January 28, 1987 |
Looking to pay off $10.4 million in secured debts, Varco International Inc. on Tuesday launched a long-planned $20-million offering of 10% convertible debentures. Most firms in the oil services industry have been in a slump since 1984 and face the prospect of yet another poor year before there is enough new drilling to begin boosting sales and profits. But T.
January 24, 1987 |
Grant Broadcasting System, now in Chapter 11 proceedings with debts of $200 million to suppliers of TV programs, hopes to use the bankruptcy court's protection to trim 50% of the amount it owes, the company's chief executive said Friday. Testifying in U.S. Bankruptcy Court here, Milton Grant said the company will emerge in "superb" condition if it can reduce those programming debts and halt the heavy losses at its Chicago television station, WGBO-TV.
December 14, 1986 |
The biggest administrative reform in Japanese history, the breakup of the Japan National Railways, is now assured, but the question of how to pay off more than $234 billion in debt is still to be resolved. At present, of JNR's nationwide network of lines, only one main line--the Tokyo-Osaka-Fukuoka "bullet" line--and seven commuter lines are operating in the black. Four years ago, the government undertook to reform JNR, the 114-year-old public corporation that runs the railways.
September 2, 1985 |
After months of bravado about how it could beat any economic sanctions that the world might impose on it, South Africa's white-minority regime now knows how vulnerable it is. International banks have begun cutting off its credit. Citing worsening civil unrest here and political pressures on them at home, the banks last week refused to extend South Africa's short-term loans.
CALIFORNIA | LOCAL
September 14, 1999 |
The Pasadena Family YMCA has shut its doors amid mounting debts and a state attorney general's investigation into its finances, leaving the city without a Y for the first time in 113 years. Dozens of employees lost their jobs as a new management team changed the locks Friday on the main facility, located on Pasadena's eastside, and began exploring ways to pay off more than $1 million in debts.
April 26, 2011 |
Standard & Poor's, the bond rating service, has been widely mocked for its recent prediction that the U.S. government may default on its bonds. It's a highly qualified prediction, sort of a prediction of a prediction of a remote possibility. S&P estimates there's a 1-in-3 chance that it will downgrade its ratings of U.S. bonds. So the chance of a default has increased from unimaginable to almost unimaginable. But, like that kid in math class who bursts into tears when the test comes back graded A-, America would find this traumatizing because it's never happened before.
CALIFORNIA | LOCAL
May 25, 2012 |
Eight years ago, the owner of a Hawaiian Gardens liquor store was fatally stabbed in a botched robbery. This week, violence revisited the same address on Carson Street. This time, the body of a man whose family had purchased the shop after the murder was found Monday evening bound and gagged, placed in a back-room refrigerator. Authorities said he was shot execution-style in the head. Los Angeles County sheriff's investigators said they do not believe the two crimes are connected.
CALIFORNIA | LOCAL
February 22, 1992 |
As he prepares to launch a campaign for mayor, Santa Ana City Councilman John Acosta's business affairs are collapsing around him, court records show. Under the supervision of a bankruptcy court, Acosta has closed his masonry business and is selling his north Santa Ana home to pay about $440,000 in federal and state back taxes and to settle about $200,000 in other debts, according to court records filed in Santa Ana. "It was just a series of problems that can happen to anybody in business," Acosta said Friday of the debt that began mounting in 1989.
December 18, 2002 |
Conseco Inc. filed for bankruptcy protection to stem mounting losses and restructure more than $6 billion of debt incurred while the insurance and finance company acquired smaller rivals. The Conseco bankruptcy, which was widely expected, is the third-largest U.S. Chapter 11 filing, after WorldCom Inc. and Enron Corp. The Carmel, Ind.-based company listed $52.3 billion in assets and $51.2 billion in debts in documents filed in bankruptcy court in Chicago.
September 25, 2013 |
A Glendale collection agency has agreed to pay $1 million to resolve a lawsuit accusing it of sending unlawful text messages to debtors and inappropriately disclosing the debts to their family, friends and co-workers. The Federal Trade Commission had accused National Attorney Collection Services Inc. of falsely portraying itself as a law firm in texts, telephone calls and by mail. In some cases, the FTC lawsuit said, the company falsely threatened to have debtors arrested. The FTC also accused the company and its chief executive, Archie Donovan, of illegally revealing debts to consumers' family members, friends and co-workers. In some cases, they sent notices about the debts in mailing envelopes that included a picture of a large arm shaking money from a consumer who is strung upside down. U.S. law does not allow debt collectors to publicly disclose someone's private debts, because doing so could endanger their jobs and reputations, the FTC said.