December 18, 1990
MNC Financial Inc. today announced that it has renegotiated a crucial line of credit with a syndicate of banks headed by Morgan Guaranty Trust Co. of New York.Under the new terms, the Baltimore bank holding company must repay $375 million on that line of credit on Jan. 14, an MNC spokesman said.MNC, the parent company of Maryland National Bank, repaid the bank syndicate $175 million on its debt today.To come up with the cash, MNC said, it closed the sale of its Leasing Division to General Electric Capital Corp.
December 17, 1990
MNC Financial Inc., the parent company of Maryland National Bank, announced today that it is continuing negotiations with its syndicate of banks, headed by Morgan Guaranty Trust Co., on the terms of a $750 million credit line.The announcement comes two days after a Dec. 14 deadline that had been set to come up with a new arrangement. No new deadline has been released by MNC. Morgan officials were not available for comment.MNC needs the line of credit from Morgan to continue to pay its bills and to meet debt obligations that are coming due soon.