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Top News Links: Friday, Sept. 25

Judge: Walter Energy bankruptcy may ‘crash and burn’

The bankruptcy of coal miner Walter Energy Inc. may “crash and burn” because of the lack of cooperation among the company, its lenders and its lower-ranking creditors, a judge said. U.S. Bankruptcy Judge Tamara O. Mitchell said Thursday at a hearing in Birmingham that she doesn’t see how a 30-day window to foster discussions among the company and the creditors will help, “given the complete lack of success in negotiations.” – Bloomberg

How Airbus will cash in on Alabama gamble

Was it wise to invest $600 million to build an A320 assembly plant just to be able to win a few more orders in what used to be the exclusive territory of its chief rival, Boeing? Sure, there was the attraction of both lower employee benefit costs and lower tax rates in Alabama than in Europe, as well as the advantages to increased production in dollars to guard against currency fluctuations. But most of all, it’s the unique prospects of the American market. – WorldCrunch.com

Hyundai recalls 470,000 2011-2012 Sonatas

Hyundai Motor America is recalling 470,000 model year 2011-2012 Sonatas manufactured December 11, 2009, to April 12, 2012, at Hyundai Motor Manufacturing Alabama and equipped with either a 2.0 liter or 2.4 liter Gasoline Direct injection engine. Metallic debris may not have been fully removed during manufacturing of the engine crankshaft. – Consumer Affairs

Alabama joins other states going after Volkswagen

Alabama is one of at least 27 states investigating potential fraud by Volkswagen, according to Attorney General Luther Strange. Strange says the state will be issuing subpoenas to Volkswagen as part of the multi-state probe of the auto manufacturer’s representations of its diesel vehicle emissions. – WHNT

Alabama retailers hustling on ‘chip’ credit cards

By the end of 2015, 70 percent of U.S. credit cards and 41 percent of U.S. debit cards will have security chips. The chip technology allows the information on the card to be more secure than when using a magnetic strip reader. The Alabama Retail Association says that while the implementation of these chips is costly, if banks and retailers work together, then security will be raised. – Yellowhammer

Company behind DreamVision creates new division

On Thursday, Provident Global Capital, the company behind the DreamVision theme park, announced a new division – PGC entertainment. Company leaders explained PGC Entertainment will manage entertainment-related investments for the company, including the previously announced DreamVision theme park developments in Alabama and Texas. – WHNT

Tuskegee conference under way to help small business

A three-day conference in Tuskegee aims to provide entrepreneurs and business owners with the resources to be successful. This is the 20th year Tuskegee's held the economic development summit. It's three days full of workshops addressing every facet of running a business. Participants learn about everything from securing a loan, establishing a line of credit, to networking. – AlabamaNewsNet

Y-Tech Services wins Navy contract

Y-Tech Services Inc., a subsidiary of Yulista Holding LLC, has been awarded the Operations and Maintenance Support for the Sea Fighter for the Department of the Navy, Naval Sea Systems. Y-Tech will be providing engineering, maritime, technical, operational, and maintenance services for the Sea Fighter, an aluminum catamaran operated by the Office of Naval Research that has been used to test technologies for the Littoral Combat Ship and Joint High Speed Vessel programs. – News release

Strategic Storage Trust expands in Alabama

In an $8 million deal, Strategic Storage Trust II Inc., a public non-traded REIT affiliated with SmartStop Self Storage, recently purchased a facility in the Gulf Coast city of Foley. The property consists of 23 buildings situated on 10 acres and encompasses a total of approximately 1,050 units across 142,000 rentable square feet, as well as 78 boat/RV spaces. – CPExecutive

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