Since last December, Lockheed Aircraft Corp. has been openly looking for a savior that would prevent it from finally running out of cash after three years of hairbreadth escapes. Late last week it found one: Textron Inc., the giant conglomerate (1973 results: $1.9 billion sales, $101 million net). The investment banking firm of Lazard Freres put together an involved plan under which Textron would pump more than $75 million into Lockheed and receive in return up to 45% of Lockheed's common stock. Other features: major banks will take preferred stock in Lockheed in settlement for $300 million in loans,...
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