Word: parings
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...legacies of Presley's stay at Ray Barracks north of Frankfurt have suffered from the reduction in American forces in Europe: The Pentagon plans to pare the number of U.S. troops to 150,000 by 1995, compared with 321,000 stationed here...
Wall Street generally applauded the agreement, which follows a controversial Time Warner stock rights offering last summer in which the company raised a record $2.6 billion to pare down its debt. Buoyed by the new alliance, the price of Time Warner stock surged 5 5/8 a share last week to close at 90 3/8. "A lot of people had been fretting over Time Warner's balance sheet," said John Reidy, who follows the media industry for Smith Barney. "This helps get the debt monkey off Time Warner's back...
...robust growth for several years. Among them: record federal deficits (the past fiscal year: $285 billion) and an orgy of overbuilding that has sent the commercial real estate industry into an out-and-out depression. The glut of empty office towers could take a decade or more to pare down. Beset by the | speculative hangover, the economy has expanded just 2.6% from 1989 through mid-1991. Economists predict that the economy will bump along at a sluggish pace of less than 3% a year through...
...determined drive to pare its debt, Time Warner last week launched a much anticipated plan to raise $2.8 billion in the largest stock offering in ) U.S. history. The entertainment and information giant, the parent of TIME, granted stockholders securities called rights to buy 34.5 million new shares of Time Warner for $80 a share. The deal, which gave stockholders 0.6 of a right for every common share they owned, replaced a hotly controversial proposal that would have priced the stock at anywhere from $63 to $105 a share, depending on how many stockholders participated. Time Warner scrapped that plan after...
...merger will inflict sharp pain on employees and the troubled New York economy. Chemical and Manufacturers said they would eliminate $650 million a year in costs through a series of deep cutbacks. The banks plan to pare 6,200 jobs, or nearly 15% of their combined work force, and shut 70 of their 436 branches in the New York City area. Manufacturers Hanover, which financed construction of the Brooklyn Bridge, will see its name vanish into corporate history. Nonetheless, Manufacturers chairman John McGillicuddy, 60, will head the merged company until 1994, when Chemical chief Walter Shipley, 55, will succeed...