Word: buyouts
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Callers dialing the United Airlines pilots' hotline last week were confused. As the holiday tune Greensleeves played creakily in the background, the recorded message reassured listeners that the company's proposed employee buyout was still on track. But then again, was this some old tape left over from last Christmas...
...latest casualties of debt last week when the strike-bound bus line entered bankruptcy proceedings. Although a violent, three-month walkout by 6,300 drivers was the immediate cause of trouble, Greyhound remains burdened by $430 million it borrowed in 1987 when it went private in a leveraged buyout and acquired the Trailways bus line. After the buyout, Greyhound cut wages to restore profits and found itself on a collision course with drivers, who struck last March. Greyhound has since hired more than 3,000 nonunion drivers and says its ridership has reached 75% of prestrike levels. The firm received...
...company. A quietly self-assured master of finance, Greenwald helped save Chrysler from bankruptcy in the 1970s by cutting production costs and lining up Government financing. But Greenwald stunned Detroit last week with his decision to quit the troubled automaker in order to lead the proposed $4.4 billion employee buyout of UAL, the parent company of United Air Lines...
Greenwald's first task in his new post at UAL will be to persuade skeptical lenders to support the buyout, which has an Aug. 9 deadline. If the buyout succeeds, Greenwald will become UAL chairman, replacing current boss Stephen Wolf. Wall Street, for its part, remains chary of the deal. UAL's stock closed at $159 last week, far below the proposed $201-a-share takeover price...
...Limit the questionable investments of the University's high-paid money managers, whose actions are currently not subject to any ethical oversight. For example, Harvard played a major role in the billion-dollar RJR-Nabisco buyout and the similar leveraged buyout of Safeway, deals widely questioned for their treatment of workers and accumulation of debt...