Word: haacke
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Executives of the crisis-prone Lockheed Aircraft Corp. are well aware of the risk in seeing a light at the end of the tunnel: they can never tell when it might be another freight train heading Lockheed's way. Last week, however, the light that Chairman Robert W. Haack saw turned out to be for real. Lockheed's 24 creditor banks approved a plan to restructure the company's debt in a way that clearly eases the aerospace giant's financial woes, though it does not solve them...
Lockheed's pressing financial worry was not a lack of cash or poor earnings, but a balance sheet weakness that Haack, who took over as chairman four months ago, defined succinctly: "We've got to get the debt down and the equity up." In order to stave off a Lockheed bankruptcy in 1971, the Government guaranteed $250 million of an infusion of $645 million in bank borrowings by the company. This has left Lockheed burdened by a ratio of debt to shareholders' equity that would be uncomfortably high for any company. Under the new refinancing plan...
...prosaic and long lasting. G. Keith Funston ran the Big Board for 16 years, from 1951 to 1967. But as reforms began eroding the "private club" nature of the largest and most important U.S. securities market, the boss's job has turned into a shaky one. Robert W. Haack, now chairman of Lockheed Aircraft Corp., was squeezed out after five years. Last week the climate of change proved too much for another Big Board chief. James J. Needham, chairman since 1972, resigned under pressure with two years to go on his contract...
...aerospace giant from bankruptcy in 1971 by guaranteeing the repayment of $250 million in bank loans; it has become more urgent as a result of the furor touched off by revelations about Lockheed's extensive foreign bribery. The scandal brought in a new management, headed by Robert W. Haack, 59, former president of the New York Stock Exchange. Last week TIME Correspondent John Quirt interviewed Haack and other sources inside and outside the company and filed this report...
...Haack's view, there is "absolutely no reason" to doubt Lockheed can stay aloft, and there are some grounds for "becoming a little more encouraged" about its ability to begin soon acting again like a normally functioning corporation. Among the reasons: the recent addition of four new outside directors, giving outsiders ten of the 17 seats on the board, and the signing of a consent decree that settles a Securities and Exchange Commission lawsuit against the company and clears Lockheed to hold a long-overdue annual shareholders' meeting some time this summer. Now, says Haack, "it is important...