First Executive Debt Plan OKd: First Executive...
From Times Staff and Wire Reports
First Executive Debt Plan OKd: First Executive Corp., the financially ailing parent of Executive Life Insurance Co., said holders of $50 million of its senior debt securities have agreed to the company’s restructuring plan that proposes to trade $275 million in existing notes for a combination of cash and new debt. The plan essentially gives First Executive more time to pay. For the exchange to be completed, however, the offer must be accepted by 90% of its debt holders. The company said it also has filed preliminary proxy materials with the Securities and Exchange Commission to restructure its preferred stock obligations.
