Dome revealed the terms of Amoco Corp’s offer.
- Share via
Dome reported the terms of Chicago-based Amoco’s $3.86-billion takeover bid to its 60 major creditors, but there were indications that the offer could fail. Trying to overcome a debt burden of $4.7 billion, Dome said Amoco Canada has offered to pay secured lenders an average of 88.5% of their loans in a mix of cash and securities. The secured lenders, owed more than $3 billion and led by major banks, could take another option and link their equity to future oil prices with the potential to recover 100% of their money. Unsecured lenders were offered 35 cents on the dollar. The creditors’ first reaction was negative.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.