GE says SEC is investigating $23B writedown in power unit

General Electric Co. disclosed Oct. 30 that the U.S. Securities and Exchange Commission has expanded an ongoing investigation into its accounting practices to include the company’s recent $23 billion writedown in its power division.

GE (NYSE: GE) made the disclosure as part of its third-quarter earnings report. Shares of the Boston-based company, which also reported a decrease in earnings and revenue, were down more than 10 percent in late afternoon trading on Oct. 30. The firm’s market cap sank…

Houston Biz Journal
GE says SEC is investigating B writedown in power unit

Houston upstream energy co. reaches restructuring agreement, will file Ch. 11

Houston-based Gastar Exploration Inc. (OTCQB: GSTC) will soon file for Chapter 11 bankruptcy protection to implement a new restructuring plan. 

The upstream energy company announced in a late Oct. 26 press release that it reached a restructuring support agreement with certain funds affiliated with Ares Management LLC, which hold substantially all of Gastar’s outstanding debt and are also the largest beneficial owners of its common stock. Through the agreement, Gastar will eliminate more than…

Houston Biz Journal
Houston upstream energy co. reaches restructuring agreement, will file Ch. 11

Dynamo president steps down to lead Houston World Cup Bid Committee

The president of Houston’s professional soccer teams is stepping down to become president of the Houston World Cup Bid Committee. 

Chris Canetti will remain with the teams until his contract ends on Dec. 31, according to a press release. He has been with the Houston Dynamo since the team’s first season in 2006 and became president in 2010, making him longest-tenured MLS team president, per the release. A successor was not named in the Oct. 26 release, but Canetti will help the team with their…

Houston Biz Journal
Dynamo president steps down to lead Houston World Cup Bid Committee

ConocoPhillips has cut 10 percent of Houston workforce in 2018

ConocoPhillips has cut about 10 percent of its Houston workforce since the start of the year, executives said during the company’s third-quarter earnings call Oct. 25.

That number includes open jobs that the company didn’t fill, said Al Hirshberg, ConocoPhillips’ executive vice president of production, drilling and projects. The cuts were a part of ConocoPhillips’ efforts to reduce costs, efforts that Hirshberg said on the call were not complete.

“We’re not done, we’re never done,”…

Houston Biz Journal
ConocoPhillips has cut 10 percent of Houston workforce in 2018

Sears Holdings is delisted from Nasdaq

Sears Holdings Corp. is no longer listed on the Nasdaq Stock Market. Per stock exchanges rules, Sears Holdings was officially delisted this week after stock of the failing department store chain had traded below $1 a share for 30 days.

The final share price before Nasdaq delisting was 36 cents a share.

A Sears spokesman confirmed that as of Oct. 24, Sears’ common stock began trading on the OTC Pink market under the symbol “SHLDQ.” The spokesman added that “the transition does not affect our operations…

Houston Biz Journal
Sears Holdings is delisted from Nasdaq