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Chemours posts loss in 2023

Chemours Company reported a loss in the fourth quarter and 2023, due to the impact of legal settlements. Fourth auarter 2023 results Net Sales of $1.4 billion, up 2% year-over-year Net Loss attributable to Chemours of $18 million, or a loss of $0.12 per diluted share Adjusted Net Income, which primarily excludes $62 million ($89 million pre-tax) in litigation settlement charges, was $46 million, compared to $480 thousand in the corresponding prior-year...

Chemours completes audit that confirms questionable timing of payables, receivables

The Chemours Company announced the Audit Committee of the Board of Directors has completed its internal review that led to the replacement of its CEO and two other executives. Chemours is based in Wilmington and has a research center in Newark. The final report reflected preliminary findings that were released earlier. The internal review determined that payments of up to approximately $100 million were delayed until the first quarter of 2024, primarily...

My take: The impact of the Key Bridge collapse

As the shock began to wear off from the collapse of Baltimore's Francis Scott Key bridge, speculation turned the impact on East Coast ports. Much of the Port of Baltimore will be closed to ships for an extended period after a cargo ship apparently lost propulsion and crashed into the bridge early Tuesday morning. Sadly, several maintenance workers on the bridge at the time are presumed dead. The port...

Press release from House Democrats on bill that would create hospital cost regulatory board

House Democrats released the following after the measure moved out of committee, following strong opposition from the Delaware Healthcare Association, a trade association that represents the state's hospitals. DOVER – On Wednesday, the House Administration Committee released legislation aimed at managing the alarming rise of healthcare costs by establishing greater oversight of hospitals. Sponsored by House Speaker Valerie Longhurst, House Bill 350 (S) would address Delaware’s escalating hospital spending by creating the Diamond...

i.g Burton acquires Schwartz Toyota dealership

i.g. Burton Auto Group acquired of CF Schwartz Toyota in Dover. It comes after the acquisition of a long-time Newark Jeep, Chrysler, Ram dealership. The dealership is now known as  i.g. Burton Toyota of Dover. Terms were not disclosed. Toyota dealerships are highly prized due to the wide range of vehicles produced by the world's largest automaker and come with a reputation for reliability that can command higher prices. Charlie...

State Auditor’s report points out accounting woes in jobless compensation fund

Delaware Auditor of Accounts Lydia E. York issued a special report on the Delaware Unemployment Compensation Fund (DUCF) that found "significant deficiencies in internal accounting controls." The report summarizes the findings of a months-long inquiry by auditors at the Department of Labor Division of Unemployment Insurance. These issues contributed to what the office termed as an "unprecedented disclaimer of opinion." “This report describes a specific occurrence of poor oversight and adherence to...
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