Western Union Offers Debt Swap: Facing a...
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From Times Staff and Wire Reports
Western Union Offers Debt Swap: Facing a June 15 deadline to come up with $51 million in interest, the company that first traversed the continent with telegraph wires said it will trade stock and new debt for $530 million in notes, giving creditors a 21% stake in the struggling company. “Completion of this plan will remove the financial uncertainity clouding our future,” said Western Union’s chief executive, Robert Amman.
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