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Business news briefs

Published April 29, 2013 9:49 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Chrysler profit

down off 65%

on shipments

Chrysler said net income fell 65 percent in the first quarter as the automaker spent heavily and shipments fell to prepare for new models. Chrysler said revenue dropped 6 percent, despite an 8 percent increase in sales, indicating it is still solidifying its comeback from a government bailout and bankruptcy in 2009.

J.C. Penney to get

$1.75 billion

in financing

J.C. Penney confirmed that Goldman Sachs will provide it with $1.75 billion in financing. The five-year loan can be used to fund operations, as well as pay off some debt. The retailer has been burning through cash. Earlier this month, it said it would draw $850 million from its $1.85 billion revolving credit line.

Virgin Galactic

spaceship makes

powered flight

Virgin Galactic's SpaceShipTwo made its first powered flight Monday, breaking the sound barrier in a test that moves the company closer to its goal of flying paying passengers into space. A jet released the ship, whose pilots triggered its engines to reach an altitude of 55,000 feet before gliding to a landing north of Los Angeles.

Kodak to sell 2

units to U.K.

pension plan

Eastman Kodak Co. has agreed to sell its personalized and document imaging businesses to its U.K. pension plan as part of an agreement that settles $2.8 billion of claims that the retirement fund had sought from the photography pioneer.