Word: seatrain
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Dates: during 1980-1989
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...Seatrain Lines goes bankrupt
...Seatrain Lines, a troubled cargo-ship operator, would have foundered years ago without the aid of a friendly and very wealthy benefactor: the U.S. Government. While an emotional national debate erupted over $1.5 billion in federal loan guarantees for Chrysler, Seatrain has quietly received nearly $450 million in Government financial assistance since 1972. Despite the federal largesse, however, Seatrain last week finally ran on the rocks. Three Italian companies who together were owed more than $1 million by Seatrain pushed it into bankruptcy proceedings...