Word: loaned
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Dates: during 1970-1979
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Payment Due. The roof also fell in on the institute. Employees were not paid, the rent was due in New York and in Lombard. Educational Testing Service was demanding payment on its $200,000 loan. Gould resigned as institute president last month (although he remains a trustee), and at an emergency meeting Lowther was thrown off the board. Lawrence E. Dennis, 54, former provost of the Massachusetts state college system, was named treasurer and acting president. Dennis estimates that the institute is at least $500,000 in debt and may have to shut down at the end of the month...
...basic mechanism for crisis loan making will be an expansion of the IMF's present oil facility, organized last year by Managing Director Johannes Witteveen. The Europeans had advocated borrowing an additional $10 billion to $12 billion from the oil producers for the Witteveen facility this year; but to assuage the U.S., they agreed to add only $6 billion to the $1.2 billion presently in the fund. The Europeans also agreed that oil-import levels will no longer be the sole criterion for granting loans...
...Band-Aid. The Witteveen facility is intended to last only one year; in all likelihood, the parent IMF will begin making ordinary loans to oil consumers when the facility's funds are exhausted. By that time, however, the much bigger, $25 billion safety net designed by the U.S. to aid industrial nations should also be in operation. All 24 members of the Organization for Economic Cooperation and Development are to participate in the plan. Each time a member nation is granted a loan, all the other members would assume a set percentage of the risk. The U.S. would...
...excess goods, Grants slashed prices by as much as 50% in pre-Christmas sales last month; as a result, total sales fell by a painful 5% in dollar terms in 1974. When the company was unable to meet a $40 million payment on a $600 million short-term loan a few weeks ago, its bankers decided to step...
...long. He plans to cut back to a "hard core" of 900 stores by 1977, slash capital spending by 90% in 1975, and return to the low-cost soft goods that once made the chain so profitable. For the time being, Grant's creditors are cooperating by deferring loan payments. Not only Grants is at stake: were the chain to collapse, many of the 8,000 or so firms that supply it could topple as well...