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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 12, 2002
Page
23
Dow rose 140.54 to 9884.78 while the Nasdaq gained 27.78 to 1846.66 on Monday. Volume in New York Stock Exchange totaled 1.14 billion, below Friday’s 1.37 billion as traders sat out the rally.
The sale of Goss Graphic Systems assets to creditors was approved in bankruptcy court setting up liquidation. Roughly 400 Cedar Rapids workers were laid off August 31. Union leader says owed wages and benefits may remain unpaid as the company moves from Chapter 11 to Chapter 7. The WARN Act issues are unsettled and claims priority favors secured lenders. The sale, worth about 40 million to buyers, aims to provide working capital but could end Goss as known.
WorldCom Inc. shares slipped nearly 5 percent as debt load worries resurfaced after a brief pause. S&P cut its outlook from stable to negative citing debt reduction concerns, with shares closing down 38 cents at 7.80 on Nasdaq. Moody's placed WorldCom long-term debt on review for possible downgrade.
Qwest Communications withdraws plan to share customer data within divisions amid FCC rulemaking. In filings it argues privacy is not an absolute right and stresses marketplace norms. Officials in its 14-state region call for an opt in to data release.
Weyerhaeuser wins final shareholder approval for 6.2 billion purchase of Willamette Industries. Willamette becomes a wholly owned subsidiary as 97 percent of stockholders approve at the bid price of 55.50 per share. Willamette chairman Swindells led initial resistance. the deal includes assuming about 1.7 billion in Willamette debt.
Wells Fargo plans to close the Marquette Bank branch at 1201 Third St SE in Cedar Rapids in Q3 due to overlap with existing Wells Fargo offices. Mark Long says customers will be served at nearby branches and all employees will be offered positions elsewhere as the firm emphasizes digital banking. The acquisition of four Marquette locations completed Feb 1.
Financial editor contact line lists George Fordal with phone 319 398 8366 and email georef fyiowa com for readers seeking financial newsroom assistance.
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