Word: unsold
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...wheat. Across the Midwest, many farmers are increasingly fearful that they are about to be buried financially in a similar fashion. Last week the U.S. Department of Agriculture confirmed its estimates of record U.S. and world grain production in 1982. In Minnesota and the Dakotas, farmers are stuffing unsold wheat into their sheds, leaving tractors and combines out in the cold. An abandoned coal mine near Quincy, Ill., and an ammunition depot in Hastings, Neb., were recently readied for the storage of surplus grain. A few Iowa farmers are even planning to burn corn instead of oil in their furnaces...
...bankruptcy laws to protect the company's major U.S. assets-650 cars worth $ 13 million or so-from an onslaught of perhaps 700 creditors. At week's end an Ohio-based company, Consolidated International Inc., reached agreement with British officials to buy some 1,000 unsold cars in Ulster for about $15 million, and secured an option to purchase the $75 million DMC facility near Belfast. There, at least, De Lorean's stainless-steel dream remains an object of pride: last week one of the cars was put on display in the Ulster Folk Museum...
Indeed it did. By early this year, only twelve months after the first car rolled off the production line, it was clear that De Lorean's dream was stalling, and probably dying. More than 4,000 cars were unsold, and by February the factory was in receivership. In London, angry Members of Parliament were describing the project as a "rip off." Even then De Lorean was saying that the Belfast plant would need $70 million in new capital. The British government balked...
...items in all, into small countries, where there was simply not enough customer demand. The company made a similar mistake in the U.S. by giving its retailers too many different products to sell, and at a time when high interest rates were forcing up the cost of stockpiling unsold inventories...
High interest rates have been the company's biggest headache. With consumer demand weak, and unsold Wurlitzers gathering dust in warehouses, the company has had to borrow heavily to finance its inventories, driving up total debt to a current level of $24.5 million. Last autumn, the firm defaulted on a restructuring agreement involving $30 million worth of debt obligations with its major creditor, the First National Bank of Chicago. Meanwhile, Wurlitzer's net worth has shriveled to about $20.7 million, and bankers worry whether there would be very much to recover if the company were to default again...