More Slicing At Western Union

Western Union just keeps shrinking. On Dec. 31, the company completed the sale of its electronic-mail and telex businesses to AT&T for $180 million. Most of the proceeds went to retire $335 million worth of junk bonds at 50~ on the dollar. What's left of Western Union? Mainly telegrams, mailgrams, a money-transfer service, and an electronic bill-payment network. And more debt: The company is warning creditors that "further refinancing of debt will be required in 1991."