Sonus Pharmaceuticals Inc. has raised nearly $18 million by selling 4.65 million shares of its stock to a group of institutional investors, the Bothell company announced Tuesday. After accounting for transaction expenses, the stock sale will provide Sonus with $16.8 million. The investors also purchased warrants that allow them to buy another 2.33 million shares in the future at a set price.
S&P warns Delta may go bankrupt
Standard &Poor’s Corp. said Tuesday it sees little chance that Delta Air Lines can avoid a bankruptcy filing and it placed the airline on a “credit watch with negative implications.” Philip Baggaley, who follows the airline industry for the credit-rating agency, said in a report that there is a “very high risk of near-term bankruptcy” in regard to Delta. On Monday, Delta said it will sell one of its commuter carriers for $425 million to try and avoid a Chapter 11 filing.
Canada suspends lumber talks
Canada on Tuesday suspended talks with the United States on their ongoing lumber dispute to protest Washington’s refusal to heed a NAFTA panel ruling that sided with the Canadian position. A meeting that had been scheduled for next Monday to start the next round of talks in the dispute has been canceled, Canada’s Trade Minister Jim Peterson announced. Last week, a NAFTA panel dismissed Washington’s claims that Canadian softwood exports are subsidized by Ottawa and damage the U.S. lumber industry.
Wal-Mart slumps, Nordstrom soars
Wal-Mart Stores Inc. struggled in the second quarter and muted its earnings outlook on Tuesday, again blaming higher gasoline prices for curbing the spending plans of its low-income shoppers. In contrast, shoppers at moderate-price department store retailer J.C. Penney Co. Inc. and at upscale Nordstrom Inc. focused on fashion rather than fuel, resulting in strong results and an upbeat outlook.
Qwest, union agree on three-year deal
Qwest Communications’ largest union said it reached a contract agreement with the company late Tuesday, removing the threat of a strike by 25,000 telephone workers in 13 states. The tentative three-year agreement between the regional phone company and the Communications Workers of America includes a 7.5 percent wage increase, changes to health care that will reduce employees’ overall costs and an eight-hour cap on mandatory overtime, the union said in a statement.
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