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TELECOMMUNICATIONS

From Times Staff and Wire Reports

Peoples Telephone Posts Loss, Loan Default: The nation’s largest public pay phone company reported a loss of $4.9 million on revenue of $42.6 million for the quarter ended June 30, contrasted with a profit of $1.4 million on revenue of $30.1 million a year ago. Peoples also incurred costs in failed merger talks with IDB Communications Group, which has since agreed to be acquired by LDDS Communications. As a result of the losses, Peoples said it has defaulted on its $125-million credit facility, which has an outstanding balance of $97 million. The Miami company is working with its banks to cure the default.


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