Citizens Bank of Maryland signed an agreement to continue negotiating a real estate loan repayment plan with financially troubled parking garage magnate Dominic F. Antonelli Jr. Antonelli was expected to declare bankruptcy this week if Citizens did not give him more time to restructure hundreds of millions of dollars of debts.
The Air Force has withheld $240 million in payments to Boeing over the past year because of delays in the development of the $3.7 billion Peace Shield air-defense tracking system in Saudi Arabia.
CS First Boston arranged a $725 million capital injection in a rescue effort that includes about 200 U.S. layoffs. The company will sell $300 million in equity to CS Holding, raising the Swiss company's ownership stake to about 60 percent from 44.5 percent.
Olivetti, faced with dropping sales and sharp competition, plans to dismiss about 7,000 workers worldwide.
Benjamin L. Freedlander, a Richmond mortgage banker, pleaded guilty in federal court to bank and mail fraud for participating in a scheme to bilk the Washington-based Federal National Mortgage Association and other investors out of more than $200 million.
Volvo Cars of North America lost its advertising agency, Scali McCabe Sloves, which said it resigned because it was taking responsibility for the bogus commercial depicting a Volvo car that resisted the stomping of a big pickup truck while other cars collapsed.