Word: oiling
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Meanwhile, the U.S. was faced with the spectacle of a healthy corporation sheltering under laws ostensibly intended for the weak and ailing. As Anthony Ludovici, an oil analyst for the Tucker, Anthony & R.L. Day investment firm, put it, "While Texaco will be in bankruptcy, Texaco won't be a bankrupt company...
Quite the contrary. Taking advantage of liberalized bankruptcy laws enacted in 1978, which no longer require corporations to demonstrate that they are insolvent, the oil giant is immune, for the moment, from far more than the debilitating bond judgment. Pennzoil can no longer slap liens, as it was reportedly preparing to do, on up to $8 billion in Texaco assets. With $3 billion already in reserve, Texaco no longer has to pay $630 million worth of annual interest on $7 billion in normal business debts. Nor is it required to pay dividends on 242.3 million outstanding common shares, an estimated...
Ultimately, though, Texaco may pay a heavier price for its bold gambit. For one thing, all of Texaco's regular creditors have been bludgeoned by the Chapter 11 device; their goodwill is important to the oil firm's longer-range survival. Among others, Texaco owes Chase Manhattan Bank $2.95 billion and Manhattan's Bankers Trust and Manufacturer's Hanover Trust an additional $1.5 billion. Outwardly, many of Texaco's creditors and lenders are serene about the situation. But at one major Manhattan bank with several hundred million dollars' worth of Texaco corporate notes on deposit, a senior executive admits...
Unquestionably, the hygienic solution for both sides would be to reach a settlement that will allow Texaco to emerge from its Chapter 11 cocoon. Executives at the oil giant have suggested such a possibility, maybe an indication that Texaco is using its bankruptcy as bargaining leverage against its smaller opponent. Manhattan Attorney Richard Lieb detects a more nuanced strategy in Texaco's Chapter 11 filing. By keeping most of its operating companies out of bankruptcy, he says, Texaco has issued an "open invitation to continued bargaining." Since bankruptcy does not involve the entire company, he argues, "it may be Texaco...
What do Harvard, Yale and Wellesley have in common? Aside from ivied halls, all three schools are in the oil and gas business, along with Duke and the University of North Carolina. Together they have anted up nearly $100 million for wildcatting ventures, chiefly in the Gulf of Mexico...