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February 7, 1997 | Times Staff and Wire Reports
Dallas-based Jayhawk Acceptance Co. said it plans to reorganize under Chapter 11 of U.S. bankruptcy law after bankers cut off access to new funds. Spokeswoman Virginia Cleveland said the company's lawyers are expected to make the filing no later than this morning. Jayhawk's $65-million credit line with its main lender, Fleet Financial Group Inc., is backed by its loan portfolio, according to a person familiar with the lending agreement.
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BUSINESS
February 7, 1997 | Times Staff and Wire Reports
Dallas-based Jayhawk Acceptance Co. said it plans to reorganize under Chapter 11 of U.S. bankruptcy law after bankers cut off access to new funds. Spokeswoman Virginia Cleveland said the company's lawyers are expected to make the filing no later than this morning. Jayhawk's $65-million credit line with its main lender, Fleet Financial Group Inc., is backed by its loan portfolio, according to a person familiar with the lending agreement.
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