Word: raider
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Wisconsin-based G. Heileman Brewing had been enjoying heady success until Australian raider Alan Bond took over the company in 1987 for $1.6 billion. Bond's empire collapsed two years later, leaving the brewer swamped with debt. Heileman is now attempting to give creditors an equity stake in return for loan relief...
...Macy's has been reeling from interest charges on $3.7 billion that it borrowed in 1986 for an LBO. The company's woes worsened last Christmas, when it tried to match desperate markdowns at the bankrupt-bound Allied and Federated department store groups -- the properties of debt-driven Canadian raider Robert Campeau. The problems of retailers were underscored last week when Ames Department Stores, which entered bankruptcy in April as a result of an ill-fated $800 million takeover of the Zayre chain, said it would shut 221 stores and lay off 17,500 employees, or nearly one-third...
...overleveraged structure built on swagger and bluff. His creditors have suddenly demanded proof of his financial prowess, and he is coming up short. "He's a desperate man. Everywhere Trump is walking, there's a fire under his feet," observes Irwin Jacobs, the Minneapolis financier and sometime raider. "It shows how quickly things...
B.A.T. was forced to sell Saks as well as the Chicago-based Marshall Field's chain as part of a strategy to fend off a hostile takeover bid led by Sir James Goldsmith, the Anglo-French raider. In an abrupt turnaround early last week, the takeover artist said he would drop his pursuit of B.A.T. But with the Saks sale already in motion and bids running high, the British company went through with the transaction two days later...
...Fortune 500 companies. In March, Dallas investor Harold Simmons tried to convince shareholders at Lockheed's annual meeting that he could do better than the present management to rescue the defense contractor from its financial troubles. And on May 7, shareholders of USX (formerly U.S. Steel) will vote on raider Carl Icahn's proposal to get out of the steel business once and for all. Icahn had threatened an all-out proxy fight if the matter were not put to a vote. Already 18 major proxy battles have been launched so far this year, up from only a handful last...