Daily Briefing

DAILY BRIEFING

October 17, 2008

NextGen to acquire Md. health data firm

Hunt Valley-based Practice Management Partners, which manages billing and technology for health care providers, will be acquired by NextGen Healthcare Information Systems Inc. for an undisclosed amount, the companies said yesterday. Horsham, Pa.-based NextGen, a health information technology company, said it has entered into an agreement to acquire PMP, which has 200 employees and about $16 million in annual revenue. PMP was founded in 2001 and handles physician billing and collection for hundreds of physician groups, hospitals, health systems and clinics in the Mid-Atlantic region. NextGen, a subsidiary of Quality Systems Inc., develops software for health practice management and electronic medical records.

Lorraine Mirabella

Magna gains extensions on credit, repayment

Strapped for cash to operate its business, the Canadian owner of Maryland's Laurel Park and Pimlico Race Course said late Wednesday that it has amended several financing agreements, including extending once again the due date of debt owed to its parent and increasing the amount it can tap on its credit lines. Magna Entertainment Corp. said it received an extension on the due date for the $110 million bridge loan owed to its parent, MI Developments Inc., from Oct. 31 to Dec. 1. Magna said the loan's available amount has been increased to $125 million. Moreover, Magna also can redraw amounts that it repaid in July totaling $4.5 million. The due date for another $100 million owed to MI Developments also has been extended to Dec. 1. And the $40 million line of credit owed to a Canadian bank now is due Nov. 17, Magna said. It is paying fees totaling $2.65 million in connection with the extensions.

Hanah Cho

CEG's former suitor plans 4 new reactors

Electricite de France, the world's biggest operator of nuclear reactors, is studying "all options" in its bid to operate new-generation nuclear reactors in the United States. The French utility, which backed out of a takeover battle for Constellation Energy Group Inc. Wednesday, is interested in having "one or more American partners" for developing "at least four" so-called Evolutionary Power Reactors, or EPRs, in the U.S., Chief Executive Officer Pierre Gadonneix told a nuclear energy conference in Paris yesterday. "We aim to develop at least four EPRs in partnership with one or more U.S. players and continue to examine the possible options closely," he said. EDF, which has a 9.5 percent stake in Constellation, said it won't make a new offer for the Baltimore-based utility because of the "current state of financial markets." That clears the way for Warren E. Buffett's MidAmerican Energy Holdings Co., whose $4.7 billion bid for Constellation was accepted last month. EDF and Constellation created a 50-50 joint venture called UniStar Nuclear Energy LLC last year to develop the new reactors in the United States.

Bloomberg News

1,600 GM workers face layoffs in Del., Mich.

DETROIT: Another 1,600 workers at three General Motors Corp. factories will be laid off indefinitely over the next few months as the company acts to control its inventory amid a worsening U.S. sales slump. About 700 workers at GM's pickup truck plant in Pontiac, Mich., will be furloughed starting Feb. 1, while another 500 at the Detroit-Hamtramck sedan factory will be laid off Jan. 12. In addition, 400 workers at a two-seat sports car assembly plant in Wilmington, Del., also will be out of work starting Dec. 8.

Associated Press

No Hanah Cho

The "On the Job" column does not appear today because Hanah Cho is on assignment.

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