CIBRO PULLS BACK ON PLANS FOR FUNDING NEW PORT WORK.(Business)

Byline: Elizabeth Lesly and James Denn Business writers

A day before it was to launch a $75 million public offering to finance expansion at the Port of Albany, Cibro Terminals Inc. on Thursday said it has pulled back on its attempt to raise the funds.

The company and its lead underwriter, PaineWebber Inc., blamed the postponement on a souring financial climate which has dampened the reception of new public issues on Wall Street.

The company insisted that the $90 million upgrading project has only been postponed and not cancelled, but it could not say when it would go forward with its attempt to raise funds on the open market.

"The offer has …