Zenith May Be At Its Nadir
THE PICTURE IS DARKENING AT ZENITH ELECTRONICS. On Apr. 1, it reported its ninth straight annual loss, $299 million, and warned of possible bankruptcy without a major cash infusion or new partner. The stock fell 31%. Some $45 million in secured credit through June 30 was extended by controlling shareholder LG Electronics of Korea. But Zenith needs at least $225 million to get through the year. New CEO Jeffrey Gannon, who came from General Electric in January, plans more cost-cutting soon, but it's unclear how long LG will hang on.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.