ALSO ...

President Clinton nominated Justice Department attorney Michael Powell to fill a Republican slot at the Federal Communications Commission. Senate confirmation is required. . . . Cerritos-based Craig Consumer Electronics Inc. said it filed for Chapter 11 of the U.S. Bankruptcy Code to reorganize its financial affairs. . . . Beverly Hills-based Hilton Hotels Corp. extended its cash tender offer for 50.1% of the shares of ITT Corp. at $55 per share. The offer, which had an expiration date of Aug. 1, is now scheduled to expire on Aug. 29. . . . Columbia/HCA Healthcare Corp.’s proposed $1.12-billion agreement to buy Value Health Inc. is moving forward, Value Health said, despite a criminal investigation into Columbia’s billing practices and the recent resignations of its CEO and president.