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instead richard <unk> president and chief executive of <unk> 's calgary-based parent <unk> energy inc. said the company would prefer to work with other interested parties on a joint proposal |
as for foothills ' <unk> bid mr. <unk> said if they think it gives them some kind of priority position well that 's their strategy |
the federal reserve board said it is delaying approval of first union corp. 's proposed $ N million acquisition of florida national banks of florida inc. pending the outcome of an examination into first union 's lending practices in low-income neighborhoods |
the decision reflects the fed 's tougher stance on <unk> the community reinvestment act a federal law passed in N to help low-income residents obtain loans |
in recent years unions and community groups have won big commitments from banks to make <unk> loans in certain neighborhoods by threatening to hold up proposed acquisitions with protests to the fed about reinvestment act compliance |
few <unk> however have actually delayed or <unk> mergers |
the current dispute involves allegations that charlotte <unk> first union has n't lived up to its responsibilities under the reinvestment act |
during the summer legal services corp. a florida legal aid group filed a petition with the fed on behalf of residents in four florida counties |
the petition challenged first union 's lending record in the state saying that the bank-holding company had shut itself off from contact with the low-income community and is <unk> almost every black neighborhood that it serves in the state |
in deferring action on the merger the fed said the board does not believe that there is sufficient information in the record at this time to allow it to reach a final conclusion on first union 's record of helping to meet the credit needs of the communities it serves in florida and north carolina including low to <unk... |
the fed said the comptroller of the currency is expected to begin a community reinvestment act examination of first union 's florida and north carolina banking units in the next two weeks |
first union with assets of about $ N billion said it was disappointed by the delay but said it would cooperate with regulatory authorities |
the bank added that it believes the review will demonstrate that first union is in compliance with the requirements of the community reinvestment act |
the company has already missed its initial oct. N target date for completing the merger |
it said yesterday it still expects to close the acquisition later this year or early in N |
florida national if acquired would almost double first union 's banking franchise in florida to $ N billion in assets |
that would make it the second-largest bank after barnett banks inc. in a state widely considered to be the most lucrative banking market in the country |
in new york stock exchange composite trading yesterday first union shares rose N cents to $ N |
florida national stock closed unchanged at $ N in national over-the-counter trading |
earlier this year the fed denied an application by continental bank corp. to purchase grand <unk> state bank in <unk> ariz. on grounds that continental had n't fully <unk> with the community reinvestment act |
at the time the fed said the <unk> the first ever on such grounds signaled the agency 's new emphasis on the community reinvestment act |
eastern airlines ' creditors committee backed off a move to come up with its own alternative proposals to the carrier 's bankruptcy reorganization plans according to sources familiar with the committee |
in a meeting in new york yesterday the committee put on hold instructions it gave two weeks ago to its experts to explore other options for eastern 's future the sources said |
the consultants had been working to finish a report this week |
that means eastern a unit of texas air corp. of houston can go forward with its pitch for creditor approval as early as today when it is expected to deliver a revised reorganization plan to the committee |
the committee intends to meet next week to make a recommendation on the new plan |
in another development yesterday creditors were told that $ N million they had expected to become available for <unk> a reorganization may not <unk> according to one source |
texas air has run into difficulty <unk> about $ N million of debt securities because of problems in the junk bond market the person said |
and plans to raise another $ N million through changes to an insurance policy have hit a <unk> the source said |
an eastern spokesman said the $ N million will have no effect <unk> on the asset structure of eastern 's plan |
<unk> million in the total scheme of things is not that significant |
it is unclear what caused the creditors to do an <unk> on exploring alternatives to eastern 's new reorganization plan |
however since eastern first filed for chapter N protection march N it has consistently promised to pay creditors N cents on the dollar |
because the carrier is still <unk> to do that some committee members successfully argued that there 's little reason yet to explore a different plan according to one person familiar with the creditors ' position |
earlier this month the accounting firm of ernst & young and the securities firm of goldman sachs & co. the experts hired by the creditors contended that eastern would have difficulty meeting earnings targets the airline was projecting |
ernst & young said eastern 's plan would miss projections by $ N million |
goldman said eastern would miss the same mark by at least $ N million |
the consultants maintained eastern would n't generate the cash it needs and would have to issue new debt to meet its targets under the plan |
eastern at the time disputed those <unk> and called the experts ' report completely off base |
yesterday joel <unk> an attorney for eastern 's creditors committee declined to comment on whether the experts had ever been instructed to look at other choices and whether they now were asked not to |
he said only that the committee has not yet taken any position on eastern 's reorganization plan and that the two sides were still negotiating |
in every case people would like to see a <unk> plan he said |
eastern and its creditors agreed in july on a reorganization plan that called for the carrier to sell off $ N billion in assets and to emerge from chapter N status in late N at two-thirds its former size |
eastern eventually decided not to sell off a major chunk its south american routes which were valued at $ N million |
such a change meant the reorganization plan the creditors had agreed on was no longer valid and the two sides had to begin negotiating again |
eastern has publicly stated it is exceeding its goals for getting back into operation and has predicted it would emerge from chapter N proceedings early next year operating more flights than it originally had scheduled |
the following were among yesterday 's offerings and pricings in the u.s. and non-u.s. capital markets with terms and syndicate manager as compiled by dow jones capital markets report |
new york city |
$ N million of general obligation bonds fiscal N series c and d including $ N million of tax-exempt bonds and $ N million of taxable bonds tentatively priced by a goldman sachs & co. group |
yields for tax-exempt bonds range from N N N in N to N N in N |
yields for taxable bonds range from N N N in N to N N in N and N |
the bonds are all rated single-a by moody 's investors service inc |
the underwriters expect a <unk> rating from standard & poor 's corp. which has the issue under review |
collateralized mortgage securities corp. |
$ N million of remic mortgage securities offered in N classes by first boston corp |
the offering series N is by a company established by first boston for issuing remics and other derivative mortgage securities |
it is backed by government national mortgage association N N N securities with a weighted average remaining term to maturity of N years and being offered at market prices |
beneficial corp. |
$ N million of securities backed by home-equity loans through merrill lynch capital markets |
the offering with an expected average life of N years will float monthly at N basis points above the rate on an index of 30-day <unk> commercial paper which now yields about N N |
the issue has an expected final maturity date of N |
the offering is rated triple-a by moody 's and s&p based on the quality of the underlying home equity loans and a letter of credit covering N N of the deal from union bank of switzerland |
the offering is being made through <unk> home equity loan asset-backed certificates series N |
rochester community savings bank |
$ N million of N N certificates backed by automobile loans priced to yield N N via first boston corp |
the issue through <unk> <unk> <unk> trust was priced at a yield spread of N basis points above the treasury N N N note due july N |
the offering has an expected average life of N years and a final maturity date of may N N |
the issue is rated triple-a by moody 's based on the quality of the underlying auto loans and a letter of credit covering N N of the deal from credit suisse |
south australian government finance authority agency |
N million australian dollars of zero-coupon eurobonds due dec. N N priced at N to yield N N less fees via <unk> bank ltd |
guaranteed by the south australian treasury |
fees N N |
government insurance office of new south <unk> agency |
a$ N million of N N N eurobonds due dec. N N priced at N to yield N less fees via <unk> banking corp |
fees N N |
swedish export credit corp sweden |
N million swiss francs of N N N privately placed notes due sept. N N priced at N N to yield N N via citicorp investment bank switzerland |
call from sept. N N at N N declining by N point a year to to par |
fees N N |
west german insurance giant allianz ag entered the takeover battle between france 's cie financiere de paribas and cie. de navigation mixte |
allianz said it won french government approval to buy as much as one-third of navigation mixte a diversified financial transport and food holding company |
the move comes a week after paribas announced that it was preparing to bid for N N control of navigation mixte |
<unk> allianz 's brief <unk> statement said it is acting to protect its own interests as a shareholder of navigation mixte |
that would be a blow to both paribas and navigation mixte |
each had claimed allianz europe 's largest insurance company as a <unk> ally |
the allianz statement also reinforced the belief that the takeover battle could be a long one |
it led to broad market speculation that paribas now will <unk> its bid which is expected to be formally launched later this week after approval from french government regulators |
allianz 's entry reflects the increasing eagerness of west german companies looking ahead to the reduction in european community internal barriers in N to get involved in what until now were considered internal french affairs |
deutsche bank dresdner bank and commerzbank all also have expressed eagerness to expand in france before N |
dresdner bank this month moved to acquire banque <unk> des <unk> a small french merchant bank that deutsche bank had looked at and passed over |
commerzbank had hoped to buy a stake in credit lyonnais until the <unk> returned to government last year and canceled plans to <unk> the large french bank |
deutsche bank has actively sought a french acquisition for at least two years |
lately analysts say deutsche bank has shocked some in the french financial community by indicating it wants a strong bank with a large number of branches |
we are still looking said a deutsche bank spokesman |
the banks we think would fit into our concept are either government-owned or not for sale though deutsche bank would be able to pay a good price |
while allianz officials were n't willing to comment in any detail on their plans they said allianz currently holds between N N and N N of navigation mixte an apparent increase from the N N stake that navigation mixte officials had earlier announced |
paris market sources said they believed allianz was buying yesterday morning and navigation mixte moved up N francs $ N to close at N francs in heavy trading |
it was the first day of trading following the suspension of navigation mixte shares last monday when paribas announced its plan to pay N francs for each navigation mixte share |
allianz also holds a N N stake in navigation mixte 's insurance subsidiary one of france 's largest insurance groups which it bought for about N billion francs just before paribas launched its bid |
navigation mixte holds the remaining N N |
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