Advertisement

Control Data altered its relationship with a unit.

Share

The company said it has restructured its legal relationship with Commercial Credit to improve the financial services subsidiary’s access to capital markets at competitive rates. Commercial Credit’s credit rating was dropped below investment grade last year as a result of financial troubles at Control Data, which lost $567 million in 1985. Commercial Credit lost $5 million of that total. The restructuring includes reduction of inter-company debt and establishment of a Commercial Credit board of directors with a majority of outside members.

Advertisement