Word: creusot
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Dates: during 1980-1989
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...Paris commercial court last week ordered the liquidation of Creusot-Loire, France's largest privately owned engineering conglomerate. The group's companies, which had amassed losses of more than $220 million in the past two years, had run up debts of more than $633 million. The failure was the biggest industrial bankruptcy in French history...
...Creusot-Loire was created in 1970 by the merger of three steel and engineering groups. In 1980 Harvard-educated Didier Pineau-Valencienne took over as chairman and sought to streamline the company's operations. To no avail. In 1983 the group racked up record losses of $200 million...
...sagging fortunes, Pineau-Valencienne in March demanded a new $277 million aid package from the government of Socialist President François Mitterrand. Talks over a new salvage operation got nowhere. The Ministry of Industry accused Pineau-Valencienne of refusing to accept a "reasonable" blueprint, while the Creusot-Loire chairman charged that the government was trying to seize control of the company...
...involved in the compressor sale on a "temporary denials" list, a partial commercial boycott that prohibits them from buying any U.S. goods, services or technology. One of the firms, Dresser-France, the manufacturer of the three compressors, is the wholly owned subsidiary of Dresser Industries of Dallas. The other, Creusot-Loire, a Paris-based heavy-engineering firm, is the leading French contractor for Soviet pipeline orders...