Advertisement
YOU ARE HERE: LAT HomeCollectionsFixme

BRIEFLY

November 17, 1987

Western Union said its bank loan agreements, which included a settlement of its bank debt at a substantial discount as part of the company's pending restructuring plan, expired on Friday and have not been extended. As a result, Western Union is in default under its bank credit agreements and the banks are entitled to demand the immediate repayment of about $227 million in outstanding loans. Western Union said it believes that the banks will agree to follow through on the settlement if the other aspects of the restructuring can be promptly completed.

Advertisement
Los Angeles Times Articles
|
|
|