Loews files for bankruptcy protection as part of buyout

Article Abstract:

Loews Cineplex has filed for bankruptcy protection. The move is part of an agreement to transfer its 479 theaters in North America to an investor group headed by Canadian buyout firm, Onex. Loews is the latest and the largest movie theater company to seek bankruptcy protection due to the debt it incurred to keep up with an industrywide overexpansion. The company became engaged in a decade-long arms race to build state-of-the- art megaplexes that made smaller multiplexes obsolete.

Motion Picture and Video Exhibition, Motion Picture Theaters, Loews Cineplex

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Reaching out to defend AT&T split

Article Abstract:

AT and T CEO C. Michael Armstrong said that his announcement on Oct 25, 2000 to break the company into four businesses does not change the firm's strategy, as analysts assumed. Armstrong explains that since early spring he has been considering plans to split AT and T into separate operations, namely wireless, broadband, consumer services and business services. According to Armstrong, the breakup will allow each unit to be more entrepreneurial.

AT&T Corp.

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WorldCom to announce major restructuring

Article Abstract:

Telecommunications giant WorldCom announced on Oct 26, 2000 that it will reveal a major restructuring plan on Nov 1. Analysts speculate that the company's plan will include an introduction of a tracking stock for its long-distance business. The company also disclosed its disappointing third quarter results. Although WorldCom's earnings were in line with analysts' expectations, investors were not satisfied with its 3% growth in revenue.

MCI Inc.

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