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Debts

BUSINESS
January 28, 1987 | KEN CHAVEZ, Times Staff Writer
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.
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BUSINESS
January 24, 1987 | PAUL RICHTER, Times Staff Writer
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.
BUSINESS
December 14, 1986 | SAM JAMESON, Times Staff Writer
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.
NEWS
September 2, 1985 | MICHAEL PARKS, Times Staff Writer
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 | RICHARD WINTON, SPECIAL TO THE TIMES
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.
CALIFORNIA | LOCAL
May 25, 2012 | By Angel Jennings, Richard Winton and Andrew Blankstein, Los Angeles Times
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.
SPORTS
April 26, 2011 | Michael Kinsley
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.
BUSINESS
September 18, 2011 | Liz Weston, Money Talk
Dear Liz: I was recently solicited by a credit card company. I didn't need another credit card, but this offered airlines miles that I collect, so I applied. They didn't approve the application because: "You have filed for bankruptcy and your previous account(s) with us was included in that filing. This includes any of your accounts issued by (us) such as Visa, MasterCard, store cards or gas cards. " Liz, the bankruptcy was 12 years ago, and I am very well financially situated now. I thought there was an expiration date on bankruptcies appearing on your credit report.
CALIFORNIA | LOCAL
February 22, 1992 | GEBE MARTINEZ, TIMES STAFF WRITER
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.
ENTERTAINMENT
December 4, 2013 | By Mike Boehm
The bad news for the Detroit Institute of Arts today is that a bankruptcy judge has authorized the city that owns the museum to declare bankruptcy, giving its creditors a legal forum for insisting that the most valuable masterpieces from the DIA's admired collection be sold to help pay the city's debts. The good news is that, in clearing the way Tuesday for a Chapter 9 bankruptcy filing, the judge made a point of questioning whether it makes any sense to sell the art. Noting the proposal that the DIA's walls be stripped of their most admired paintings to help pay off $18 billion in municipal debt, U.S. Bankruptcy Judge Steven Rhodes suggested that the point of a bankruptcy proceeding is not to liquidate assets needed to sustain a city or organization that's trying to reorganize its finances, but to give it a new lease on economic life.
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