Word: merger
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Dates: during 1990-1999
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Carolco's worst problem may be a dwindling public appetite for its stock-in- trade, violent action films. And the studio's failure to reform its free- spending ways has sparked rumors that it may soon be forced into a merger or even bankruptcy. The budget for Carolco's Terminator II is reputed to be an eyeball-gouging $70 million. Since the company presold the lucrative distribution rights, to break even the film will have to be one of the few to gross $200 million. Shooting began in October, not long after Carolco's Hoffman was quoted as saying...
...just to survive the recession. Troubled lenders include such giants as Citicorp, which expects to report a loss of up to $400 million for the fourth quarter of 1990, and neighboring behemoths Chase Manhattan and Chemical Bank. While such firms seem unlikely to fail, they could wind up as merger partners with other big banking companies. Experts are particularly gloomy about the prospect for banks in New England. According to Gerard Cassidy, who follows the industry for the investment firm Tucker, Anthony, as many as 24 of the region's medium-size banks with assets of as much...
Hard times in the airline industry have left a few strong carriers with most of the traffic and a handful of debt-ridden ones struggling to stay aloft. Last week two of the weaker airlines decided that a merger may help them survive. TWA chairman Carl Icahn, who began pursuing a merger with Pan Am two months ago, finally persuaded the rival carrier to agree tentatively to a deal. Under the terms, TWA would acquire Pan Am for $375 million, or $2.50 per share in cash and securities. The merger, however, depends upon Icahn's ability to provide a bridge...
Icahn raised money for the merger by agreeing last week to sell TWA's profitable U.S.-to-London routes to American Airlines for $445 million. Just last October, Pan Am entered into a similar agreement to sell its London routes to United Airlines for $400 million...
...merger is successful, the nation's pioneers in overseas flights would still face formidable hurdles. TWA is saddled with one of the oldest fleets in the industry and an estimated $2 billion in debt, while Pan Am lacks a strong domestic system. Moreover, by selling their London routes to two of the most aggressive U.S. carriers, Pan Am and TWA can expect increased competition overseas. Yet the merger would have at least one advantage: the combined carrier would have to sell off overlapping routes, providing it with additional cash...