Word: bankrupting
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...slump is leaving a junkyard of bankrupt companies in businesses ranging from retailing to innkeeping. Last week Eastern Air Lines, which has struggled in bankruptcy since March 1989, closed down after 62 years of flying. The carrier, which has 18,000 employees, was forced to halt operations because of a cash shortage and lack of any buyers. Since December, Continental and Pan Am have filed for Chapter 11 protection...
...looking for a well-heeled partner, few carriers were courting the airline. But as soon as the venerable company filed for Chapter 11 protection last week, competitors were suddenly flocking to bankruptcy court. Rival carriers Delta, Trans World and Northwest all expressed interest in buying some part of the bankrupt airline. Even show-biz financier Kirk Kerkorian made an offer, promising to provide as much as $50 million in emergency financing. But bankruptcy judge Cornelius Blackshear rejected all the bids as latecomers...
...plunges the U.S. into a deeper recession. In a gloomy assessment of the banking outlook, FDIC chairman L. William Seidman warned Congress last week that more big banks could go bust in 1991 unless the current recession is "short and shallow." A run of large failures would swiftly bankrupt the FDIC's deposit-insurance fund, which stood at $9 billion last month. Even without a sharp downturn, Seidman said, the fund will fall to a record low of $4 billion by the end of 1991, as an estimated 180 banking firms fail...
Even as Milken heard his sentence, the firm he had built into a financial powerhouse was under legal siege once again. Federal regulators earlier this month filed a $6.8 billion claim against the bankrupt Drexel for allegedly rigging the junk-bond market and selling bonds to savings and loans before the value of the IOUs collapsed. The government expects to lose at least $2 billion on junk bonds that it has taken over from seized thrifts. Drexel said it would strongly contest the government claim...
...region's most immediate problems is a level of indebtedness to the West far beyond the ability of most countries to repay. Bankrupt Bulgaria has simply stopped paying interest and capital on its $10.8 billion debt, while Poland, with $41 billion, and Hungary, with $21 billion, have been forced to reschedule or restructure their debts. The shock of full-speed-ahead economic reform in Poland has lowered real incomes by as much as 40% this year; thus there is particular resentment at the debt incurred during the communist years. These nations want more forgiveness from the West. "At this stage...