FYI: Business
BY Staff and Wire Reports
Tuesday, January 01, 2013
1/01/13 at 4:07 AM
Cherokees acquire Tahlequah golf course
TAHLEQUAH - Cherokee Nation Businesses announced Monday it has purchased Cherry Springs Golf Club in Tahlequah and additional acreage that adjoins the property. The price was not disclosed.
"The purchase of this outstanding property accomplishes two goals," said Cherokee Nation Principal Chief Bill John Baker.
"First it secures the Cherokee Nation to be a prime player in the future of economic development in Tahlequah, giving us the ability to create good jobs for Cherokee citizens. Further and equally important is that this was an excellent opportunity to expand our land base within our jurisdiction."
Cherokee Nation Property Management LLC, a subsidiary of CNB, closed on the property Dec. 28. The purchase gives the company ownership of the Cherokee Springs Golf Club Inc., which owns and operates the 18-hole golf course, driving range and the club's restaurant. The course will remain open as usual as management is transitioned to CNB.
CNB also owns and operates Cherokee Hills Golf Club at Hard Rock Hotel & Casino Tulsa and Cherokee Trails Golf Course in Tahlequah.
CNB is the tribally owned holding company of the Cherokee Nation, the largest American Indian Nation in the United States.
Ford says it will sell 2.2 million cars, trucks
Ford says it expects to sell 2.2 million vehicles this year, with the Ford Focus compact car being its most popular model.
The Dearborn, Mich., company says it is the second year in a row it will sell more than 2 million cars. It sold 737,856 Ford Focuses through September. The Ford Fiesta sedan and hatchback and F-series trucks were other popular models, with Ford selling 560,061 Fiestas and 576,339 F-Series vehicles through September.
Ford Motor Co.'s EcoBoost engines, which save energy, are on track to be sold in 520,000 cars by year-end since their launch in 2009.
LodgeNet to be taken over after bankruptcy
LodgeNet Investment Corp. said Monday that it is filing for Chapter 11 bankruptcy protection and will be acquired by investment firm Colony Capital.
LodgeNet provides video, Internet and advertising services to the lodging and health-care sectors. The company said that it will continue to operate during the expedited bankruptcy process. When that is complete, Colony will own LodgeNet.
LodgeNet says a Colony Capital affiliate will provide it with $60 million in new capital, and that funding will be used to support a recapitalization of the company. It also received commitments for up to $15 million in debt financing from creditors. LodgeNet, based in Sioux Falls, S.D., said its lenders will extend their credit agreements. The company said it has a secured credit facility worth about $346 million. LodgeNet also said it will form a strategic partnership with DirecTV.
