BUSINESS BRIEFS

Dec. 21, 2012 @ 08:18 PM

American Airlines to offer flight between RDU, Los Angeles
MORRISVILLE – American Airlines will launch daily, non-stop service between the Raleigh-Durham International Airport and Los Angeles International Airport on April 2, RDU announced Friday.
The flight is the second from RDU to serve Los Angeles. Since 2006, Delta has offered seasonal, several times weekly service, between the two cities.
Tickets go on sale and flight times will be posted on Dec. 23.
Refunds to Florida debt relief firm customers announced by N.C. AG
RALEIGH – Consumers in North Carolina and other states who paid money to a Florida debt relief firm but got no meaningful help will get $100,000 in refunds under a court order, Attorney General Roy Cooper announced Friday.
The case against Payday Loan Debt Solutions Inc. and its president, Sanjeet Parvani, is the first joint effort between states and the Consumer Financial Protection Bureau, according to a news release. Along with North Carolina, Hawaii, New Mexico, North Dakota and Wisconsin participated in the case.
The investigation found evidence that PLDS charged consumers upfront fees prior to settling the consumers’ debts, in violation of both state and federal laws.  Under North Carolina law, it’s illegal to charge an upfront fee for debt settlement help. 
About 80 North Carolina consumers paid for debt relief, according to the release from Cooper’s office. Consumers who are eligible for a refund will be contacted.
GE agrees to acquire Italian aviation business
FAIRFIELD, Conn., – GE announced Friday that it has agreed to purchase the aviation business of Avio S.p.A., an Italy-based manufacturer of aviation propulsion components and systems for civil and military aircraft, for $4.3 billion. 
GE plans to acquire Avio’s aviation business from Cinven, a leading European private equity firm that has owned Avio since 2006, and Finmeccanica, the Italian aerospace group. The transaction is subject to regulatory and governmental approvals. GE will not be purchasing Avio’s space unit.
The acquisition would provide components for GE Aviation and other engine companies. It furthers GE’s participation in jet propulsion, the company said in a news release.
Yadkin Valley bank shareholders approve stock proposals
DURHAM – The Elkin-based bank holding company for Yadkin Valley Bank and Trust Co., which has 34 branches in North Carolina including the Cardinal State Bank branches, announced Friday that shareholders approved the conversion of preferred stock previously held under the TARP program into common stock.
The bank had received about $49 million through the U.S. Treasury’s Trouble Asset Relief Program, known as TARP, by selling shares of preferred stock.
Treasury auctioned off its holdings of its preferred stock in Yadkin to private investors. A portion of those preferred shares, or $21 million, was to be converted into common stock.
The bank also raised an additional $45 million in new capital that bank officials planned to help with a plan to dispose of troubled assets, said Jill Sutphin, a spokeswoman for the bank, in an email, in order to take a more offensive position in lending and customer acquisition.
Yadkin Valley Bank and Trust acquired Cardinal State Bank in 2008. Cardinal’s branches in Durham, Granville and Orange Counties kept the Cardinal name.