UPI Reportedly to Seek Bankruptcy Protection Today
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NEW YORK — United Press International plans to seek Chapter 11 bankruptcy protection today, according to remarks of the news agency’s chief executive quoted in the New York Times.
Pieter VanBennekom was quoted as saying a bankruptcy filing was a way to reduce debts of about $50 million and make possible a sale of the company.
In Washington, where UPI has its headquarters, spokesman Milt Capps said only, “We expect to have an announcement in the morning.”
UPI went through one reorganization under Chapter 11 in 1985 and 1986, and its owner, Infotechnology Inc., has been operating under Chapter 11 since 1988.
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