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Integrated Resources Overhauls Debt: Integrated Resources...

June 20, 1989

Integrated Resources Overhauls Debt: Integrated Resources Inc., a troubled financial services company, plans to replace $955 million in short-term debt with secured borrowings as part of a major corporate overhaul. Integrated said it was putting up almost all of its $7.8 billion in assets as collateral and sharply cutting back operations after it moved to default on outstanding bonds and commercial paper because of a cash shortage. The company said its problems do not affect any of its 35 subsidiaries, which have about 750,000 investor accounts. Among its subsidiaries are Integrated Resources Life Insurance Co. of Des Moines, Iowa.

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