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Indianapolis-based Harlan Laboratories may violate loan covenants in the next three to six months, and its ability to refinance a $280 million loan that matures in July 2014 is “highly questionable,” according to a report by Moody’s Investors Service. It’s unclear if the privately held company has an escape plan brewing. Harlan Laboratories employs about 330 people in the area and has annual sales of $326 million. The company appeared on the verge of pulling off a $305 million refinancing in February, but the deal fell apart and was shelved in April, according to Standard & Poor’s Ratings Corp. The ratings agencies say the company is not performing well enough to attract lenders. And even if it could engineer a refinancing, it likely would struggle to make the required payments. By Moody’s tally, Harlan’s “adjusted debt” is a whopping 7-1/2 times its so-called EBITDA (earnings before interest, taxes, depreciation and amortization).

Indianapolis-area hospitals are billing patients insured by their employers 264 percent more for outpatient services than what the federal Medicare program would pay for the same services for the same patients in the same facilities. That’s what researchers at the Washington, D.C.-based Center for Studying Health System Change found when they analyzed claims data for 590,000 patients, all below the age of 65, who were covered in 2011 by the union-negotiated health plans at automakers General Motors, Ford and Chrysler. The study was paid for by an organization that is funded by the automakers, the UAW and the International Union. The study compared the claims from 13 metro areas against one anther, all of them in the Midwest. Indianapolis had the highest hospital outpatient prices among all cities and the second-highest inpatient prices, behind only Kansas City. Interestingly, Kokomo had the third-highest inpatient prices and the second-highest outpatient prices. Physician prices in Indianapolis were in the middle of the pack, about 10 percent to 20 percent higher than Medicare prices. The authors of the study say hospitals’ market power, which has increased in recent years due to consolidation among hospitals and doctors, is the most likely explanation for the higher prices.

New Jersey-based Covance Inc. has formed a collaboration with the Indiana Clinical and Translational Sciences Institute to conduct early-stage clinical trials for biotechnology and pharmaceutical companies. The Indiana CTSI, which was formed by partnership of Indiana, Purdue and Notre Dame universities, will provide access to a 13,606-square-foot, 24-patient facility at IU Health University Hospital in Indianapolis. The institute also could, if needed, expand operations into a recently renovated 33,078-square-foot, 50-patient facility in the same building. This space reopens to clinical research for the first time in six years due to the efforts of the Indiana CTSI. The alliance between Covance and the Indiana CTSI was facilitated by BioCrossroads, an Indianapolis-based life sciences business development group. Covance already conducts Phase 1 clinical trials at an 80-bed facility in Evansville. But there has been a paucity of Phase 1 clinical trial work in Indianapolis since locally based drugmaker Eli Lilly and Co. shut down its clinic at the IU School of Medicine in 2007.

Indianapolis firefighters spent more than four hours overnight battling a four-alarm fire that destroyed an abandoned warehouse on East Raymond Street near South Keystone Avenue before getting the blaze under control after 1 a.m. Monday. Holcomb & Hoke Manufacturing Co. Inc. operated in the two-story, 159,000-square-foot brick building for more than 100 years before closing in 2009. Police closed roads in an eight-block radius and evacuated 15 nearby houses as a precaution. One firefighter suffered minor injuries.
 

-Eversman Enterprise I LLC  leased a 25,000-square-foot, free-standing entertainment facility at 175 Southern Plaza Drive. The tenant was represented by Brett Burch of Valenti Real Estate Services Inc. The landlord, Byrum-Marr Partnership, represented itself.   

-High Point Global LLC. leased 6,213 square feet of office space at 300 N. Meridian St. The tenant was represented by Jim Teskey of CRESA Partners. The landlord, University Park Associates, was represented by Mike Napariu of REI Real Estate Services.

-Image Dental PC leased 3,656 square feet at 11711 N. Pennsylvania St., Carmel. The tenant was represented by Matt Jackson of Jackson IG. The landlord, North Pennsylvania Associates LP, was represented by Mike Napariu of REI Real Estate Services.

-Fidelis Asset Management leased 3,351 square feet of office space at 8200 Haverstick Road. The tenant was represented by Mike Napariu of REI Real Estate Services. The landlord, Citimark Management Co. Inc., was represented by Brian Fitzgerald of Citimark.

-Stutler Family Dental leased an additional 3,341 square feet at 1460 N. Green St., Brownsburg. The tenant was represented by Matt Jackson of Jackson IG. The landlord, Brownsburg Commons LLC, was represented by Rich Block of Paragon Realty LLC.

-Presidio Corp. leased 3,132 square feet of office space at 11595 N. Meridian St., Carmel. The tenant was represented by Mary Catherine Williams of DTZ. The landlord, True North Management Group, was represented by Jon Owens and Russ Van Til of Cassidy Turley.

-Northeast Pediatric Dentistry LLC leased 2,990 square feet at 11501 Cumberland Road, Fishers. The tenant was represented by Matt Jackson of Jackson IG. The landlord, Cumberland Road III Office Center LLC, represented itself.
 
-Foot Reflexology leased 2,500 square feet in West Carmel Shoppes, 4335 W. 106th St., Carmel. The tenant was represented by Jun Liu of Carpenter Realty.  The landlord, Lawndale Partners LLC, was represented by Paul Rogozinski of Veritas Realty.

-Zhi Hiang leased 1,600 square feet in Geist Crossing II, 9745 Fall Creek Road.  The tenant was represented by Ben Li of Mid America Realty Co. The landlord, Glendale Partners of Geist Crossing II LLC, was represented by Paul Rogozinski and Kyle Hughes of Veritas Realty.  

-Plainfield Dental LLC leased 1,600 square feet at 824 Edwards Drive, Plainfield. The tenant was represented by Matt Jackson of Jackson IG. The landlord, National Bank of Indianapolis, was represented by Stephen Daum of Summit Realty Group.

-Zounds Hearing leased 1,200 square feet in Fishers Crossing Shopping Center, 11852 Allisonville Road, Fishers. The landlord, Glendale Partners of Fishers Crossing Inc., was represented by Paul Rogozinski and Kyle Hughes of Veritas Realty. The tenant represented itself.

-Star Benefit Associates Inc. leased 1,016 square feet of office space at 6525 E. 82nd St. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley. The tenant represented itself.

-Greenleaf Apothecary leased 840 square feet of retail space at 10154 Brooks School Road, Fishers. The tenant was represented by Nathan Smith of Colliers International. The landlord, FCH Associates LLC, was represented by Cindy Hoskinson of Lee & Associates.