Judge OKs sale of Wheeling hospital
WHEELING, W.Va. — Fairmont General Hospital says its planned sale to Alecto Healthcare Services is moving forward after receiving approval from a federal bankruptcy judge.
The U.S. Bankruptcy Court in Wheeling on Monday signed off on the proposed sale of the hospital despite objections from federal health officials.
Fairmont General’s lawyer, Mike Garrison said Alecto bid $15.3 million for the hospital. He says the deal will close in the near future.
Federal health officials opposed the sale, saying that it would violate federal law by preventing full repayment of money owed on Medicare contracts.
Fairmont General filed for Chapter 11 bankruptcy in September 2013. The hospital said in court filings that it first began experiencing operating losses and cash flow concerns in 2008.
Stocks slip below records; FMC falls
NEW YORK — Stocks fell for the first time in seven days, ending a run that had pushed the indexes to all-time highs, as investors assessed corporate news.
Chemical company FMC fell the most in the Standard & Poor’s 500 index after cutting its earnings forecast for the second quarter because its Agricultural Solutions unit performed worse than expected in the period.
The stock market has climbed steadily in the last two months amid signs that the economy has recovered its momentum after being disrupted by an unusually harsh winter. Stronger growth should translate into higher corporate profits.
The S&P 500 fell a fraction of a point, or less than 0.1 percent, to 1,962.61. The index closed at a record 1,962.87 on Friday. The Dow Jones industrial average dropped 9.82 points, or less than 0.1 percent, to 16,937.26. The Nasdaq composite index edged up 0.64 point, or less than 0.01 percent, to 4,368.68.
GE plans to locate center near Ohio River
CINCINNATI — General Electric Co.’s new U.S. global operations center will be in Cincinnati, along the Ohio River.
GE announced Monday that the center will be at The Banks development, which includes sites between the pro stadiums.
In April, the Fairfield, Connecticut-based company announced plans for the center with 1,400 new jobs for Ohio. It had been deciding among possible Cincinnati-area locations. Officials describe the new jobs as well-paid, professional positions.
GE says the center should be fully operational by 2017, ultimately employing up to 2,000.
Frontier expands Web services in Proctorville
PROCTORVILLE, Ohio — Frontier Communications has expanded enhanced broadband service to many households and businesses in Proctorville.
Frontier now offers some residential customers in Proctorville download speeds of up to 24 megabits per second, Frontier General Manager Dave George said in a news release. Frontier also offers enhanced service for commercial customers that supports voice, data, video and other applications at faster speeds.
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