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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