The U.S. Department of Energy plans to auction off Anaheim-based Fisker Automotive Inc.’s remaining loan obligation of $168 million. Fisker drew down about $192 million of a $528 million loan from the federal agency, which suspended the balance in 2011 after the automaker failed to meet certain production and sales milestones. The auction is scheduled for Oct. 11. Several groups have been in talks to buy the struggling automaker since last year.
Orange County’s economy added 2,400 jobs in August to drive the unemployment rate down to 6.2% from 6.5% in July and 7.8% a year earlier. The county now has 1,426,800 jobs, up by 2%, or 32,500, from a year earlier, according to the state Employment Development Department. California’s unemployment rate in August was 8.8%, down from 9.3% in July and 10.5% in August 2012. The national jobless rate was 7.3%, down from 7.7% in July and 8.2% a year ago.
Irvine-based Banc of California Inc. acquired on undisclosed terms the Palisades Group LLC, a registered investment adviser that specializes in residential mortgages. Mortgages have been a significant revenue driver for Pacific Trust Bank, which sells loans through its Mission Hills Mortgage Bankers division.
Irvine-based Silverado Senior Living Inc. said it plans to build a senior housing complex in Bee Cave, Texas, a suburb of Austin. The company is working with Dallas-based Meridian Realty Advisors LP on developing the project, which is scheduled to open next spring.
Irvine-based CombiMatrix Corp., which makes DNA-based tests for the prenatal, pediatric and oncology markets,
has filed papers with the Securities and Exchange Commission to sell $10 million worth of stock and warrants. The company said it “ may not be able to continue as a going concern” if its doesn’t raise the money.
Glendale-based Apollo Medical Holdings Inc. said it will provide doctors and case management services for four hospitals in Orange County owned by Santa Ana-based Integrated Healthcare Holdings Inc.
The U.S. Department of Defense exercised an option to order $151.2 million worth of protective armor inserts made by Ceradyne Inc. in Costa Mesa for use by the U.S. military. Ceradyne operates as a subsidiary of St. Paul, Minn.-based 3M Co., which acquired Ceradyne last year for $860 million. The contract for enhanced small arms protective inserts is the second of two optional extensions on an original award Ceradyne received in 2011.
Boeing Co. said that operations and employees in Orange County won’t see cutbacks stemming from the decision to shutdown its C-17 Globemaster III plant in Long Beach. The plant, which is California’s last remaining aircraft manufacturing facility, will shutter in two years.
Brea-based direct-mail shopping publication PennySaver has been acquired by Los Angeles-based investor OpenGate Capital LLC for $22.5 million in a cash deal. PennySaver has about 800 employees and nearly $200 million in revenue. It mails out more than 800 local editions of its publications to more than 9 million homes in California weekly. PennySaver for about 40 years had been part of the “Shoppers” division of Harte-Hanks Inc., a San Antonio, Texas-based international marketing firm that focuses on direct and targeted marketing.
The Roman Catholic Diocese of Orange has named Rios Clemente Hale Studios and Johnson Fain, two Los Angeles-based architecture firms, to head the planned renovation of Christ Cathedral in Garden Grove. The 34-acre campus was originally designed by Philip Johnson and built in 1980 as Crystal Cathedral for the Crystal Cathedral Ministries led by Reverend Robert Schuller. The property was acquired in a bankruptcy sale for $57.5 million. The diocese said it plans to spend $29 million on renovations.
Santa Ana-based Ingram Micro Inc. tapped board member Paul Read as president and chief operating office. He resigned his post as a director before taking his new positions, which had been handled by Chief Excutive Alain Monie since 2011. Read most recently served as chief financial officer and executive vice president of Singapore-based electronics maker Flextronics Inc.
ECONOMIC INDICATOR
UP: Orange County’s hotel market in July, when the average occupancy rate rose 1.9% to 89.48% and the average daily room rate gained 5.5% to $176.46. Airport area hotels had the largest percentage gain in the daily rate, with a 9% hike to $125.04. The Costa Mesa market saw the strongest growth in its occupancy rate, up 5.7% to 92.24%.