June 30, 1987
Smith International Inc. said Baker Hughes has agreed to delay until Aug. 4 the deadline for Smith to file a plan of reorganization with the federal bankruptcy court in Los Angeles. Previously, Newport Beach-based Smith was required to file the plan by July 3 under an agreement in which Baker Hughes would accept $95 million from Smith to settle a $204.6-million patent infringement judgment.
July 14, 1987 |
Smith International Inc. is prepared to file a reorganization plan today, although officials at the Newport Beach oil-field equipment company said Monday they plan to ask the bankruptcy court judge for a short extension. Chief financial officer Loren B. Carroll said Monday he is confident the judge will approve an extension, but if not, Smith will file a plan to meet today's deadline.
April 18, 1985 |
Under different circumstances, champagne corks might have popped. But by the time Ted Nelson, chairman and chief executive of Winn Enterprises in Fullerton, learned this week that his firm had broken into Fortune magazine's listing of the country's 500 largest industrial companies in 1984, the news was rather anticlimactic. After all, Nelson, 36, explained Wednesday, Winn bought Knudsen Foods Inc.
September 12, 1987 |
A mere 10 minutes of intense bidding in bankruptcy court late Friday forced Cameron Iron Works Inc. to pay $61.5 million--$10.5 million more than it had planned--to acquire Smith International Inc.'s McEvoy-Willis division. "I'm not at all pleased about paying the extra $10.5 million, but I'm pleased with the acquisition," said Philip Burguieres, chairman, president and chief executive officer of Houston-based Cameron.
October 24, 1986 |
Wall Street analysts said Thursday that they do not expect federal regulators to throw serious antitrust roadblocks in the path of the proposed $1.2-billion merger of oil services industry heavyweights Baker International Inc. and Hughes Tool Co. The merger, the largest ever in the oil services industry, would create a giant company with between $2 billion and $3 billion in sales and as much as 58% of the market for the heavy metal bits used to drill oil wells.
January 29, 1987 |
Baker International Inc. executives said Wednesday that the company is preparing to sell all or portions of certain key operations to satisfy the U.S. Justice Department's concerns over the antitrust implications of its proposed $1.2-billion merger with Hughes Tool Co. Baker President James D. Woods, who was elected Wednesday to succeed Earnest H. Clark Jr.