Virginia Businesses in the News


Legal and Regulatory

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For the Record is compiled from company releases, business journals and newspaper reports from around the state. If you have an item for these listings: • Mail it to: For the Record Virginia Business Magazine P.O. Box 85333 Richmond, VA 23293 • E-mail it to ForTheRecord@va-business.com • Fax it to (804) 649-6311

RBX Corp., a Roanoke County manufacturer of rubber products, filed for Chapter 11 bankruptcy protection. The company had previously filed for Chapter 11 in December 2000 and emerged in August 2001 through financing by Congress Financial Corp. RBX received notification in December it was in default of certain provisions of that financing, triggering the latest move to Chapter 11. (02/26/04, The Roanoke Times)

Rutter, Walsh, Mills & Rutter, a Norfolk law firm focused on personal injury litigation, changed its name to Rutter Mills and relocated to new offices at 160 W. Brambleton Ave. (02/20/04, Press release)

Performance Food Group, a Richmond-based food distributor, reached a settlement with the Securities and Exchange Commission over accounting errors at one of its subsidiaries first announced in 2002. Without admitting or denying wrongdoing cited in the SEC’s findings, the company agreed to comply with directives concerning accurate bookkeeping and records. (02/13/04, Business Wire)

XO Communications, a broadband services provider headquartered in Reston, was the winning bidder for substantially all of the assets of Allegiance Telecom, a Dallas-based local exchange carrier, for $311 million in cash and 45.38 million shares of XO common stock. The U.S. Bankruptcy Court for the Southern District of New York approved the bid. The deal makes XO the nation’s largest independent provider of national local telecommunications and broadband services. (02/13/04, Business Wire)

Duke Energy North America received an air permit from the State Corporation Commission for a proposed gas-fired power plant in Wythe County. The company plans to wait until at least November 2005 to put the plant in service, citing economic considerations. (02/12/04, The Roanoke Times)

Capital One, a McLean-based issuer of credit cards, was released from a 2002 agreement with federal and state regulators under which the company’s internal audit controls were closely scrutinized. Under the agreement, Capital One invested in technology infrastructure, internal audits and moved more conservatively with high-risk lending. The company’s rapid expansion over the past decade triggered concerns about its protection against risk factors. (01/30/2004, The Washington Post)