Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post Newsgroups: americast.latimes.money From: americast-post@AmeriCast.Com Organization: American Cybercasting Approved: americast-post@AmeriCast.com Subject: BANKING Date: Thu, 19 Nov 92 07:09:49 EST Message-ID: HEADLINE: BANKING Publication Date: Wednesday November 18, 1992 BYLINE: Calfed Seeks Restructuring OK: Pressured by thrift regulators, the holding company for California Federal Bank set a Dec. 16 stockholders' meeting for a vote on a proposed restructuring that would reduce their ownership by 80%. Calfed Inc. is also seeking approval from bondholders to forgo their February repayment of $122 million in principal and a 23% premium payment and convert their bonds into a combination of common stock and new debt securities. The company said the changes are essential to the continued viability of the thrift and would provide $150 million, earmarked mainly for bondholders, to its capital, which is its final financial cushion against losses. This article is copyright 1992 The Los Angeles Times Home Edition. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM