Word: creditors
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...airline's failure really surprised no one, least of all the 39 banks, life insurance companies and other institutions to which Braniff owes $733 million. The largest single creditor: Prudential Insurance, which is owed $75 million. Rumors of Braniffs demise had circulated for months. Employees had foregone half their pay for one week earlier this year, saving the airline $8 million. Even with that, Braniff had lost $336 million during the past three years and had not earned a profit since 1978. So far in 1982, it had lost $43.2 million...
Desperately short of cash, International Harvester in March of 1981 defaulted on its short-term loans and begged its 225 creditor banks for an extra three years to restructure a debt of close to $5 billion. Last week the majority of the banks reluctantly agreed to the refinancing. The company also raised some cash by selling its Solar Turbines division to Caterpillar for $505 million...
There was also a touch of desperation on the part of the commercial creditors, who have little choice but to defer payment on the Polish notes now falling due. Poland has no substantial assets in the West that could be seized in the case of a default. Nor could the Soviets be counted on to pick up the tab. As one Parisian financier put it: "There are conditions under which the amounts involved become so considerable that the debtor actually holds the creditor in check...
...what if your credit-card application is refused? You have the right to know specifically why you were turned down. If you feel you have been unfairly rejected, ask the creditor first. The regional offices of the Federal Trade Commission may also be able to help...
...amount of economic reform can succeed without a massive influx of foreign aid. As Poland's foremost trading partner and a major creditor ($550 million in hard-currency loans since May), the Soviet Union is a logical source. Warsaw accordingly dispatched a delegation to Moscow to seek assistance and explain the strike agreements. Headed by First Deputy Premier Mieczyslaw Jagielski, the man who negotiated the Gdansk accord, the Polish envoys met first with Soviet trade officials. Jagielski then held a private meeting with Mikhail Suslov, the Soviet Politburo's hard-lining ideologist; diplomats in Moscow had no doubt...