Banks Agree to $50 Million Revolver to Revco During Reorganization
Wells Fargo Bank and Marine Midland Bank commit $25 million now and a further $25 million later upon court approval to keep Revco D S management in charge during Chapter 11 restructuring. Revco filed for bankruptcy protection on July 28 after missing a $46 million interest payment on junk bonds from its 1986 LBO.
MENTIONED IN THIS ARTICLE
Wells Fargo Bank
Marine Midland Bank
Revco D.S
Federal Bankruptcy Court
Drug Chain
Revco
IBP Reports Safer Plants Despite OSHA Fine
IBP Inc states four meatpacking plants passed detailed safety inspections per state and federal officials in its 1987 annual report. The firm challenged OSHA’s $2.59 million Dakota City headquarters plant record-keeping fine, disputing the alleged unreported worker injuries.
MENTIONED IN THIS ARTICLE
IBP Inc
IBP
Robert L. Peterson
OSHA
Dakota City
Peterson
Purina Mills to close Omaha dry feed mill after storm damage
Purina Mills will shut its Omaha dry feed mill due to July 15 storm and tornado damage estimated near one million dollars. The move cuts 28 jobs and shifts capacity to Lincoln and Sioux City plants, with displaced workers offered help and consideration for openings at other Purina sites.
MENTIONED IN THIS ARTICLE
Purina Mills
Omaha
Lincoln
Sioux City
Purina
Productivity slips for US firms in Q2 1988
The Labor Department reported a 1.7 percent drop in productivity for US businesses in the second quarter of 1988, the first decline since 1986 and the steepest since 1981. Output had risen 3.4 percent in the prior quarter.
MENTIONED IN THIS ARTICLE
Labor Department
New York Shrimp Recall by Queen O The Ocean
The FDA announced a recall of certain precooked frozen shrimp from Queen O The Ocean Inc. of Jamaica New York after routine sampling found potentially harmful bacteria. The product was distributed in the New York City area in five pound bags, six per carton, with lot number 8955.
MENTIONED IN THIS ARTICLE
The
Food and Drug Administration
New York
Queen ‘O’ the Ocean Inc
Jamaica
N.Y
New York City
Bank board should bar 444 walking dead S and Ls from new loans
Freeze urged at a Washington news conference that the Federal Home Loan Bank Board bar 444 insolvent savings and loan institutions from issuing new loans. He argued some price loans below peers and offer higher deposit rates, squeezing healthy lenders.
MENTIONED IN THIS ARTICLE
Charles Koch
National Council of Savings Institutions
Washington
Federal Home Loan Bank Board
S&ls
Fed money supply broadest measures rise in week
The Fed reports M2 climbed to 3024.6 billion from 3023.4 billion in the week to July 25. M3 advanced to 3822.4 billion from 3819.6 billion. M1 rose to 781.8 billion from 781.3 billion.
MENTIONED IN THIS ARTICLE
Federal Reserve Board
Fed
Brokers indicted in first racketeering case against Princeton-Newport staff
A 35 count federal indictment charges racketeering and mail and wire fraud against Princeton-Newport Partners of Princeton New Jersey executives James S. Regan Jack Z Rabinowitz Charles M Zarzecki Paul Berkman Steven B Smotrich and Drexel Burnham Lambert Inc. former employee Bruce L Newberg in Beverly Hills California. The case marks the first racketeering indictment against employees of Princeton-Newport.
MENTIONED IN THIS ARTICLE
Princeton-Newport Partners
Princeton
N.J
Drexel Burnham Lambert Inc
Beverly Hills
Calif
James S. Regan
Princeton-Newport
Jack Z. Rabinowitz
Charles M. Zarzecki
Paul Berkman
Steven B. Smotrich
Bruce L. Newberg
Drexel
Beach to lead Boulder Teleconnect contract agency
Al Beach executive vice president of Teleconnect resigns to operate a Boulder Colorado contract agency with his wife Barb opening September 6. Beach will serve as the lltl agent for Teleconnect Agency Program TAP and bring extensive long distance experience to the new local venture.
MENTIONED IN THIS ARTICLE
al Beach
Teleconnect Co
Cedar Rapids Telecommunications Company
Boulder
Colo
Clark McLeod
Teleconnect
Beach
Long Distance
Iowa
Nebraska
New earth pinning wall rises at Mount Vernon Road site
A 25 foot retaining wall being built for the Gallery Restaurant at Mount Vernon Road and 30th Street SE uses earth pinning. The German method drills 25 foot holes grouts them with concrete sets a reinforcing rod and fills the hole with concrete. Foreman Phil Hoffman grouts hoses while Bob Dixon and Scott Rumfjord of Jaques Co. Des Moines operate the drilling machine. architect Leo Peiffer says the combined restaurant and gallery will open later this year.
MENTIONED IN THIS ARTICLE
Gallery
Mount Vernon Road
30Th Street SE
United States
Germany
Phil Hoffman
Bob Dixon
Scott Rumfjord
Jaques Co
Des Moines
Leo Peiffer
Social Security offers new personal earnings and benefit statements
The Social Security Administration will mail free, detailed statements showing future monthly benefits for retirement disability and survivors. Eligible workers under 65 who paid taxes can request SSA-7004 by phone or mail. the service aims to clarify personal stakes in the program and improve understanding of benefits.
MENTIONED IN THIS ARTICLE
Washington
Social Security Administration
Reagan
Social Security
Dorcas R. Hardy
Hardy
Stocks slip as Quaker leads declines on mixed market
The Dow closes down 7.47 at 2126.60 after an earlier gain as NYSE volume falls. Quaker Oats drops to 52 1 2 amid takeover rumors with the firm seeking investigations. Longview Fibre and General Mills also slide while GTE rises on dividend and buyback news.
MENTIONED IN THIS ARTICLE
Iowa
Quaker Oats
NYSE
Securities and Exchange Commission
Longview Fibre
General Mills
General Motors
International Business Machines
Exxon
American Express
GTE
Insilco
Kmart
Sears Roebuck
J.C. Penney
LaWare Confirmed to Federal Reserve Board Seat
Boston banker John P. LaWare won Senate confirmation to the Federal Reserve Board by a 90 to 3 vote. He will serve a 14 year term through January 31, 2002, earning $82,506 annually as one of seven Reagan appointees on the board. LaWare has led Shawmut Corp. as chairman and CEO since 1980.
MENTIONED IN THIS ARTICLE
Washington
Senate
Boston Bank
John P. LaWare
Federal Reserve Board
LaWare
Reagan
William Proxmire
D-Wis
Banking Committee
Reserve Board
Shawmut Corp
Boston
Also Mentioned on This Page
U.S. Dept. of Labor
Freeze
Quaker Sears
Associated Press and Gazette
Perpetual Savings
Cedar Rapids
Second Avenue SE
Perpetual Financial Group
Lindale
First Avenue
Westdale
Williams Boulevard
Iowa City
Clinton Street
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