Other items of interest Orange County Business Journal
ENGINEERING
Engineering and environmental consultancy Stantec Consulting Services Inc. named Irvine resident Aram Keith chairman of the Edmonton, Alberta-based company. Keith had been serving on the Stantec board since 2005, when he sold his Irvine-based The Keith Companies Inc. to Stantec for $175 million. The company’s Irvine office now serves as its Western U.S. hub, employing about 100 workers here. Stantec counts about 11,000 workers in 170 offices companywide.
ENTERTAINMENT
Michoacan, Mexico-based Cinepolis plans to take over Edwards theaters in Laguna Niguel and Rancho Santa Margarita and give them high-end makeovers that include cocktails and gourmet food. Cinepolis operates theaters in Latin American countries, India and Brazil. It recently entered the U.S., where average spending for a movie ticket and food is expected to be about $30.
FINANCE
Laguna Beach-based Okapi Venture Capital is raising a second $30 million fund for investments in health science and technology companies. Okapi’s first fund also was $30 million and has seen one exit with Hellixes Inc. in Carlsbad, which developed a virus-diagnosis tool. Illumina Inc. in San Diego bought Helixis for $105 million.
Bankruptcy filings in Orange County rose 10.7% for the year ended in June compared to the prior 12-month period, according to data from U.S. Bankruptcy Court. There were 19,248 business and personal bankruptcies here. Business bankruptcy filings fell 12.5% nationwide while personal cases saw a 2.4% decline. The totals fell in 75 of the federal court’s 94 districts nationwide. The Southern District of Florida saw the largest increase, at 15%.
REAL ESTATE
Irvine-based fast-food chain In-N-Out Burgers Inc. opened restaurants in Dallas and Ft. Worth, Texas, bringing its total in the state to four. In-N-Out plans to open another five stores in Texas in coming months. The company has set up a distribution center in Dallas to handle shipments of its proprietary beef blend and other supplies.
Nita Irvine Wheeler Connelly, a descendant of rancher James Irvine and daughter of a current board member of the foundation named for him, has assumed ownership of a 2.4-acre estate in Corona del Mar. Connelly bought the interests of other family members in June, according to public records. The estate had been listed for sale at $38 million in 2009. The price was later cut to $30 million. The price of the recent sale has not yet been disclosed in public records.
RESTAURANTS
Standard & Poor’s Financial Services LLC raised Cypress-based Real Mex Restaurants Inc.’s credit rating to CC from D but said its outlook remains negative on lingering concerns about the company’s cash flow. The upgrade came after the restaurant operator confirmed it had made a $9.2 million interest payment July 28. The payment, which was due July 1, came within the 30-day grace period. Standard & Poor’s said its outlook on the company remains negative despite the upgrade. The ratings agency reiterated a position it took last month, when it raised the possibility of a Chapter 11 bankruptcy filing or separate debt restructuring for Real Mex, which operates 177 restaurants of its own and 22 with franchise deals under the El Torito, Acapulco and Chevys brands and others. Standard & Poor’s and Moody’s Investors Service Inc., also in New York, lowered Real Mex’s corporate credit rating last month following the late payment. Moody’s has not changed its earlier downgrade.
OTHER NEWS
Costa Mesa-based Galeos Café LLC agreed to make refunds on sales of its salad dressings between Nov. 29, 2006, and May 3 under a settlement of a lawsuit that alleged the company put false information on nutrition labels. Anyone with proof of purchase can get a full refund. Others can get three bottles of the company’s salad dressing, worth about $11. Galeos has denied the claims, which were made in several lawsuits, including a class-action case that sought $5 million in damages trebled to $15 million, along with attorneys’ fees. The suits contend the salad dressing had higher fat and calorie content than the labels indicated. The company said one of its suppliers changed ingredients without notification, adding that it corrected the discrepancy in a timely manner.
The carousel at the Balboa Fun Zone on Balboa Island is for sale on eBay for $149,999. Owner Patrick Moore said he hopes to get interest and a higher price with the listing. He recently lost his lease with the Newport Harbor Nautical Museum, which plans to use the spot for an expansion. Moore said he will dismantle the merry-go-round and keep it in storage if it’s not sold by Sept. 30.
