Alltel said yesterday that it agreed to sell tele.ring, an Austrian wireless carrier it acquired after purchasing Bellevue-based Western Wireless last week.

Share story

Alltel said yesterday that it agreed to sell tele.ring, an Austrian wireless carrier it acquired after purchasing Bellevue-based Western Wireless last week.


Alltel said its subsidiary, Western Wireless International Austria, will sell tele.ring Telekom Service to Deutsche Telekom’s T-Mobile Austria for about $1.6 billion.


The price may drop if the Austrian unit’s performance does not meet its targets. The sale must be approved by the European Commission and the Austrian telecommunications regulator.

Washington Federal

CEO ranks high


on underpaid list


Roy Whitehead of Washington Federal is one of the 19 most underpaid bankCEOs in the country, according to a study by SNL Financial in Charlottesville, Va.


The research firm compared CEO compensation to company performance for institutions with more than $5 billion in assets.


No other Washington bank or thrift CEOs made SNL Financial’s lists of the most overpaid or most underpaid executives. The study did not rank the CEOs on either list.


Nation and World

NAFTA

Timber ruling


favors Canada


As Canada claimed victory in the softwood lumber dispute with the United States following a key NAFTA panel ruling yesterday, U.S. trade officials said the government would keep hitting Ottawa with lumber tariffs and seek a negotiated settlement.


An Extraordinary Challenge Committee of three judges — two Canadians and one American — set up by the North American Free Trade Agreement (NAFTA), unanimously dismissed U.S. claims that an earlier NAFTA ruling in favor of Canada violated trade rules.


Canadian trade officials believe the win could be the final blow to the U.S. timber industry’s claims that Canadian producers are unfairly subsidized.


A statement from the Office of the United States Trade Representative said Washington was disappointment with the ruling.

Krispy Kreme

Top execs blamed


for financial woes


Most of the blame for the financial woes of snack maker Krispy Kreme Doughnuts lies with two former executives who tried to “manage earnings” to meet Wall Street’s expectations, according to a report issued yesterday.


Neither Chief Executive Scott Livengood nor ex-Chief Operating Officer John Tate are still with the once high-flying company. It’s not clear whether their departures, and the recommendation yesterday from independent directors to restate past earnings downward by $25.6 million, will return the luster to the former Wall Street darling known for its tempting “Hot Now” treats.


Livengood’s attorney, F. Joseph Warin, said the report contained weak allegations. Tate could not be reached for comment.


Compiled from Seattle Times business staff and The Associated Press