VeraSun will stop accepting some contracts

Last update: November 21, 2008 - 10:29 PM

Ethanol producer VeraSun Energy Corp. said it will reject some corn contracts because of delays in starting up new plants. The company won't accept corn at the delayed distilleries in Janesville and Welcome, Minn., Sioux Falls, S.D.-based VeraSun said. The plants are each designed to produce 110 million gallons. VeraSun also said it has temporarily stopped receiving and processing corn at some of its other refineries while it searches for capital. The company filed for bankruptcy protection on Oct. 31, blaming swings in the price of corn.

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Ameriprise to have $40 million pretax charge

Ameriprise Financial Inc., the Minneapolis-based financial-planning company, said it intends to record a pretax charge of $40 million, or $26 million after taxes, in the fourth quarter of 2008. The charge results from merger-related costs associated with three acquisitions that closed in the fourth quarter, according to a filing with the Securities and Exchange Commission. The acquisitions were of Brecek & Young Advisors Inc., HRB Financial Corp. and J. & W. Seligman & Co.

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