J. Peter Grace to retire Jan. 1J. Peter Grace, who has run...

BUSINESS DIGEST

December 08, 1992

J. Peter Grace to retire Jan. 1

J. Peter Grace, who has run conglomerate W. R. Grace & Co. for nearly half a century, is undergoing cancer treatment and will step down as chief executive officer Jan. 1, the company said yesterday. Mr. Grace, 79, perhaps best known as head of President Reagan's blue-ribbon panel on federal cost-cutting, will be succeeded by J. P. Bolduc, who already runs much of the company's operations as president and chief operating officer.

Mr. Grace, who has been with the company 57 years, will remain as chairman and as a consultant. He is being treated with chemotherapy for cancer in his hip.

Americans use credit cards again

Americans took out their credit cards again in October, pushing overall installment credit to its first back-to-back increase in a year, the government said yesterday.

Consumer debt outstanding rose 0.4 percent, at a seasonally adjusted annual rate, after a 2.4 percent increase in September, the Federal Reserve said. Economists said that's a sign Americans gradually were regaining their optimism in the economy just before the start of the crucial holiday shopping season.

McCrory files restructuring plan

Five-and-dime store operator McCrory Corp. and its subsidiaries took a step toward emerging from bankruptcy court protection yesterday by filing a plan for paying off creditors.

The financial restructuring plan, filed in U.S. Bankruptcy Court in New York, outlines formulas for paying claims of McCrory's bondholders, suppliers and other creditors.

Bicoastal wins trademark case

Bicoastal Corp., the successor firm to the Singer Corp., has won a $45.2 million judgment against the foreign company that is now using the Singer trademark. The judgment, entered in U.S. District Bankruptcy Court in Tampa, Fla., is against Microelectronic (Far East) Limited, based in Ontario, Canada, according to a Bicoastal spokeswoman.

Bicoastal's only operating division is S3 Technologies, based in Columbia, which has 350 workers and designs and makes nuclear power plant simulators.

Armco to sell Venezuelan assets

Armco Inc., which has two stainless steel operations in the Baltimore area, has approved the sale of its Venezuelan operations, consisting of a pipe and tubing facilities, construction products plant and a steel service center.

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