A Lifeline for Saatchi & Saatchi: A...
From Times Staff and Wire Reports
A Lifeline for Saatchi & Saatchi: A syndicate of 19 banks led by Chase Manhattanagreed to raise the credit line of the British-based advertising group by $52 million (30 million pounds) to $87 million and extend credit facilities by three years to 1996. The company received a further boost when shareholders approved a recapitalization plan to attackits $870-million debt and pledged to put up new money.
