CORPORATIONS: Black Future for White?

Perhaps the most sullenly exclusive club in U.S. industry is composed of corporations with annual revenues of more than $1 billion that have wound up in bankruptcy court. At present there are only two members: Penn Central Transportation Co. and W.T. Grant Co., the giant retailer. Soon there may be a third: White Motor Corp., a Cleveland-based maker of heavy-duty trucks.

Last year White lost $69 million on sales of $1.2 billion. Currently, White and its chairman, Semon E. ("Bunky") Knudsen, are in a desperate race against disaster. The company missed a May 1 deadline for repaying more than $100...

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