near Fallon.
The plants are the first projects in Nevada for Enel, headquartered in Italy. The firm has renewable energy projects in more than 20 countries.
Officials said the plants will generate 65 megawatts of power, enough to supply 40,000 households.
Community Bancorp again delays report
Community Bancorp on Thursday reported that it is taking a second extension on filing its 10-K annual report.
The holding company for Community Bank first disclosed on April 1 that it was delaying the filing of its 10-K. The bank holding company on Thursday announced a second extension with plans to file the 10-K in mid-May, Chairman and Chief Executive Officer Edward Jamison said.
The company's shares gained 4 cents, or 1.72 percent, Thursday to close at $2.37 on the Nasdaq National Market.
NEW YORK
Exec says JPMorgan could pay back TARP
JPMorgan Chase & Co.'s first-quarter profit wasn't as good as last year's, but it told investors what they wanted to hear: Banking isn't dead.
The bank's chief executive said that it could pay back its $25 billion in government funding immediately, and that it has no intention of using the government's Public-Private Investment Program to sell so-called "toxic assets" such as mortgage-backed securities.
"Folks, it's become a scarlet letter," CEO Jamie Dimon said of government funding.
Banks that have accepted federal bailout funds are now subject to greater government scrutiny and limits on how much they pay their top executives.
JPMorgan earned $2.14 billion, or 40 cents per share, on record revenue of $25.03 billion in the first quarter. It earned $2.37 billion, or 67 cents per share, on revenue of $16.89 billion a year earlier.
Analysts predicted a profit of 32 cents per share, according to Thomson Reuters.
CHARLOTTE, N.C.
Insurer AIG will sell car insurance unit
Insurer American International Group Inc. said Thursday it will sell its car insurance unit, 21st Century Insurance, to Zurich Financial Services Group for $1.9 billion.
New York-based AIG is in the process of selling off a number of business units to help repay $182.5 billion in financial support from the government that it has received since September. The transaction is the largest divestiture by AIG since then.
NEW YORK
Treasury prices decline as optimism increases
Treasurys were mostly lower Thursday as demand for the safety of government debt diminished amid growing optimism on Wall Street.
The benchmark 10-year Treasury note fell 0.5 points to 99.31. Its yield jumped to 2.83 percent from 2.78 percent late Wednesday.
The 30-year bond fell 0.91 to 96.13, and its yield rose to 3.71 percent from 3.64 percent.
