Polly Peck International, the troubled British food...
From Times Staff and Wire Reports
Polly Peck International, the troubled British food and electronics conglomerate asked for court assistance in London to sort out its $1.95-billion debt woes. The decision to apply for a court-appointed administrator followed weeks of wrangling with creditors over financing. KLM Royal Dutch Airlines said it has taken options on five additional McDonnell Douglas MD-11 jetliners, worth an estimated $500 million. The Treasury postponed the $12-billion auction of 2-year notes that had been scheduled for Wednesday; it was delayed because of congressional inaction on the debt limit.
