American Motors Corp., smallest of the four U.S. automakers, has always been an up-and-down company, but lately it has hit a longer-than-usual losing streak. Beset by both bad luck and bad judgment, A.M.C. lost $73.8 million in its past two fiscal years. Its own accountants warned that the company's ability to stay in business depended partly on whether it could repay or extend bank loans that fell due in early 1977. By the time Chairman Roy Chapin Jr. faced stockholders at the annual meeting last week, that crisis had passed. Chapin told...
To continue reading:
or
Log-In
