Bankers Trust Bids For Integrated
The tortured saga of Integrated Resources may be drawing to a close. On Nov. 12, Bankers Trust said it had reached a tentative agreement to purchase the junk-plagued real estate syndicator, which filed for bankruptcy 18 months ago. Bankers Trust is offering $565 million, up from the $526 million it bid last June.
Two creditor committees, representing about $1.4 billion in Integrated debt, have approved the offer, but the deal still requires court approval. And the bank's bid may have competition. People familiar with the deal say Chicago's Pritzker family has expressed interest in the company.