OKLAHOMA BRIEFS
Oklahoma Briefs: Tuesday, Sept. 23, 2008

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Published: September 23, 2008

Mall blames lease issue for filing

Attorneys for Shepherd Mall blame an expiring lease with AOL and the "dramatic and historically unprecedented liquidity crisis in the United States' credit markets” for the owner's recent bankruptcy filing.

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Attorneys and managers for the mall have not responded to calls from The Oklahoman since California-based VTA Oklahoma City LLC. filed for bankruptcy Sept. 10. The latest filings report the mall is 92 percent occupied and in June was appraised to have an "as is” value in excess of $60 million.

According to the filing, a $34.9 million note was about to mature the day after the bankruptcy, and VTA Oklahoma City had been unable to refinance $31.7 million that lender UBS Commercial Mortgage Trust had refused to extend. The filing also reports that AOL has a right to terminate its lease for 80,000 square feet in November effective one year later. AOL has vacated its former call center and the owners anticipate the company will terminate the lease, but they cannot begin marketing the space until the lease is terminated.

Williams seeks to expand Transco

TULSA — The Williams Cos. seeks approval from the Federal Energy Regulatory Commission to expand its Transco natural gas pipeline to serve Southeast markets.

The project, called Mobile Bay South, would create 253,500 dekatherms of southbound, year-round transportation capacity on the Mobile Bay Lateral from Transco's mainline at Station 85 near Butler, Ala., to its interconnect with Gulfstream Natural Gas System in Coden, Ala.

Southwest Bancorp merging its banks

STILLWATER — Southwest Bancorp Inc. plans to merge its Wichita subsidiary, SNB Bank of Wichita with its Kansas banking subsidiary, SNB Bank of Kansas.

The resulting entity will operate under the SNB Bank of Kansas brand and charter. After the merger, SNB Bank of Kansas will have about $175 million in assets.

The merger, subject to regulatory approval, is expected to be effective in early 2009.

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From Staff Reports

Related Topics: Mergers and Acquisitions, Business, Company Activities and Information