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BUSINESS
February 14, 1990 | From Associated Press
Integrated Resources Inc., which built its fortune on tax shelters and tried to become a financial services giant by turning to junk bonds, sought federal bankruptcy protection Tuesday after some of its creditors balked at restructuring more than $1.6 billion in debt. The move came as the parent of Drexel Burnham Lambert Inc., which underwrote a large portion of Integrated's debt, also prepared to file for bankruptcy protection.
BUSINESS
February 14, 1990 | JAMES RISEN, TIMES STAFF WRITER
Chrysler reported a $664-million loss in the fourth quarter Tuesday--its first loss in seven years--and sold its big Gulfstream Aerospace jet-making subsidiary to an investment group to raise cash to support its struggling auto operations. Chrysler is expected to use the $825 million from the Gulfstream sale to fund its five-year, $15-billion new-product program, designed to keep the company competitive in the 1990s.
BUSINESS
February 14, 1990 | JAMES RISEN, TIMES STAFF WRITER
Chrysler reported a $664-million loss in the fourth quarter Tuesday--its first loss in seven years--and sold its big Gulfstream Aerospace jet-making subsidiary to an investment group to raise cash to support its struggling auto operations. Chrysler is expected to use the $825 million from the Gulfstream sale to fund its five-year, $15-billion new-product program, designed to keep the company competitive in the 1990s.
BUSINESS
December 9, 1986
The Denver-based company said that it has signed a contract with Cobey Corp. of Boston for the sale of Gates' 64.8% stock holding in Gates Learjet Corp. of Tucson, Ariz. Total value of the deal is about $62.7 million. The sale will be closed by year-end.
BUSINESS
December 5, 1986
Gates Corp. said the agreement between Gates and M. J. Rosenthal & Associates for the sale of Gates' 65% stock holding in Gates Learjet Corp. to Rosenthal has been terminated. However, the company announced that discussions are continuing with Rosenthal and other potential buyers for Gates' holdings in Learjet. The company still hopes to complete the sale by year-end.
BUSINESS
January 24, 1988
Beverly N. Lancaster, who had been serving as Learjet Corp.'s aerospace division vice president and general manager, has been named the company's president and chief executive. Robert J. Edgreen, president of Integrated Acquisition Inc., Learjet's parent company, made the announcement through spokespersons in Tucson and Wichita. Edgreen became board chairman at Learjet, which is based in Wichita, Kan., when James B. Taylor resigned as Learjet chairman and chief executive earlier this week.
BUSINESS
April 17, 1985
William A. Shields was appointed president of worldwide sales and marketing for New World Pictures, Los Angeles. He was promoted from executive vice president, a post he had held since February, 1984. Joan Levine has been appointed president of the Griffin Agency, a direct-marketing unit of H. F. Ahmanson Co. based in South El Monte. Deborah Reinberg has been named to the newly created post of vice president-business affairs/music for Warner Bros., Burbank.
BUSINESS
February 14, 1990 | From Associated Press
Integrated Resources Inc., which built its fortune on tax shelters and tried to become a financial services giant by turning to junk bonds, sought federal bankruptcy protection Tuesday after some of its creditors balked at restructuring more than $1.6 billion in debt. The move came as the parent of Drexel Burnham Lambert Inc., which underwrote a large portion of Integrated's debt, also prepared to file for bankruptcy protection.
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