Word: bankrupting
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...bank management. In addition, observers say, the FDIC would substantially reduce the bank's $34 billion in assets by selling some holdings. The regulators may spin off the Chicago institution's weakest units into another bank, already dubbed "Trashco" by Continental employees, which could then be declared bankrupt. Federal officials believe that the down-sized bank, relieved of troubled loans to debtors ranging from oil drillers to Brazil, could regain public confidence and earn a profit. Then, at some future time, the FDIC might be able to sell Continental and recoup some of its investment...
...economic revitalization. In 1978 the British government agreed to help finance John Z. De Lorean's West Belfast car factory, which eventually provided 2,600 jobs at a time when 35% of the city's male workers were unemployed. But after four years the company went bankrupt, and De Lorean was later arrested on charges of trafficking in cocaine. Last week a British parliamentary committee issued a scathing 328-page report that attacks his misappropriation of public funds...
...Federal Aviation Administration in 1976 set a noise-rule deadline for U.S. airlines, and four years later extended it to foreign carriers. The Central and Latin American airlines estimate that installing noise-abatement equipment in their fleets would cost $1 billion and bankrupt many of them. Moreover, Richard H. Judy, director of the Dade County aviation department, predicts that more than 6,000 aviation jobs in Florida and an additional 1,000 south of the border will be lost unless the FAA extends the deadline to Jan. 1, 1988. So far, the FAA seems unwilling...
...bankruptcy, the ripples would spread through the financial community. Just one bankruptcy, says Analyst Liu, would "cost the entire industry its credibility." Bank credit, already difficult to obtain because of heavy risk, would dry up altogether. The various state public service commissions would move in and run the reorganized, bankrupt utilities. Whatever happens, says Francis Rivett, a spokesman for the New York PSC, "the lights...
Business lobbyists succeeded in protecting various interest groups, like the owners of shopping centers whose tenants go bankrupt. All kinds of businesses will benefit from new measures that make it more difficult for consumers to avoid paying their bills by filing for personal bankruptcy. Since 1979, the number of those cases has gone from 197,000 to 440,000 a year. Judges will now have to consider the ability of individuals to pay off their debts before declaring them bankrupt, and consumers can be held liable for bills they run up during the 40 days before going to court...