Word: maker
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Boardrooms were buzzing from Bangkok to Boston last week over word of an impending alliance between industrial powerhouses Daimler-Benz and Mitsubishi. Daimler-Benz, maker of the best-selling Mercedes-Benz automobiles and a partner in the Airbus consortium, is West Germany's largest industrial group. Mitsubishi, with interests ranging from electronics to real estate, surpasses all of its Japanese rivals. Emerging from talks in Singapore, representatives of the two firms said they are negotiating joint ventures that would link their businesses in the auto, aerospace and consumer-electronics industries...
...vultures. "There are many shades of failure," says Sanford Sigoloff, a turnaround specialist who runs the bankrupt U.S. operations of Australia-based Hooker Corp., which owns the B. Altman and Bonwit Teller department-store chains. Such troubled but solvent corporations as Wang Laboratories, the Lowell, Mass., computer maker that laid off more than 1,500 workers last year, have hired "workout" advisers to help pare down their debt. By pursuing a workout instead of bankruptcy, management can maintain control of the company and generally reorganize faster. "There's more room to maneuver outside of court," says Richard Feintuch, a partner...
...nearly $4 million for preparing Campeau's 6,000-page bankruptcy petition in January, and currently share fees that total about $2 million a month for advising the company. The legal and financial specialists who guided Manville Corp. out of bankruptcy in 1988 received $100 million from the asbestos maker. "Every profession in the business of fixing and restructuring troubled companies is going through a sudden growth spurt," says Christopher Beard, publisher of Turnarounds & Workouts, an industry newsletter...
...using "the prestige and the image of the athlete" to tempt young people to light up. Mark Green's first official act as New York City's Commissioner of Consumer Affairs was to fire off a letter last week to Louis Gerstner, chairman of RJR Nabisco, the cigarette maker's parent company, criticizing the use of a cartoon character in Camel ads. "Isn't this ad campaign an obvious attempt to lure children into smoking?" Green wrote. Meanwhile, New York Governor Mario Cuomo said he would back a bill to ban most cigarette-vending machines because they make state...
...than 300 brands that variously boast of being longer, slimmer, cheaper, flavored, microfiltered, pastel colored or even striped. A new R.J. Reynolds brand called Uptown looks typically glitzy with its black- and-gold box and promise of a tasty menthol blend. But the cigarette has provoked a response its maker never anticipated: passionate protest. Last week the tobacco company, which intended to begin test-marketing the cigarette next month in Philadelphia, canceled those plans after community groups and health organizations vehemently criticized the product. The reason: Uptown is the first cigarette aimed specifically at African-American smokers...