FEDERATED VOWS NOT TO SELL OFF UNITS OFFICIALS HOPE TO END CHAPTER 11 WITHIN 8 MONTHS

From: The Boston Globe (Boston, MA) | Date: February 16, 1990| Author: | Copyright information

CINCINNATI - Executives of Federated Stores Inc., in Chapter 11 reorganization since last month, yesterday vowed not to break up the company to reduce debt, and said they hope to emerge from Chapter 11 in as little as eight months.

They said little, however, about how they expect to reduce Federated's crushing $7.5 billion debt load or satisfy thousands of trade creditors and junk bondholders.

In a public conference with US trustee Conrad Morganstern, followed by a press session, Federated chairman G. William Miller said, "We have no intention of selling any other businesses. The tax ...

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