INTERNATIONAL
From Times Staff and Wire Reports
Belzbergs Unveil Debt Plan: The Belzberg family unveiled a plan under which it would give up control of First City Financial Corp.--the core of its $6-billion empire--to satisfy the beleaguered diversified holding company’s European creditors. The proposal asks holders of $139 million in bonds to convert them into equity. If accepted, the proposal would leave the bondholders with 49.9% of First City Financial’s common stock. The three Belzberg brothers, who control almost 80% of the company, would then see their holdings fall to about 40%.
