Service Resources Corp. to Sell Chas. P. Young Unit
From Reuters
NEW YORK —
Service Resources Corp. said Thursday it has agreed to sell its Chas. P. Young subsidiary, a leading printer of business-related documents and share the proceeds with holders of the subsidiary’s debt.
The company said it had agreed with debt holders to make its best effort to sell the subsidiary, and has hired Dillon Read & Co. as its adviser.
It said Chas. P. Young, a leading printer of time-sensitive documents for corporate and municipal financings, acquisitions and mergers, lost $24 million last year on sales of $117 million.
Service Resources said most of Chas. P. Young’s 1987 loss was due to a dramatic decline in business following the October 19 stock market crash.
