Delta Air Lines says it wants to renegotiate terms of a $245 million debt its subsidiary Northwest Airlines owes the Metropolitan Airports Commission, the Star Tribune reports. The financing was contingent on Northwest maintaining a hub and headquarters in Minnesota. If the airline violates those terms, the agreement says the money must be paid back by 2012 instead of 2022.
When Delta closes Northwest’s Eagan headquarters, the airlines will break the legal agreement. MAC spokesman Patrick Hogan said Delta “only recently agreed to engage in discussions with us” regarding the debt, and that the airline hasn’t submitted a written proposal, which would be the first step in changing terms of the financing, Hogan said.
Wells Fargo says its playing a bigger role in financing “green” buildings. The bank’s commitments for LEED buildings doubled from $1 billion to $2 billion since May 2007. LEED is short for Leadership in Energy and Environmental Design. It’s a voluntary green building certification program developed by the U.S. Green Building Council.
More local layoff news: This time it’s Imation, which said Monday it plans to lay off 200 employees. Most of the jobs will be gone by the end of 2009. The cuts are part of a restructuring plan to reduce operating expenses by 10 percent, CEO Frank Russomanno said. The Oakdale company makes data-storage products and consumer electronics. (Star Tribune, Pioneer Press)
Do you have an inside scoop or news tip about a Minnesota company? Spotted something interesting in your RSS reader? Drop Business Agenda a note at dhaugen [at] minnpost [dot] com.