December 15, 2006 in Business

Business in brief: Avista stock sale will raise millions

The Spokesman-Review
 

Avista Corp. expects to collect about $67.5 million from selling company-owned stock for the first time in 23 years, according to a prospectus filed Wednesday.

The money will be used for upgrading dams and transmission lines, paying down short-term loans and boosting the utility division’s equity.

It’s part of a nearly $220 million financing plan the company undertook this month that includes the issuance of $150 million worth of insured investment grade bonds to refinance a similar amount of debt maturing in January.

Rossland, B.C.

Resort will offer free day of skiing

A ski area about two hours north of Spokane in British Columbia is ringing in Christmas in style by offering free skiing on Dec. 22.

Red Mountain Resort, in Rossland, said excellent early-season snow conditions pushed the management team to extend the offer to skiers and snowboarders.

Lifts will run from 9 a.m. to 3 p.m. with ticket agents passing out the complimentary lift passes. Specials on meals, lessons and rentals also will be offered.

In addition, ski instructors will offer free ski and snowboard tips all day.

For more details, call 1-800-663-0105 or visit www.redresort.com.

Spokane

Connect Northwest names Leidall CEO

Connect Northwest’s board named Dennis Leidall CEO and executive director of the Spokane-based nonprofit organization.

Leidall has been serving as Connect Northwest’s interim CEO since former chief executive Bill Kalivas left the organization earlier this year.

He joined Connect Northwest last year after working for a similar program in San Diego on which the Spokane organization is modeled.

Connect Northwest provides business plan development and coaching to early-stage businesses.

Leidall declined to name the salary he’ll receive as CEO of the organization, which received $275,000 in funding from Spokane County this year.

Abuja, Nigeria

OPEC planning cuts in February

OPEC decided Thursday to pare half a million barrels from its output – but not until February.

With concerns about high inventories overshadowing the meeting, the planned cuts were meant as a warning shot to the world’s major consuming nations and tailored primarily to eat into their stockpiles.

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