Insilco Seeks Bankruptcy Protection: Insilco Corp., a...
From Times Staff and Wire Reports
Insilco Seeks Bankruptcy Protection: Insilco Corp., a Dallas conglomerate whose products include military equipment, Rolodex files and textbooks, has reportedly filed for bankruptcy protection. The company listed debts of $764 million, including $530 million in high-interest junk bonds. In addition to bond holders, other large creditors include a group of banks led by Wells Fargo & Co. of San Francisco. The banks arranged part of the $1 billion in financing that Texas oilmen Cyril Wagner Jr. and Jack E. Brown used to acquire Insilco in 1988. The banks reportedly are owed $234 million. Insilco blamed its troubles on the poor economy.
