Marriott bondholders hire adviserMarriott Corp...


January 30, 1993

Marriott bondholders hire adviser

Marriott Corp. bondholders hired financial advisers Whitman Heffernan Rhein & Co. Inc. to help them fight the hotel company's controversial restructuring, according to Whitman Heffernan Vice President Ed Whiting. A group of institutional bondholders led by PPM America Inc., which owns about $120 million of Marriott bonds, hired the firm to analyze Marriott's plan.

Baxter rents Russell St. building

Baxter International leased 42,000 square feet of a Russell Street building, in which the company plans to open a specialized laundry service aimed at the hospital and health-care business. The building, at 1104 Russell St., is partly occupied by a Staples office supply store.

Gtech slips on N.J. keno clash

Gtech Holdings Corp. shares fell 4.7 percent yesterday after New Jersey Gov. James J. Florio asked the state's lottery commission to withdraw a proposal to start a keno numbers game. The company's shares dropped as low as $39.125 before recovering to close at $41, down $2.

Xerox reports 4th-quarter loss

Xerox Corp. said a $778 million after-tax charge for discontinuing its insurance and other financial services units put it $736 million in the red for last year's fourth quarter. The loss, equal to $7.80 a share, compares with net income of $91 million, or 73 cents a share, a year earlier. Quarterly revenues advanced to $4.23 billion from $3.84 billion.

Former Phar-Mor officials indicted

Three former Phar-Mor Inc. executives were indicted on fraud and embezzlement charges by the U.S. Attorney's Office for the Northern District of Ohio.

Genetic Therapy raises $14 million

Genetic Therapy Inc. of Gaithersburg raised $14.1 million for research and development in a public offering completed yesterday. The company sold 1.5 million shares of common stock for $10 a share.

Bank of New York to expand

The Bank of New York Co. Inc. announced a major expansion of its retail banking network with plans to acquire a medium-sized New Jersey bank for an estimated $580 million, the latest sign of a revival in the once-battered East Coast banks.


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