Stonegate snares less than expected in IPO
The Indianapolis firm debuted Thursday on the New York Stock Exchange at $16 per share, well below the anticipated range of $20 to $22. In total, Stonegate’s 7.1 million shares garnered $114 million.
The Indianapolis firm debuted Thursday on the New York Stock Exchange at $16 per share, well below the anticipated range of $20 to $22. In total, Stonegate’s 7.1 million shares garnered $114 million.
One of the biggest drags on the economic recovery is fear. Households are hoarding cash, spending cautiously, avoiding debt, and shifting investments into low-yield (but potentially safer) holdings. When done on a global scale, such prudent moves can starve the economy.
Business Ownership Initiative, a unit of the Indy Chamber, launched its microloan fund last September to help small business owners in Indianapolis.
The company may violate loan covenants in the next three to six months, and its ability to refinance a $280 million loan that matures in July 2014 is “highly questionable,” Moody’s says.
Assets for Indiana banks have risen back to levels seen in 2008, and financial institutions are lending again. But smaller, community-based banks still face an array of challenges that could lead to more consolidation.
Carmel-based NextGear Capital plans to add 169 jobs at a new office in Carmel, the company announced Monday morning.
The Indianapolis developments include new apartments for seniors, the developmentally disabled and homeless veterans, using sites such as Fort Harrison and the former Central State grounds.
Dealer Services Corp. in Carmel has begun operating as NextGear Capital after being acquired by Atlanta-based Manheim Inc. NextGear plans to relocate in the next month and double its employment, to 450, in the next year.
ITT Educational Services Inc. shares swooned Thursday morning after the private educator reported sinking revenue and a $9.5 million loss in the fourth quarter. But the stock rebounded strongly later Thursday.
Indiana has three certified, not-for-profit SBA microloan intermediaries, which not only make short-term microloans—as any lender can—but also use the SBA grants they receive to offer business coaching along with the financing.
A lawsuit from the lender claims that Women’s Physician Group still owes $8.7 million on a $9 million loan it received for a northwest-side building.
A loan with a balance of $94 million on a South Dakota shopping center owned by Simon Property Group was sent to a special servicer because default is imminent, Fitch Ratings said.
SC Design Inc. lists debt of $1.5 million. Most of it is owed to Fair Finance, formerly co-owned by convicted fraudster Tim Durham, through a claim filed by a trustee seeking to recover investor funds.
A federal judge will determine whether an Anderson church can exit bankruptcy with a lighter debt load, over objections from its bank lender, after a church scheme to profit by selling life insurance on its elderly members failed.
The city will use the funding to establish a Community and Economic Loan Pool to provide financing for economic development and housing rehabilitation initiatives to benefit people of low and moderate incomes.
Carmel’s City Council on Monday night voted 7-0 to approve a proposal to refinance $195 million in debt incurred by the Carmel Redevelopment Commission.
The buildings on the northwest side of the city total nearly 200,000 square feet and are owned by an affiliate of a company that operates 12 cemeteries and four funeral homes throughout Indiana.
Somerset CPAs PC will pay $500,000 to settle litigation brought by the bankruptcy trustee of Fair Finance Co., the Ohio-based firm that convicted financier Tim Durham used to conduct a major Ponzi scheme.
A new reporting requirement on local governments gives taxpayers unprecedented access to debt information, but the data is also likely to raise many questions.
The top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis.