Infotechnology Loan Called In: Security Pacific National...
From Times Staff and Wire Reports
Infotechnology Loan Called In: Security Pacific National Bank unexpectedly called in a $20.7-million loan to Infotechnology Inc., stating the company was “in default” and the bank had “moved to protect its interests.” Infotechnology owns 46% of Financial News Network Inc., a popular cable-TV business news channel, which has been in financial turmoil for several months since disclosure that it had cash flow and accounting problems. Infotech and its various assets, which include a 97% stake in United Press International, are up for sale.
