Western Union received restructuring approval.

The agreement with its lending banks and holders of certain short-term debt securities of Western Union Telegraph Co., its main subsidiary, will allow the company to recapitalize and receive a $250-million investment by Pacific Asset Holdings L. P. and MDC Holdings. Once the restructuring is complete, the banks will accept as full payment cash or cash and common stock of Western Union equal to 68% or 75% of the principal amount of their loans, which currently total $273 million.