MANUFACTURING

So Cal Ports Report Cargo Movement for Q1

The number of cargo containers moved in the first quarter of 2018 was similar at the Port of Los Angeles and the Port of Long Beach but compared to the same period last year, one port set a record while the other saw a decline.

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Breitburn Energy Exits Bankruptcy With New Name: Maverick

Downtown oil company Breitburn Energy Partners said late April 12 that it has emerged from its two-year bankruptcy and has renamed itself Maverick Natural Resources.

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California Resources Corp. Buys Remaining Stake in Natural Gas Oil Field

California Resources Corp. has acquired the remaining surface and mineral rights to California’s largest natural gas-producing oil field from Chevron Corp., the company announced April 9. CRC shares rose $2.41, or around 13 percent, on April 10 to close at $20.47 on the New York Stock Exchange.

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SolarReserve Inks 20-Year Deal for South Africa Solar Plant

A consortium led by Santa Monica-based SolarReserve Inc. has signed a 20-year agreement with South Africa’s public electric utility company, Eskom, to supply power from a planned solar thermal power plant.

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Jamison’s Jaime Lee Named to L.A. Harbor Commissioner Board

Jaime Lee, the chief executive officer of Jamison Realty Inc., a major player in Koreatown real estate, has been named to the Los Angeles Board of Harbor Commissioners by Los Angeles Mayor Eric Garcetti.

PPC Partners Acquires Texas Food Manufacturer C.H. Guenther & Son Inc.

A subsidiary of Pritzker Group Private Capital has stepped into the food industry with the acquisition of a mid-sized manufacturer of grain-based and seasoning products based in San Antonio, Texas, the investment firm announced April 4.

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Port of Los Angeles to Get a $130M Container Staging Hub

Project will be able to handle 3,500 daily truckloads

Macquarie Principal Finance, a subsidiary of the Australia-based financial services firm Macquarie, has agreed with the Harbor Performance Enhancement Center, a public-private partnership, to provide funds for the $130 million development of a 5.5 million-square-foot container staging hub on Terminal Island at the Port of Los Angeles.

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Paramount Refinery Sold as Part of $72 Million Deal

A renewable diesel and jet fuel refinery in Paramount has been sold to Boston-based biofuel producer World Energy as part of a deal reportedly worth $72 million.

Jakks Pacific Evaluating Acquisition Offer

Jakks Pacific Inc. is working with Bank of America Merrill Lynch and outside legal advisor Skadden, Arps, Slate, Meagher & Flom to review a recent acquisition offer and begin negotiations.

MGA’s Larian, Investors Pledge $200M in Crowdfunding Kickoff to Buy Toys R Us

Isaac Larian, chief executive of Van Nuys toy manufacturer MGA Entertainment Inc., has along with unnamed investors pledged $200 million to an online public crowdfunding campaign he created to save Toy R Us out of bankruptcy.

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La Brea Bakery Parent Closing Vernon Plant, Laying Off 109

The parent company of La Brea Bakery Café is closing a distribution plant in Vernon in late April and laying off 109 employees, according to a notice the company filed with the state.

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Jakks, Nintendo Extend Toy Licensing Deal

Santa Monica-based toy maker Jakks Pacific Inc. has extended its global master licensing agreement with Nintendo.

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MGA Entertainment, Investors Bid on Toys R Us Canada

MGA Entertainment Inc. and a group of affiliated investors have made a bid to acquire the operations of bankrupt Toys R Us in Canada.

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Breitburn Looks to Exit Bankruptcy With New Plan, Agreement With Creditors

Days after a judge rejected its bankruptcy exit plan, Breitburn Energy Partners on March 13 submitted an amended recovery plan that boosts cash payouts to holdout creditors. A tentative agreement was also reached to limit tax liabilities for shareholders.

Los Angeles and Long Beach Ports Set New February Cargo Records

The local twin port complexes set new records for cargo movement in the month of February, both ports announced on March 13.

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