Wind farm owner and operator First Wind Holdings Inc., which is planning a $300 million IPO for next week, may be a risky bet in the current energy climate.
The Boston-based company, mostly owned by private equity firm Madison Dearborn and hedge fund operator D.E. Shaw foresees rapid growth. By 2014, First Wind plans to have 1900 megawatts in operation or under construction. One megawatt produces enough power to meet the electricity needs of 800 typical American homes. Get the full story »
Genzyme Corp. made its case for why it is worth more than Sanofi-Aventis’s $18.5 billion offer, forecasting 2011 profit above Wall Street estimates and sales of $3 billion for its experimental multiple sclerosis drug. Get the full story »
Nestle USA is recalling some packages of Nestle Raisinets that may contain peanuts, putting those with an allergy at risk if they consume them. Get the full story »
A bankruptcy judge on Friday granted Tribune Co.’s official committee of unsecured creditors authority to make the opening moves in long-threatened litigation over the 2007 leveraged buyout blamed for the media company’s tumble into Chapter 11.
Judge Kevin Carey said he would sign off on an order acknowledging the official committee is the proper body to bring claims against lenders, executives and other leaders of the embattled media company, as well as advisers who reaped millions in fees from the LBO. Get the full story »
Apple Inc. said on Friday it will on longer ship Mac computers with Adobe Systems’ Flash player pre-installed, as the company continues to erect barriers to the software. Get the full story »
Having lost the support of many employees, his board and the creditors who will soon take over the bankrupt media company, Tribune Co. Chief Executive Randy Michaels resigned Friday, as the company’s board sought to end one of the most tumultuous episodes in the history of the 163-year-old Chicago institution.
Bank holding company MB Financial Inc. said Friday it recorded a loss for the third quarter as its provision for loan losses grew $20 million from a year earlier. Get the full story »
Commonwealth Edison is asking the Second Appellate Court to rehear its case following a decision earlier this month that removed the funding mechanism ComEd was using to pay for a smart grid pilot program in the Chicago area.
The decision also overturned a precedent the Illinois Commerce Commission has used for years to determine how much consumers pay on utility bills, a change that would mean an annual revenue loss of tens of millions of dollars for ComEd’s parent, Exelon Corp. and possible rebates for consumers.
The court has not decided if or when it will rehear the case. Get the full story »
By Brian Cox, Special to the Tribune | The lawyer for a Walgreen Co. executive charged with DUI for the second time in 13 months said today he’s sure his client will be cleared. Get the full story »
From Bloomberg News | Delaware bank Wilmington Trust Corp. has been contacting bigger lenders in recent weeks to gauge their interest in buying the company, said people with knowledge of the matter.
Google is promising to monitor its employees more closely to make sure they don’t intrude on people’s privacy while the company collects and stores information about its users.
The tougher privacy measures announced Friday appear to be in reaction to recent breaches that have raised questions about the Internet search leader’s internal controls and policies. Get the full story »
Bloomberg News | United Parcel Service says it expects to handle 430 million packages globally between Thanksgiving and Christmas, a 7.5 percent increase from the holidays last year, and is adding service to China, where demand is expected to grow 34 percent.
France’s Senate has approved a contested pension reform raising the retirement age to 62 despite months of nationwide protests and strikes.
After 140 hours of debate, the Senate approved the reform Friday with a vote of 177-153. Get the full story »
The weak outlook for U.S. employment could hurt insurers that cover work-related injuries.
Persistently high unemployment translates to fewer workers to cover, which cuts into revenue. And “worker’s comp” providers face higher payouts because claiming workers are staying on benefits longer for lack of other jobs. Get the full story »
By Kristin Samuelson | The Consumer Product Safety Commission and three U.S. cribmakers on Friday announced voluntary recalls of approximately 40,650 drop-side cribs after receiving reports of six child injuries from the cribs.
