Word: stretchouts
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Stretched-Out Payments. Fraser now is trying to persuade some 30 banks, real estate investment trusts and savings and loan associations to accept a stretchout of payments on Sea Pines' debt (now down to $110 million from a high in 1974 of $280 million). He plans a three-to four-year halt in new development projects, while striving to increase profits from operating resorts at Hilton Head and Amelia Island, Fla. The strategy seems to be paying off. In the first two months of the current fiscal year, which started March 1, revenues from Sea Pines Plantation were...
...copper, recently fell months behind in paying off the $1 billion it owes to U.S. private banks and has only lately caught up with the help of the International Monetary Fund. Other copper exporters, including Zambia, Chile and Peru, might seek extensions of their loans. Bankers emphasize that a stretchout of repayment schedules by no means implies that the loans will eventually go into default, but the banks will have to wait to get their money back...
...procurement and development schedules on hardware. The stretch-out looks fine on paper; it keeps programs alive at a reduced spending rate, preserves the same high-sounding force goals for the future-but only pushes the future farther into the future. Actually, in the day of inexorable change the stretchout wastes more money than any other budget practice. It postpones operational dates on entire weapons systems beyond the time when they are needed, or are effective, lavishes funds upon them long after obsolescence. Items...
...hours from the traditional 8 a.m.-to-2 p.m. schedule, to answer the complaints of many foreign prelates, diplomats and newsmen, who have long protested that it is almost impossible to get the ponderous, antique machinery of the Vatican to grind after lunch. Together, the wage boost and hour stretchout will probably cut down on the Vatican tradition of "moonlighting," i.e., taking on extra spare-time jobs...
Through war and depression unions looked on the time study men with cold suspicion, believed them to be company spies trying to force the "speedup" (requiring a worker to produce more to earn the same pay) or the "stretchout" (putting a worker in charge of more machines). More often than not the "expert" lacked both technical training and knowledge of the job he judged, and even today some companies ask for trouble by using untrained white-collar workers to make time studies. Not until World War II did unions take the first steps toward cooperation with management on the problem...