Advertisement
YOU ARE HERE: LAT HomeCollections

Also. . . | NATION / WORLD

September 09, 1997

Levitz Furniture Corp. won tentative approval for a $260-million bankruptcy reorganization loan that will let the retailer restock shelves and pay employees. Years of dwindling sales, a cash crunch and bond defaults prompted Boca Raton, Fla.-based Levitz to file for Chapter 11 Bankruptcy Court protection from its creditors Friday. The borrowing, known as a debtor-in-possession loan, will be used to pay suppliers and meet payroll. The credit was supplied by B.T. Commercial. Levitz officials said furniture makers are waiting for confirmation of the financing before resuming deliveries to the chain's 129 stores . . . Machine tool orders by U.S. manufacturers rose 4.5% in July compared with a year earlier, a slowdown from the blistering growth rates of earlier months. The data from the American Machine Tool Distributors Assn. and the Assn. for Manufacturing Technology showed a particularly strong pullback in the Midwest, home to the nation's big auto makers and other key industries. Total orders in July were estimated at $666 million, compared with $637 million last July and down sharply from June's estimate of $769 million. . . . Aluminum Co. of America, the world's largest aluminum producer, said it has raised prices for certain heat-treated aluminum products by 5% to 8% as new aircraft orders drive demand for the specialty processed metal. Prices were effective Monday for all new orders scheduled for shipment Jan. 5. . . . US West Communications Group said it was selected as the official telecommunications provider for the 2002 Winter Olympic Games in Salt Lake City.

Advertisement
Los Angeles Times Articles
|
|
|