First Capital Misses Payment: The Century City...
From Times Staff and Wire Reports
First Capital Misses Payment: The Century City insurance firm, whose San Diego-based First Capital Life Insurance Co. unit was seized by state insurance regulators, confirmed that it failed to make a $7.5-million payment due Wednesday on $115 million of its junk bonds. First Capital is already in default on a $275-million loan made by a group of lenders led by Citibank, which earlier this week filed a petition seeking to force the company into involuntary bankruptcy proceedings. Separately, First Capital indefinitely postponed its annual shareholders meeting that had been scheduled for May 23.
