Subject category:
Strategy and General Management
Published in:
1989
Length: 9 pages
Data source: Published sources
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Abstract
This is the third in a series of four cases (A) to (D), (389-076-1 to 389-079-1). After reduction of the punitive damage award by the Court of Appeals to $9.1 billion, Texaco''s banks refused to grant the company any further credit, and suppliers insisted on cash payment for deliveries. Because of the difficulties created by this situation, Texaco filed for bankruptcy under Chapter 11 of the US Bankruptcy Code. Prolongation of the legal and reorganisation process under the reorganisation provisions of the bankruptcy procedure made Texaco subject to a takeover attempt by Carl Icahn, Chairman of Trans World Airlines.
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Abstract
This is the third in a series of four cases (A) to (D), (389-076-1 to 389-079-1). After reduction of the punitive damage award by the Court of Appeals to $9.1 billion, Texaco''s banks refused to grant the company any further credit, and suppliers insisted on cash payment for deliveries. Because of the difficulties created by this situation, Texaco filed for bankruptcy under Chapter 11 of the US Bankruptcy Code. Prolongation of the legal and reorganisation process under the reorganisation provisions of the bankruptcy procedure made Texaco subject to a takeover attempt by Carl Icahn, Chairman of Trans World Airlines.
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