Bankers Trust to Buy Ailing Company
Integrated Resources, in Chapter 11, Has Creditors' Assent to Sale
NEW YORK -- Bankers Trust New York Corp. will pay $565 million in cash for Integrated Resources Inc. under a letter of intent announced Tuesday.
Integrated said it and two committees of its creditors have signed a letter of intent for a reorganization under which Bankers Trust will make the cash purchase of the company.
The banking company had previously negotiated to fund a reorganization of Integrated Resources, a financial services company that has been operating under Chapter 11 bankruptcy protection since February 1990.
Those talks were ended in August, when Bankers Trust was to have bought Integrated for $526 million in cash. That plan did not win the creditors' assent.
Integrated stated that the proposed cash payment by a Bankers Trust unit is subject to various adjustments.
The recovering company has $355 million cash on hand, which would be included in the assets Bankers Trust is buying.
Integrated said it will submit a motion in bankruptcy court for approval of the deal. The parties expect to close it by June 30.
Meanwhile, Integrated said, it would consider other proposals to fund a reorganization.