Knudsen Corp. said the U.S. Bankruptcy Court...

Knudsen Corp. said the U.S. Bankruptcy Court had extended to Aug. 20 the time by which the company must respond to an involuntary bankruptcy petition filed by three creditors . . . Arco said it has agreed to sell the building products, ChemLink and specialty chemicals and advanced materials units of its Arco Chemical subsidiary to New York-based Horsehead Industries for undisclosed terms . . . Standard & Poor’s said it lowered Metromedia Broadcasting’s subordinated debt to CCC+ from B- and Twentieth Century Fox Film’s subordinated debt to CCC+ from B-.