October 22, 1986 |
Corporate raider Carl C. Icahn and USX Corp. officials are holding preliminary discussions on the New York financier's takeover bid and the company's restructuring proposals, USX said Tuesday. Meanwhile, USX Chairman David M. Roderick said a report initially expected today will be presented to USX officials "shortly" by the investment banking firms of Goldman, Sachs & Co. and First Boston Corp. on restructuring alternatives.
March 28, 1997 |
Caliber System Inc. said it will restructure its San Jose-based Viking Freight Inc. unit because of its steep losses, which will result in the elimination of 4,000 jobs and a $150-million charge against previously reported 1996 earnings. Caliber will sell its former Central Freight Lines unit and close its former Coles Express and Spartan Express units. Those three divisions, which all provide regional trucking services, were merged into Viking Freight in January 1996.
October 24, 1986 |
Lear Siegler, a diversified Santa Monica company known for making small airplanes, announced plans to restructure Thursday, refueling takeover speculation and sending its stock price flying. The stock climbed $8 a share to close at $75 and was the second most active issue on the New York Stock Exchange as 2.14 million shares traded. A Lear Siegler spokesman said: "We know of no takeover threat at this time."
September 23, 1987 |
Santa Fe Southern Pacific, the diversified railroad company in the process of restructuring itself, said Tuesday that it will sell stock in its Santa Fe Energy Co., spinoff some real estate and buy back more than a third of its shares. The company, which said the announcements were part of its plans surrounding the government-required sale of its Southern Pacific railroad, said the share offering for its energy business should be completed by Dec. 31.
March 19, 1986
Victoria Station of Larkspur, Calif., said its negotiations with lessors, lenders and other parties to restructure certain obligations are taking longer than hoped and probably won't be wrapped up in the near term. Victoria Station, which has posted losses during the last three years, said that revenue has continued to decline. The restaurant company said it might have to consider "other alternatives" if progress isn't made on the restructuring and if revenue doesn't improve.
July 11, 1985 |
Crown Zellerbach said Wednesday that its directors have decided to go ahead with a plan to split the forest-products company into three entities despite the opposition of board member Sir James Goldsmith, the Anglo-French corporate raider who holds a 26% stake in the company.
July 12, 1988
HCC Industries reported a $6.88-million loss for its fiscal year that ended April 2, mostly because of a special charge related to the restructuring of its Hermetite subsidiary. The fiscal 1988 loss, which compared with a loss of $2.38 million the previous year, was expected. HCC, an Encino-based maker of hermetic--or airtight--seals used for electronic components, had announced in May that the restructuring would result in a pretax charge against earnings of between $5.5 million and $6 million.
August 3, 1995 |
MCI Communications Corp. said Wednesday that it will cut its 40,000-strong work force by as much as 3,000 over the rest of the year in a restructuring that will unify its consumer and business markets divisions. The second-largest U.S. long-distance carrier said it will take a pretax charge of $600 million to $800 million in the third quarter to cover the layoffs and consolidations and to write off some assets associated with its core business.
October 22, 1987 |
The U.S. Grant Hotel laid off 45 workers Tuesday night after the owner's efforts to restructure the troubled hotel's finances were dealt a setback. The layoffs caused a closing of the hotel's Garden Room restaurant and a sharp cutback of room service. Hotel managing director Chris Venner said the decision to lay off employees was made after the hotel operator and owner, a partnership headed by Sybedon Corp.
January 27, 1985 |
Secretary of the Treasury Donald T. Regan, who takes over as President Reagan's chief of staff next week, has begun developing a plan to restructure the White House gradually to suit his own corporate style of blunt, no-nonsense administration while still serving the special political needs of the President. Regan brings considerable assets to the White House, but also carries with him some notable deficits in terms of experience normally associated with a chief of staff.