Thomson to buy Paisley software firm Thomson Reuters Corp. said Wednesday it has agreed to acquire Paisley, a Plymouth-based maker of business software. Terms were not disclosed. The company's software helps businesses and governmental agencies with financial controls and risk management. Paisley, which employs about 230 people, will become part of Thomson Reuters' tax and accounting business. Thomson Reuters also has a large legal publishing operation, West, in Eagan.
STAFF REPORT
Keewatin Taconite mine to go idle Another Minnesota taconite mine is facing a temporary shutdown as the steel industry reduces production. U.S. Steel Corp. said late Tuesday that Keewatin Taconite, a taconite mine and processing facility in Keewatin, will be idled over the next several weeks. The Keewatin operations employ about 380. Although the company did not say how many employees will be put out of work in Keewatin, it said that a total of about 3,500 people are being laid off in Keewatin and at two steel mills in Detroit and St. Louis. The duration of shutdowns also remains unclear.
DULUTH NEWS TRIBUNE
VeraSun gets OK to borrow Ethanol producer VeraSun Energy Corp. won court permission to borrow as much as $196.5 million to keep operating while it tries to sell itself in bankruptcy. U.S. Bankruptcy Judge Brendan Linehan Shannon in Wilmington, Del., approved the borrowing from a group of lenders who already own $123 million in VeraSun bonds. The company will use $68 million for operations and $102 million to pay off the lenders' bonds, VeraSun attorney Patrick Nash said. VeraSun owns two plants in southern Minnesota that now are idle.
BLOOMBERG NEWS
Court says UnitedHealth didn't default UnitedHealth Group Inc. didn't default on a bond issue by filing late regulatory statements as four hedge funds contended, the Eighth U.S. Circuit Court of Appeals ruled. The funds that bought the bonds argued that late reporting with the Securities and Exchange Commission (SEC) constituted a default under the indenture and wanted UnitedHealth to buy the bonds back at par. The $850 million of 5.8 percent senior notes due March 2036 was issued in 2006. "We hold that the indenture imposes no independent obligation to file timely SEC reports," Judge Diana Murphy wrote Monday in upholding a lower court.
BLOOMBERG NEWS
