NEW YORK -- National Westminster Bank USA said it has approached Nederlander Organization Inc., a major theater operator, to manage International Broadcasting Corp. when it emerges from the protection of the U.S. Bankruptcy Court for the District of Minnesota.
NatWest said that it agreed in principle to nominate three designees of NTC Holdings Inc., a Nederlander affiliate, to become directors of IBC, which is a NatWest bonower.
Through the purchase of rights from NatWest, Nederlander may also become a significant owner of Class B preferred stock in IBC, an entertainment company that owns the Harlem Globetrotters and Ice Capades.
Nederlander's financing, which could total $3 million, would be subordinate to obligations of NatWest and Class A preferred shareholders, NatWest said.
