Chrysler to take $4.7 billion chargeChrysler Corp. said it...


April 06, 1993

Chrysler to take $4.7 billion charge

Chrysler Corp. said it will take a $4.7 billion charge against first-quarter earnings to cover changes in accounting methods for retiree health costs. The charge will result in an after-tax loss in the first quarter and for all of 1993, the company said yesterday.

GE Capital to buy United Pacific

GE Capital, the financial services arm of the light-bulb maker, announced plans yesterday to buy United Pacific Life Insurance Co. for $550 million. United Pacific, a unit of Reliance Group Holdings, markets and writes annuity products.

Leslie Fay files for reorganization

Leslie Fay Cos. Inc., hit by a series of accounting irregularities, filed for bankruptcy protection yesterday, citing a lack of credit from suppliers.

The apparel maker, which disclosed in February that its financial reports had been altered to inflate profits, said it acted to protect the value of its assets and keep merchandise flowing to customers. Leslie Fay said it also received a one-year, $100 million loan after the filing from Citibank.

F&C share price drops after suit

F&C International Inc.'s share price dropped 50 percent, to $2.25, after the company said it sued former Chairman Jon Fries, alleging that he manipulated inventory and sales figures.

Cincinnati-based F&C claims that Mr. Fries, the company's TC founder, "directed and acquiesced" in efforts to make the company appear more profitable than it was and to bolster its borrowing power.

GTS Duratek gains contract

GTS Duratek Corp. in Columbia has received a five-year, $7.3 million contract from Duke Power Co. in Charlotte, N.C., to provide systemwide instrumentation and electronics support for Duke Power's three nuclear stations.

Coke bottler to buy three plants

The major bottling firm for Coca-Cola Co. products said yesterday that it is planning to buy three other bottling plants from the soft drink manufacturer for $360 million. Bottler Coca-Cola Enterprises, which is 44 percent owned by the Coca-Cola Co., said it has signed a nonbinding letter of intent with Coca-Cola Co. to acquire two factories in Tennessee and one in the Netherlands.

Gtech buys wagering businesses

Gtech Holdings Corp. said it acquired certain wagering and related businesses of General Instrument Corp. for $20.8 million.


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