Corporations: The Race for Douglas

If there are many more entries in the race to take over California's troubled Douglas Aircraft Co., it will have to be run in two heats.

Plagued by plunging stock (from a 1966 high of 112 to a close last week at 451), soaring operating losses ($16.4 million for the first three quarters of '66) and a bloated backlog of unfilled orders ($3.2 billion worth), Douglas desperately needs about $400 million in new financing. The company for weeks has been negotiating with eight major banks to borrow most of that amount.

Trouble is,...

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