Saatchi in Jeopardy, Paper Says: The future...
From Times Staff and Wire Reports
Saatchi in Jeopardy, Paper Says: The future of British advertising agency Saatchi & Saatchi Co. is again in jeopardy after creditor banks objected to plans for restructuring its troubled finances, the British newspaper the Independent said. The paper said New York-based Citicorp was one of the banks refusing to cooperate with a new debt plan that involved $385 million in short-term loans. The agency’s pretax profit fell 42% to $69.5 million for its fiscal year ending Sept. 30, 1990, from $119 million in the same period last year.
