Quickie Bankruptcies: Speed Isn't Everything

Bankruptcy? Southland Corp. would sooner dance with the devil than submit to the hassles and indignities of Chapter 11. Still, the mind-boggling $4.9 billion debt that the 7-Eleven convenience-store chain loaded on to thwart a 1987 hostile takeover was exacting its own hellish toll. Ungodly interest payments were rapidly draining coffers, and losses were mounting.

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