Biz week: Boeing nabs order for 20 777s
Published 7:30 pm Friday, May 7, 2010
The Boeing Co. announced a major order for 20 777s, declining to identify the buyer. The order would be worth more than $4 billion at list prices, but buyers rarely pay those prices. The order gives Boeing 112 orders for the year, a much stronger start than in 2009. Last year, Boeing tallied 142 orders for the entire year after many airlines cancelled previous deals because of the bad economy. Boeing plans to slow production of the 777 in Everett starting next month, then boost it next year to meet growing demand.
Home sales rise: Home sales rose 62 percent last month as buyers worked to meet the April 30 deadline for an income tax break. There were 869 homes sold in April. Pending sales, meaning deals were made but hadn’t closed, amounted to 1,528 homes in April, a 38 percent increase from the previous year, according to the Northwest Multiple Listing Service. First-time buyers qualified for an $8,000 tax break. Homebuyers buying a different home were offered a $6,500 tax credit.
Developer sues port: Everett Maritime has sued the Port of Everett, asking a judge to prevent the agency from dissolving a partnership for a $400 million development on the city’s waterfront. Maritime, a subsidiary of Maritime Trust of Chicago, is in bankruptcy court, but it still owes the port money from the partnership agreement. Port officials say if it doesn’t pay, the contract is null and void. In addition to a dispute over the amount of the payment, Maritime said the contract is a valuable asset and the only way if could eventually pay its creditors. It’s asking a judge to issue a restraining order against the port preventing it from scrapping the deal. Port officials say Maritime’s arguments are without merit. A judge has scheduled a hearing for Tuesday.
Mike Benbow, Herald Writer
