IH improving
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TWO AMERICAN truck manul turers which have both beer serious financial difficulty h. recently shown signs of rec ery. Neither has cause for a thing more than very cautii optimism.
International Harvester, wlover the past year has rep tedly been reported as being the verge of filing for Chaptei bankruptcy, has announced t its truck division returned profitability in July, and desj the still serious problem of farm equipment division Am can experts are predicting could make a small net profi 1984.
Donald Lennox, who vl made lH president in May 1' and who has since slashed II and sold off businesses ruth sly, reducing Harvester's cc by around $1,000m a year, is prepared to be so optimistic.
But he is reported to be "qi confident" that the banks which IH owes so much moi will agree to a third major I tructuring of the debt t autumn. It is forecast that by tober 31, the corporation have about $300m in cash.
That, coincidentally, is exa. the same amount that WI Motor Corporation has just nounced it currently owes cr itors, who are expected to paid 50c for every $1 of alloy claims. White Motor filed bankruptcy in September 1 and one year later Volvo bou most of its assets.