Word: motorizer
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...exclusive club in U.S. industry is composed of corporations with annual revenues of more than $1 billion that have wound up in bankruptcy court. At present there are only two members: Penn Central Transportation Co. and W.T. Grant Co., the giant retailer. Soon there may be a third: White Motor Corp., a Cleveland-based maker of heavy-duty trucks...
...desperate race against disaster. The company missed a May 1 deadline for repaying more than $100 million in short-term bank loans, and so far has failed to negotiate an extension; the loans now can be called any day that the banks lose patience. The White Motor Credit Co., a financing subsidiary, owes another $200 million. In recent months, White Motor has sought a sorely needed infusion of capital by trying to merge with Cleveland's White Consolidated Industries, a producer of appliances and other products (the two companies were founded by members of the same family, but there...
...Plan. Knudsen then vowed to work out a deal with lending banks to save his company-but last week he confessed to shareholders that he had no refinancing plan, only a cost-cutting program. Although Knudsen stoutly denies it, the betting in the trucking industry now is that White Motor will soon have to file a petition for reorganization under federal bankruptcy laws...
...that happens, the event would mark a sour end to the career of Bunky Knudsen, 63, one of the most star-crossed executives in the U.S. The son of a onetime president of General Motors, Bunky went to work for dad's company and rose to executive vice president. Passed over for the presidency of G.M., he did the unheard-of and jumped to become president of Ford-only to lose out in a power struggle with Lee Iacocca, the current president. Undaunted, Bunky in 1971 took the wheel of White Motor and got off to a promising start...
Gordon Medenica will never win the Indianapolis 500. But the German-born Medenica doesn't let that bother him--he has his eyes fixed on a completely different star in the galaxy of motor racing. Medenica may be willing to leavy Indy to the Unsers and the Foyts, but if he has his way he will become one of the few Harvard alumni to burn rubber in the rarefied atmosphere of the European Grand Prix circuit...