Word: repays
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Dates: during 1970-1979
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...important consequences for the economies of California and Georgia, where Lockheed is a major employer, and the national defense, since Lockheed is the nation's No. 1 defense contractor. The giant company (estimated 1975 sales: $3.25 billion) was saved from bankruptcy in 1971 by the Government's guarantee to repay $250 million in private bank loans. But the General Accounting Office, which conducts audits for Congress, has expressed doubt that Lockheed can repay the loans on schedule by 1978?and the Government is unlikely to extend the guarantee. Burns, who serves on a Government board that oversees the loans (Simon...
...reason for the GAO's doubt that Lockheed can repay its loans on time is that civilian sales of the TriStar are lagging because of the recession: the company did not book a single order last year. Another reason is that Lockheed is counting heavily on continued large foreign sales of military equipment?and the publicity about its bribery can only hurt. The Japanese Government last week dropped tentative plans to buy $650 million worth of Lockheed's long-range, low-altitude P-3C Orion planes, which are capable of detecting and destroying submarines. Indeed, the Japanese are having second...
...Agriculture Secretary Butz to the railroad's private resort near Charleston, S.C.-even though the Agriculture Department has filed petitions with the Interstate Commerce Commission protesting rate increases by Southern on farm products. Butz told the Associated Press that he had done nothing wrong, said he would repay part of the cost himself and defiantly added that, if asked, he would visit the resort again next Christmas...
...case, no hearings are needed to document the banking sys tem's difficulties. That is being done by the earnings reports of the banks themselves. These make clear that the banks are suffering a financial hangover from the recession, which left many borrowers unable to repay their debts, and also from the banks' own past vigorous push to make loans, some of which were questionable in the first place...
...lingering effects of recession, the spot market price for tanker charters has plummeted, and construction of new tankers has all but ceased. If the loans go bad, the banks will be left to dispose of vessels that probably will not bring nearly a high enough price to repay the loans. Finally, bank holdings of municipal notes and securities, especially those of New York City, have fallen sharply in market value...