Luis Nogales discussed UPI’s recapitalization plan.
United Press International’s chairman and chief executive said he expects a recapitalization to be complete within two months and predicted that UPI will survive and emerge “stronger and better than ever.” Nogales told the Florida Assn. of Broadcasters that negotiations are under way with potential investors to restructure the company, which has been operating under Chapter 11 of the U.S. Bankruptcy Code since April 28. He also said the negotiations could lead either to an outright purchase of UPI or of its assets.
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