Briefcase

Kodak given 2013 deadline to craft reorganization plan

ROCHESTER, N.Y. – Eastman Kodak Co. has a little over a year to reshape its money-losing businesses and deliver a get-out-of-bankruptcy plan.

Girded by a $950 million financing deal with Citigroup Inc., the photography pioneer aims to keep operating normally during bankruptcy while it peddles a trove of digital-imaging patents.

After years of mammoth cost-cutting and turnaround efforts, Kodak ran short of cash and sought protection from its creditors Thursday. It is required under its bankruptcy financing terms to produce a reorganization plan by Feb. 15, 2013.

Associated Press

European air safety agency orders inspections of A380s

BERLIN – Europe’s air safety authority told airlines Friday to inspect nearly a third of the world’s A380 superjumbo jets within about six weeks after Airbus found new cracks in metal brackets inside the wings.

The European Aviation Safety Agency issued an airworthiness directive that called for “a detailed visual inspection” of the aircraft’s so-called “wing rib feet” – the metal brackets that connect the wing’s ribs to its skin.

“This condition, if not detected and corrected, could potentially affect the structural integrity of the airplane,” the EASA said.

The EASA said the order applies to 20 A380s. Aircraft that have racked up 1,800 or more takeoff and landing cycles will have to be checked within four days, or another 14 cycles. Planes that have flown more than 1,300 will need checking within six weeks, or 84 cycles.

Associated Press

Wal-Mart appoints woman as CEO of Sam’s Club

BENTONVILLE, Ark. – Wal-Mart Stores Inc., the world’s biggest retailer, said Friday that it has named Rosalind Brewer as CEO of Sam’s Club – the first woman and the first African-American to hold a CEO position at one of the company’s business units.

Brewer, 49, is replacing Brian Cornell, 52, who is leaving the company so he can return to the Northeast for family reasons. He had served in the role since 2009.

Brewer, who will also be president of Sam’s Club, was previously president of the retailer’s U.S. East business unit. She will report to CEO Mike Duke. The moves are effective Feb. 1.

The Sam’s Club warehouse club business – which accounts for about 12 percent of Wal-Mart’s annual sales – has outperformed its namesake stores. Revenue in stores open at least one year rose 5.7 percent at Sam’s Club and 1.3 percent at Wal-Mart U.S. stores in its third quarter. The measure is a key gauge of a retailer’s financial health.

Prior to joining Wal-Mart, Brewer held a number of executive positions at Kimberly-Clark Corp.

Associated Press

China’s wealth fund buys stake in Thames Water

BEIJING – China’s sovereign wealth fund said Friday it has bought 8.7 percent of London’s water company, its first major move since announcing plans to invest in European and U.S. infrastructure.

China Investment Corp.’s one-sentence announcement gave no price for its stake in Thames Water Utilities Ltd., Britain’s biggest water and sewer company.

The announcement follows a visit to Beijing this week by Britain’s finance minister, George Osborne.

CIC was created to invest abroad in hopes of earning a better return on a portion of China’s $3.2 trillion in foreign reserves. Investing directly in infrastructure is a departure for its managers, who have tried to avoid stirring opposition abroad by buying small stakes in publicly traded companies.

Associated Press