Macy's said it is selling up to $187.6 million of its preferred stock to existing nonmanagement investors in an effort to pay down debt. The sale follows the completion of a $100 million equity offering to the company's four largest stockholders. Macy's also said it has reached agreement with an affiliate of Sir Run Run Shaw, a Hong Kong investor, to acquire $25 million of its preferred stock.
Coca-Cola USA agreed to pay eight female and minority employees $100,000 for three years of back pay, bonuses and interest after the Labor Department found they were paid less than their white male counterparts.
RJR Nabisco will offer cash and stock in exchange for more than $750 million in costly junk bonds as part of an expanded effort to lower its debt load.
MNC Financial said it is continuing negotiations with its banks to extend its loan agreements. MNC, parent of American Security Bank and Maryland National Bank, is strapped for cash and has agreed to sell some operations while negotiating with its creditors.
Kirk Kerkorian said in an SEC filing that he bought 9.8 percent of Chrysler stock simply as an investment but he did not say whether he definitely intends to acquire more shares or make a bid to control the automaker.