SC business notebook, May 25

May 24, 2013 

2,500 SRNS workers returning to full time

Employees of the contractor that manages the Savannah River Site are returning to full-time work status. Officials with Savannah River Nuclear Solutions said Thursday that about 2,500 workers would go back to full-time status starting on Monday. The employees at the old nuclear weapons plant had been on furloughs since April due to federal budget cuts. SRNS CEO Dwayne Wilson said in a message to employees that a funding request had been approved, meaning that employees could go back to the schedules they were working at the end of March. The site once produced plutonium and tritium for atomic bombs. Work there is now focused on research and cleanup.

Kahn bankruptcy hearing set

A hearing into the bankruptcy filing of Alan Kahn, one of Columbia biggest real estate developers, has been continued until June 10. Kahn, the developer of Village at Sandhill, filed for bankruptcy protection last month for himself and two of his companies after accumulating more than $50 million in debt during the recent recession. The majority of that money, more than $32 million, is owed to Gibraltar BB4 LLC, according to a debt collection judgment issued in November in Richland County. Gibraltar is a real estate acquisition and investment division of Toll Brothers, a publicly traded home-building giant based in Pennsylvania. Kahn also owes nearly $6 million to TD Bank, which a year ago sued for the balance owed on a loan for a shopping center in Virginia that the bank foreclosed on. The June 10 hearing will be his first meeting with creditors in the bankruptcy proceedings.

Markets post losses for the week

Stocks prices closed mostly lower on Wall Street, giving the market its first weekly loss in a month. The Dow Jones industrial average edged up eight points to 15,303 Friday, a gain of 0.1 percent. The Standard & Poor’s 500 fell a point to 1,649, or 0.1 percent. The market had its first weekly loss in five weeks. The Nasdaq composite fell a fraction to 3,459.

The Associated Press, Jeff Wilkinson contributed.

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