Aug. 8–VERIZON PACT SEEN SEVERAL DAYS AWAY: As Verizon Communications Inc. and its major unions continued negotiating specific language for a contract, the Communications Workers of America saidVerizon is proposing changes in job security and layoff protections that will require review by many or all of the 26 bargaining units in the Northeast. As a result, it could take several more daysto negotiate a labor pact for 79,200 CWA and International Brotherhood of Electrical Workers members who have been working without a contract since their three-year pact expired at 12:01 a.m. Sunday.
Verizon spokesman Jack Hoey said the phone giant “remains focused on improving the company’s cost structure” to remain competitive, and outside of rain-related outages, had no significant service problems.
CTC COMMUNICATIONS SEEKS BUYOUT: CTC Communications Group Inc., a Waltham-based phone company operating under bankruptcy protection, unveiled a reorganization plan under which Columbia Ventures Broadband of Vancouver, Wash., would invest $32 million in cash for 100 percent of the stock of a reorganized CTC. A 5 percent equity interest in the company and unspecified “other consideration” would be offered to CTC creditors as part of the plan, which requires approval by a bankruptcy court judge and regulators.
SMAL CAMERA RAISES $13.5M IN FUNDING: Smal Camera Technologies Inc., a 4-year-old Cambridge start-up that has developed a credit card-size digital camera and associated imaging technology, has closed a third round of venture capital funding totaling $13.5 million. The Carlyle Group led the round, with additional investments from Wasserstein Venture Capital. More than 750,000 ultrathin cameras using Smal technology have been sold through manufacturers including Fuji, Oregon Scientific, Radio Shack, Creative Labs, and Logitech. Smal is also working with automotive manufacturers for enhanced driver-vision systems and with surveillance and security companies.
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