STEVE INSKEEP, Host: NPR's business news starts with General Electric going offshore.</s>STEVE INSKEEP, Host: BP's disastrous oil well blowout in the Gulf of Mexico this year raised many questions about the future of offshore drilling. But General Electric sees a future and is making a new purchase. Today, GE says it is buying a British company that makes pipes for offshore drilling. The company is Wellstream Holdings, and GE is paying $1.3 billion. GE already has a substantial business in oil and gas drilling, and says this deal will help the company capitalize on growth in Brazil, Africa and Asia.</s>DON GONYEA, Host: A company that was once a leading player in the supermarket industry has filed for Chapter 11 bankruptcy protection. The Great Atlantic Pacific Tea Company - you know it as A - has been struggling for years with a heavy debt load, and stiff competition from discount chains like Walmart. A owns several grocery chains, including Pathmark. A is not shutting down. Despite the bankruptcy filing, A says its stores are fully stocked, and are open for business.
General Electric announced it's buying a British company that makes pipes for offshore drilling. It's buying Wellstream Holdings for $1.3 billion. Meanwhile, A&P has filed for Chapter 11 bankruptcy protection. A&P says despite the filing, stores are fully stocked and open for business.