May 13, 1990 |
Down in West Point, Ga., the townsfolk are wondering what ever happened to the Bill Farley who strutted up and down their streets, pumped their hands and convinced them that he would watch over West Point-Pepperell Inc., the community's pride and joy. "When he comes to town, the women swoon over him," said Terrell Whaley, manager of WCJM radio in West Point, where he has been putting town news out on the airways and over the grapevine for 30 years. "They say he looks like a movie star."
April 8, 1990 |
Columbia Savings said it was insolvent. Southland Corp., owner of 7-Eleven stores, said bankruptcy may lie ahead. First Executive took a bruising $836-million loss. The news was heavy from the world of high-yield junk bonds last week, and most of it was bad. Companies with junk in their investment portfolios revealed that new and gaping wounds had been inflicted by the junk market's 9-month-old collapse.
April 3, 1990 |
A division of Farley Inc. formed to acquire West Point-Pepperell Inc. said Monday that it had defaulted on a $796-million bank loan and would be unable to pay interest owed to holders of $705 million in junk bonds. The announcement increased doubts about the ability of Chicago industrialist William Farley to complete his $3-billion acquisition of Pepperell, the giant textile maker based in West Point, Ga.
April 2, 1990
A unit of Farley Inc. said today it defaulted on a $796-million bank loan related to the acquisition of West Point-Pepperell Inc. The development throws further into doubt Farley's ability to complete its $3-billion acquisition of Pepperell, a giant textile maker based in West Point, Ga. The Farley unit, West Point Acquisition Corp., also said it would be unable to make interest payments due today to bondholders on its $705-million subordinated debt.
March 17, 1990 |
Bidermann Industries Corp. said Friday that it has agreed to buy three divisions of Cluett, Peabody & Co. at a price an analyst said was well below what cash-strapped industrialist William Farley had hoped to get. The purchase price was about $350 million cash and a $60-million note. The sale follows renegotiation with bankers Wells Fargo & Co. and Bankers Trust Co. of a $1.2-billion loan, which buys Farley more time to complete his takeover of Georgia-based Pepperell.