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IN HAWAII
Malama reopens
The Ala Moana Center and Manoa locations of bankrupt Malama Salon & Spa were scheduled to reopen today, operating under a reorganization plan sponsored by Aveda Corp.Aveda is a major supplier of Malama, which filed for Chapter 11 bankruptcy in September. The spas closed Nov. 20. At the time, Malama's board planned to convert the bankruptcy to Chapter 7 liquidation, but a filing was never made with U.S. Bankruptcy Court.
Malama lists debts of more than $5 million owed to some 240 creditors, with assets estimated at $2.5 million.
Malama founders Max and Mary Suiter will continue to play a role in the operations, though it has not yet been defined.
Aveda said it will honor all gift cards that have been purchased from Malama.
Minneapolis, Minn.-based Aveda, a maker of plant-based hair care, skin care, fragrance and cosmetics products as well as spa therapy treatments, licensed Malama to operate as an Aveda Lifestyle Salon and Spa.
Its first store was opened in Manoa in September 2000, followed quickly by the Ala Moana location. There were also plans for spas in Kailua and in the Halekulani hotel; construction was never completed and Malama's leases for the spaces were rejected by the bankruptcy court.
OVERSEAS
Davis may raise bid for Vivendi
LONDON >> Billionaire oilman Marvin Davis is considering raising his offer for Vivendi Universal's U.S. entertainment assets after his initial $15 billion bid was rebuffed, sources close to the matter said.Davis, a one-time owner of the Twentieth Century Fox studio, is calculating how much he can raise his offer for the assets which include Hollywood's Universal studios as he prepares to hold fresh discussions with Vivendi executives in the new year.
Vivendi, which has been selling assets to cut huge debts, last week dismissed Davis' unsolicited offer as too low and said the assets were not for sale. However, the media giant said this week it was obliged to consider all offers for its assets.
Sources said Davis was in talks with Deutsche Bank and several private equity houses to help finance a bid for the U.S. assets, including the world's biggest music company Universal Music, theme parks and cable channels Sci Fi and USA networks.
"Davis is looking at raising his offer," one source close to the matter said. Representatives for Davis could not be reached for comment. Vivendi declined to comment.
The 77-year-old billionaire said last week he had had a "positive" response from Vivendi in initial discussions and would renew his approach in January, after the media giant sorts out its issues with its French telecoms firm Cegetel.
Vivendi, the world's second-biggest media group, is looking to increase its stake in Cegetel to fend off an offer by Vodafone Group Plc to buy out Cegetel's shareholders and secure control of the French telecoms operator.
Buffett buys part of aviation insurer
LONDON >> Warren Buffett's Berkshire Hathaway Inc. got together with Munich Re and Converium Holdings AG to buy control of the world's largest aviation insurer as rates soar following the terrorist attacks in the U.S. last year.The three companies will buy about 90 percent of Global Aerospace Underwriting Managers from Aviva Plc and Royal & Sun Alliance Insurance Group Plc, the British insurers said in separate statements.
The price wasn't disclosed.
Insurers across the globe are pushing up charges for cover after they paid record claims of about $58 billion from the U.S. attacks.
Berkshire Hathaway in April teamed up with Allianz AG and other insurers to offer airlines insurance against terrorism, cover that companies halted in the wake of Sept. 11.
"Berkshire Hathaway's attitude is right as the rise in premiums for this kind of cover is sustainable," said Craig Bourke, an analyst at BNP Paribas in London. "Royal & Sun has made a commitment to dispose of assets and this is quite attractive."
Toyota applies to enter U.S. banking market
TOKYO >> Japan's Toyota Motor Corp. said today it applied for a U.S. banking license last month in a bid to use financial services to strengthen its position in the competitive U.S. automobile market.If granted, the world's third-largest automaker would become the first Japanese carmaker to gain a U.S. banking license, allowing Toyota to act as a thrift and loan institution for its network of affiliated U.S. dealerships and customers.
The thrift company license would allow Toyota to offer banking operations including accepting and investing deposits from companies and individuals, cash management services for dealers, providing consumer loans, and issuing credit cards.
EU probes transfer of official to Microsoft
BRUSSELS, Belgium >> The European Commission is investigating how much Microsoft Corp. could unfairly benefit by hiring a key EU official who took a leave of absence to join the computer software giant, officials said yesterday. German Detlef Eckert was at the heart of the department which plots the Internet and information technology strategy for the 15-nation bloc before moving to Microsoft.The European Commission has an antitrust case going against Microsoft.
