Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Tech hub planned for Landing * Plans are underway to develop on Laclede's Landing a tech hub in the century-old warehouse that formerly served as the Metro transit agency's headquarters.

Investors led by developer Spinnaker St. Louis bought the six- story building last month from Metro. Spinnaker's principal, Amos Harris, said Wednesday the building is well suited for small, "eager beaver tech companies" because of the extensive fiber communication network left by Metro.

Harris and a Metro spokeswoman declined to disclose the sale price for the former warehouse at 701 North First Street.

Once some tenants are lined up, work will be done to enhance the building with features tech companies like, such as a coffee shop, a gym "and maybe a couple of beer taps," Harris said.

Banks work to keep Abengoa afloat * Creditor banks of Abengao, the giant Spanish engineering and renewables firm, may bring in bondholders as part of debt restructuring talks aimed at keeping the company from going into bankruptcy, sources said.

Spanish and international banks' total exposure to Abengoa stands at about 20.2 billion euros, or $21 billion, while bondholders hold nearly 5 billion euros in debt.

Last week, Seville-based Abengoa started insolvency proceedings after a potential investor said it would not inject fresh capital into the energy firm. Under Spanish law, firms can enter into pre- insolvency proceedings, giving them up to four months to reach a deal with creditors to avoid a potential bankruptcy.

Abengoa employs about 24,000 people worldwide. Its U.S. biofuels subsidiary is based in Chesterfield, and it owns an ethanol plant in Madison.

Shake-up at Save-A-Lot * As SuperValu explores a spin-off of its Save-A-Lot grocery chain based in Earth City, it has named a new CEO, Eric Claus.

Claus will become CEO of Save-A-Lot on January 4, replacing Ritchie Casteel. …

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