Integrated Resources Loses Bank Offer

Bankers Trust New York Corp. said it withdrew an offer to finance the reorganization of Integrated Resources Inc.

The banking company had offered to pay $526 million in cash for Integrated, which is operating under Chapter 11 of the bankruptcy law. But it said Thursday that plan was scuttled because it could not reach agreement with the creditors' committee.

"It is now clear: Agreement can't be reached with the committee," a Bankers Trust spokesman said. The spokesman declined to give details.

Bankers Trust said the offer, which was made June 5, did not depend on financing. The money would have been used to finance the company's reorganization plan. The two sides had continued talks even after the offer expired June 17.

Integrated Resources said it would have no immediate comment.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.