Business news briefs for June 8, 2004

Tuesday, June 8, 2004 | 11:22 a.m.

Stock markets to close Friday

NEW YORK -- Most U.S. financial markets will close Friday in observance of the national day of mourning for former President Reagan.

The New York Stock Exchange, Nasdaq Stock Market and American Stock Exchange will all be closed Friday. Trading for the week will end on Thursday, and resume on Monday, June 14.

The markets have customarily closed in the past for presidents' funerals.

Most U.S. commodities markets will also be closed, although there will be some abbreviated trading in some contracts during the morning. Bond markets were also expected to be closed.

Currency trading was expected to continue, as many banks were expected to remain open.

Restructuring deal reached

BIRMINGHAM, Ala. -- HealthSouth Corp., seeking to avoid bankruptcy after being sued by U.S. regulators for accounting fraud, said today it reached an agreement with noteholders to restructure about $1.9 billion of debt.

Bondholders will receive fees of $30, $32.50 or $45 per $1,000 in notes in exchange for waiving some terms of the debt, such as a requirement that financial reports be filed by a certain time. HealthSouth has said it may file those reports in early 2005.

Growers narrowly reject PepsiCo joint venture

Ocean Spray Cranberries Inc., the No. 1 U.S. cranberry-juice maker, today said its grower-owners rejected a proposal to pursue final negotiations for a joint venture with PepsiCo Inc.

The vote was about 52 percent to 48 percent against pursuing the venture with the soft-drink maker, Ocean Spray said in a news release. The company, which has a Henderson plant, will continue to be operated as an independent, farmer-owned cooperative.