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BUSINESS
February 28, 1994
Westinghouse Paid Executive $14 Million: Former Transamerica executive Robert A. Watson, whose job until December was to liquidate the assets of Westinghouse Financial Services Inc., was paid that amount for a job that lasted 18 months, the Pittsburgh company's preliminary proxy statement shows. The ailing credit unit had lost billions of dollars after commercial real estate developers and other businesses defaulted on loans. The losses left Westinghouse Electric Corp. with debt of $8.
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BUSINESS
February 28, 1994
Westinghouse Paid Executive $14 Million: Former Transamerica executive Robert A. Watson, whose job until December was to liquidate the assets of Westinghouse Financial Services Inc., was paid that amount for a job that lasted 18 months, the Pittsburgh company's preliminary proxy statement shows. The ailing credit unit had lost billions of dollars after commercial real estate developers and other businesses defaulted on loans. The losses left Westinghouse Electric Corp. with debt of $8.
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BUSINESS
January 7, 1992 | From Times Staff and Wire Reports
Westinghouse Revamps Ailing Unit: Westinghouse Electric Corp., cleaning up its troubled financial services unit, arranged to sell more than $700 million worth of assets in the fourth quarter, a spokesman said. Westinghouse Financial Services has been dogged by bad loans and was forced to take a huge write-down in the third quarter, leading to a $1.48-billion loss.
BUSINESS
January 7, 1992 | From Times Staff and Wire Reports
Westinghouse Revamps Ailing Unit: Westinghouse Electric Corp., cleaning up its troubled financial services unit, arranged to sell more than $700 million worth of assets in the fourth quarter, a spokesman said. Westinghouse Financial Services has been dogged by bad loans and was forced to take a huge write-down in the third quarter, leading to a $1.48-billion loss.
BUSINESS
October 15, 1991 | From Associated Press
Westinghouse Electric Corp. is hoping to tap a $1.5-billion line of credit because of little investor interest in its short-term corporate debt, a source said Monday. Westinghouse also plans to meet Friday in New York with 80 lending institutions, including its lead bank, Chemical Bank. It plans to discuss additional borrowing of up to $8 billion to secure more permanent financing and avoid potential funding problems, said the source, who was familiar with the company's finances.
BUSINESS
October 13, 1992 | From Bloomberg Business News
Westinghouse Electric Corp. reported no earnings per share in the third quarter as it posted $155 million in charges, primarily to cover losses on its holdings in troubled Phar-Mor Inc. The company, in a statement released after the stock market closed, said net income was $14 million, contrasted with a loss of $1.5 billion, or $4.86 a share, last year. The year-ago loss reflected a $1.
BUSINESS
April 11, 1992 | From Times Wire Services
Westinghouse Electric Corp. said Friday that an accounting change for retirement benefits plunged the company into the red during the first quarter. The conglomerate reported a net loss of $246 million, or 72 cents a share, for the period, contrasted with a profit of $98 million, or 34 cents per share, a year earlier. Westinghouse Credit Corp., a subsidiary of Westinghouse Financial Services Inc.
BUSINESS
February 28, 1991 | From Reuters
Westinghouse Electric Corp. on Wednesday said it was taking a $975-million pretax charge against fourth-quarter 1990 earnings to cover the cost of liquidating sour junk bond and real estate investments at its financial services unit. The charge led to restatement of fourth-quarter results to a loss of $449 million, contrasting with a profit of $270 million a year earlier. The vast restructuring of Westinghouse Financial Services Inc.
BUSINESS
October 8, 1991 | From Reuters
Westinghouse Electric Corp. stunned Wall Street on Monday with a dire earnings report, saying that it lost $1.48 billion in the third quarter because of sour real estate investments and that it planned to slash 4,000 jobs to bring costs down. The announcement sent Westinghouse's stock tumbling 12% on the New York Stock Exchange and it knocked down blue chip stocks--already losing ground on worries about third-quarter earnings. The Pittsburgh-based company said the loss arose because of a $1.
BUSINESS
March 11, 1992 | KATHY M. KRISTOF, TIMES STAFF WRITER
Westinghouse Corp., in one of the most dramatic steps to date to reduce top executives' pay, slashed its chairman's compensation by $1 million in 1991, according to the company's newly released proxy statement. Directors of financially ailing Westinghouse cut Paul E. Lego's pay to $677,083 from the $1.68 million he earned in 1990. But Lego was given a number of financial incentives to improve Westinghouse's performance.
BUSINESS
November 24, 1992 | JAMES FLANIGAN, TIMES STAFF WRITER
It was a dramatic contrast of failure and success. Once proud Westinghouse Electric Corp. submitted to major surgery Monday--announcing plans to liquidate a money-losing credit business, take a $1.13-billion write-off and slash its dividend--in an attempt to save itself. Meanwhile, General Electric Co.
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