Newspaper article THE JOURNAL RECORD

Dobson May Be Delisted

Newspaper article THE JOURNAL RECORD

Dobson May Be Delisted

Article excerpt

OKLAHOMA CITY (JR) -- Dobson Communications may be delisted from the Nasdaq Stock Market for failing to meet the exchange's minimum share-price standards.

Dobson, an Oklahoma City provider of wireless phone services, said Monday it received a notice from the Nasdaq saying the company's stock has failed to match the minimum $3-a-share bid price required under Nasdaq listing rules.

The company has until Thursday to ask for a review from the Nasdaq's listing qualification panel. If Dobson requests a hearing, Nasdaq would put a decision by the delisting panel on hold.

The company's stock reached a 52-week high of $17.19 on Sept. 7. On Monday, shares of Dobson closed at a 52-week low of 42 cents, down 19 cents, or 31.15 percent.

Dobson, which has 400,000 cell telephone subscribers in 18 states, had revenue of $599.4 million last year.

Avalon extends credit facility

OKLAHOMA CITY (JR) -- Avalon Correctional Services on Monday said it has extended the maturity date of its existing credit facility with Fleet Capital from 2003 to 2005.

The credit facility was also increased to provide the company with an additional $1.5 million for expansion.

Avalon, based in Oklahoma City, obtained the credit facility in 1999. The expanded terms have increased the credit facility to $16.5 million, said Donald E. Smith, chairman and CEO.

Avalon closed up 7 cents at $1.92 on Monday in Nasdaq trading.

"The extension of this credit facility provides Avalon with $5.6 million of available cash and credit for working capital and expansion," Smith said.

Avalon operates thirteen correctional facilities in three states.

Berkshire Hathaway to buy CTB

MILFORD, Ind. (AP) -- Farm equipment maker CTB International has signed a $180 million agreement to be purchased by Berkshire Hathaway, the investment firm of billionaire Warren Buffett.

Under terms of the deal, CTB shareholders will receive $12.75 in cash for each of their shares, CTB said in a statement Monday. Berkshire Hathaway, based in Omaha, Neb., will also assume $40 million in CTB debt.

Victor A. Mancinelli, CTB's president and chief executive officer, said the merger will give Milford-based CTB greater access to capital to support its long-term growth strategy. …

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