TULSA, Okla. - Williams Communications Group Inc. has emerged from Chapter 11 bankruptcy protection with a new name, new ownership but minus its longtime CEO.

The Tulsa-based broadband wholesaler said Wednesday its reorganization divides ownership of the new WilTel Communications Group Inc. between bondholders and Leucadia National Corp., a New York investment bank.

President and chief executive Howard Janzen resigned Tuesday after seven years, WilTel said.

Williams Communications filed for bankruptcy April 22, claiming debts of $7.15 billion versus assets of $5.99 billion.

Dynegy ends trading business

HOUSTON - Dynegy Inc., which once considered a rescue buyout of Enron Corp., announced Wednesday it is getting out of the energy trading business, its chief operating officer is resigning and significant layoffs are coming.

The company said it is decentralizing its structure, making power generation, natural gas liquids, regulated energy delivery and communications units more autonomous.

COO Steve Bergstrom will resign.

Dynegy's shares have hovered around $1 in recent weeks, down from a 52-week high of $47.20.

Taylor Capital, Dick's discount IPO prices

NEW YORK - Dick's Sporting Goods Inc. and Taylor Capital Corp. were both forced to deeply discount their initial public offerings Wednesday.

Dick's, the sporting-goods retailer, offered 7.3 million shares at $12 each, well below estimates of $15 to $18 a share. They closed Wednesday at $13.15. The low pricing surprised many IPO analysts.

Taylor Capital, Wheeling, Ill., a holding company that runs Cole Taylor Bank, had been seeking to sell nearly 2.8 million shares at $18 to $20 a share, but the offering priced at $16.50. Shares closed Wednesday at $16.95.

From wire reports