Cardica, the Redwood City medical device maker, announced its second layoff since the start of the year as the company struggles to conserve cash, according to a filing with the SEC today.
The move will eliminate an estimated Read the rest of this entry »
Quantum’s stock price is doing something today we suspect it’s never done before: doubling in value. Granted, when you are talking about movement off a 40-cent-per-share stock price, you need to keep such percentage gains in perspective. And as stock watchers well know, it’s not where you start, it’s where you finish on any given trading day.
The news that is spurring the stock’s rise? The San Jose maker of data storage is offering to refinance some of the debt weighing it down, which was part of the reason the company was placed on a list by Moody’s, the credit-rating agency, of company’s in danger of defaulting on their debt. Our colleague Steve Johnson wrote last Sunday about its fate, along with that of other Silicon Valley companies on the list: chip-maker AMD and smart-phone developer Palm.
But as good as the news was about its renegotiating its debt was the reason it could: Read the rest of this entry »
Blockbuster delayed the filing of its annual 10-K report with the Securities and Exchange Commission as it seeks ways to refinance its debt to replace its current credit agreement that expires in August, and with it its access to $300 million in credit.
“The substantial time and resources dedicated to the refinancing negotiations” by Blockbuster’s management and financial staff has caused the company Read the rest of this entry »
National Semiconductor agreed to pay an increased “margin” on the credit agreement it entered into in July 2007 for $1.5 billion that it used to repay money it borrowed to buy back its own shares in an accelerated stock repurchase plan announced the month before.
The additional margin of between Read the rest of this entry »
Cypress Semiconductor finally got the $10.3 million it had invested in money market funds with the American Beacon Fund, according to a Friday filing. In September the San Jose chip maker disclosed that the fund had frozen following a “significant increase in redemption orders.”
Not that Cypress was in any immediate need of the funds. As of Sept. 30, the company reported having about $628 million in cash and short-term investments. By the way, that roughly $30 million more than the entire company was valued by Wall Street at the close of trading last Friday.
No wonder its chief executive, TJ Rodgers, has been buying its shares.
The parent company of Silicon Valley Bank said today it received “preliminary approval” from the U.S. Treasury Department to partake in its Troubled Asset Relief Program (”TARP”) and receive up to $235 million under its Capital Purchase Program, according to a press release issued by SVB Financial Group today.
The company plans to submit final documentation to the Treasury in order to close the proposed transaction before Dec. 31.
The news comes about a week after Read the rest of this entry »
Heritage Commerce, the parent company of San Jose-based Heritage Bank of Commerce, decided to take up the Treasury Department’s offer for an infusion of $40 million in cash in exchange for 40,000 shares of preferred shares and warrants to buy 462,963 shares of its common stock. As is the case with its investments in other U.S. banks, the preferred shares will earn a 5 percent annual dividend for the first five years with a bump up to 9 percent thereafter.
The warrants, which have Read the rest of this entry »
Telik, the unprofitable Palo Alto developer of cancer and diabetes drugs that has built up an accumulated loss of $479.5 million, got some good news Friday, even if it is off a bit in the future. UBS, the financial firm, has agreed to buy Telik’s auction rate securities, which Telik has not had access to since the auctions for them froze up earlier this year. But Telik will have to wait unti Read the rest of this entry »
AP Pharma, the Redwood City specialty pharmaceutical company, has begun rationing its resources to ensure its survival “in response to the deterioration of the overall economic environment and the financial markets”, the company said in a release early Wednesday.
The steps include Read the rest of this entry »
Moody’s, the financial ratings firm who’s boss, Raymond McDaniel, testified before Congress earlier this month, along with the chiefs of the two other major ratings firms, about their agencies’ lousy performance in assessing the risks of mortgage-backed securities, named Stanford finance professor Darrell Duffie to its board. (That’s him in the photo, which we found on the professor’s home page.)
Among the documents uncovered by the House Committee on Oversight and Government Reform was a board presentation delivered by McDaniel to Moody’s directors in October 2007. Read the rest of this entry »
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