Word: bechtel
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Dates: during 1980-1989
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Zimmer's costs have ballooned alarmingly. The initial estimate, in 1969, was $240 million. So far, the three utilities have spent $1.6 billion. The Bechtel Power Corp., brought in a year ago to help manage the plant's construction, last month came up with the latest projection. The proper completion of the plant, says Bechtel, would raise the total to a staggering $3.1 billion. While the utilities ponder whether to continue with Zimmer, interest charges on loans taken out as long ago as 1971 keep piling up. Each day's delay means $500,000 added...
...Bechtel's estimate stunned Wall Street as well as the plant's owners. Cincinnati Gas President William Dickhoner tried to quell the fears of financiers, vowing to "consider very carefully the implications of such a dramatic increase." The following day, however, Moody's Investors Service downgraded the ratings of the three utilities. Two other services, Standard & Poor's and Duff & Phelps, put the utilities on a credit watch. Fearful of bankruptcy, Columbus & Southern Ohio Electric and Dayton Power & Light have asked the Hamilton County Common Pleas Court to rule on who would be liable...
...voyage across the Pacific took six weeks, and no wonder. The ocean-going tug Arctic Shiko had quite a cargo to haul: a complete seawater treatment plant, longer than two football fields, 110 ft. high and weighing in at 26,000 tons. Built in South Korea and designed by Bechtel for Arco Alaska at a cost of $350 million, the STP has been floated into position in Alaska's Prudhoe Bay. Toward the end of the 4,000-mile journey, summer ice and high winds in the Bering Sea became a problem, but the huge plant managed to beat...
...distorting the whole policy." Through it all, Shultz has remained relatively serene. He supported, for example, both the Kissinger and McFarlane appointments. Aides say Shultz reserves most of his resentment for the policymakers at the Pentagon. His relationship with Defense Secretary Caspar Weinberger, who once worked under him at Bechtel Group Inc., has been cool...
...George Shultz has been quietly taking charge. "That is not my precept," he protested in an interview with TIME last week. "My precept is that the President is in charge." But Shultz has been far more than just a loyal lieutenant. His eight years as a top executive of Bechtel Group Inc., an engineering and construction firm with extensive activities abroad, make him the only high Administration official with expertise in international affairs. Shultz has acted as a teacher, moderator and molder of important positions. Says one official who has been working with him: "He has a subtle, effective...