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The Battalion
STATE AND LOCAL.
Thursday, October 25, 1 990
Page 3
Japanese to visit
Brazos Valley
Texas A&M and the local area
will host 20 people from Ko-
riyama, Japan, this week as they
become better acquainted with
the Brazos Valley.
The visitors, all 20- to 30-year-
olds, are from the Koriyama
Youth Wing, a civic organization
in the Japanese city where A&M’s
branch campus is located.
This is the second major visit to
College Station by Koriyama visi
tors this semester.
A month ago, 55 students at
tending Texas A&M at Koriyama
were on campus for a week of
language classes and orientation
to the Aggie experience.
“While that group was inter
ested primarily m learning about
the University, this group rep
resents young community leaders
interested m learning about
Bryan-College Station,” says Dr.
Jaan Laane, senior policy adviser
to the Koriyama campus and an
A&M chemistry professor.
The Youth Wing representa
tives arrived Wednesday night
and are staying in the homes of
University and local host families.
Four leaders will accompany
the group on their U.S. trip,
which also includes stops in Dallas
and New York City.
The group leaders, visitors and
their host families will be hon
ored at a banquet on campus Fri
day night ana will attend Satur
day’s A&M vs. Rice football game.
They also will tour the campus
and visit other local and regional
attractions with their host families
before leaving Nov. 2 for New
York.
Southland Corp. files
bankruptcy defense
CORRECTION
A story in Tuesday’s issue of The
Battalion incorrectly identified the
department in which Freshmen Ad
justing to College Experiences origi
nated.
FACES was designed by the Of
fice of Student Development and
Multicultural Programs, which is a
part of the Department of Student
Affairs.
The Battalion regrets the error.
DALLAS (AP) — Southland
Corp., owner of the 7-Eleven chain
that pioneered convenience store
shopping, filed for protection from
creditors Wednesday, driven into
federal bankruptcy court by a $4.9
billion debt-financed takeover and
tough competition.
The Chapter 11 filing came just
after midnight, ending months of
negotiations that had failed to per
suade enough creditors to go along
with a refinancing that would have
paid them pennies on the dollar for
their $1.8 billion in bonds plus given
them 25 percent of the restructured
company.
Along with the filing, which listed
assets of $2.53 billion and liabilities
of $3.38 billion, Southland sub
mitted a “prepackaged” reorganiza
tion plan that had been approved by
about 90 percent of the debtholders,
enough to win confirmation in bank
ruptcy court.
The plan is essentially the same as
the one that failed to win 95 percent
support of the several classes of
bondholders by Tuesday’s deadline.
“In light of the exchange offers
and the high level of support we
have received for our prepackaged
reorganization plan, we believe this
to be the best alternative to complete
a financial restructuring quickly,”
said Clark Matthews, Southland’s
chief financial officer.
“We hope to obtain court appro
val of the prepackaged reorganiza
tion plan as soon as possible.”
U.S. Bankruptcy Judge Harold C.
Abramson Wednesday set a Dec. 14
hearing on the confirmation plan
and company spokeswoman Cecilia
Stubbs Norwood said Southland
hoped to emerge from court super
vision before the end of the year.
Norwood said store operations
would not be affected by the filing
and the company had commitments
for $400 million in financing while it
proceeds through the bankruptcy
process.
Southland has been struggling
since 1987 when the founding
Thompson family, fearing a take
over by the Belzbergs of Canada,
took the company private in a $4.9
billion leveraged buyout.
The leveraged buyout, second
highest ever at the time, became
more expensive on Oct. 19, 1987
when the Dow Jones Industrial Av
erage dropped 508 points. The
crash made it more difficult and
more expensive to arrange financing
for the deal.
Southland first proposed its re
structuring in March, acknowledg
ing that dwindling profits would
make it impossible to meet the debt
brought on by the 1987 buyout.
In April, Southland revealed a
fourth quarter loss of $ 1.01 billion as
it wrote off “goodwill” from the
buyout. The company denied the
writeoff proved the Thompsons
paid too much in the buyout, but
only reflected a decline in the value
of the company assets.
At first, Southland proposed sell
ing 75 percent of the company for
$400 million to Ito-Yokado Co. Ltd.
and Seven-Eleven Japan Co. Ltd., its
Japanese franchisees.
‘Jd
BATTIPS
Anyone with story suggestions can
call BATTIPS, The Battalion’s
phone line designed to improve
communication between the news
paper and its readers.
The BATTIPS number is 845-
3315.
Ideas can include news stories,
feature ideas and personality pro
files of interesting people.
In Advance
COMA to sponsor informational fair Friday
Texas A&M’s Department of Stu
dent Affairs will have its second an
nual “Harvest of Opportunities” in
formational fair from 11:30 a.m. to
1:30 p.m. Friday.
The event, sponsored by the
Committee on Multicultural Aware
ness (COMA), will inform students
about ethnic clubs and services on
campus.
Additionally, students can have
pictures taken with Reveille V for
$2. All proceeds benefit the United
Way.
For more information, contact
Denise Osei, at 845-2235.
SCHLUMBERGER FIELD
DON'T:
• wear suits and ties
• shuffle papers
answer phones all day
sit at a desk
• take charge
• work long hours
• assume heavy responsibility
• work outdoors
• make decisions
• face many challenges and risks
• perform data acquisitions and measurements of
physical properties of subsurface formations
• interpret that information
ENJOY:
• working with a great deal of autonomy
acting on an idea and risk carrying it to fruition
taking pride in a job well done
MECHANICAL ENGINEERING
ELECTRICAL ENGINEERING
(and other engineering disciplines)
GEOSCIENCES
APPLIED SCIENCES
INFORMATION MEETING:
Date: October 31, 1990
Time: 7 pm — 9 pm
Place: Room 302 and 225 Rudder Tower
INTERVIEWING:
Date: November 1 & 2, 1990
Place: Please check with Placement Office
PLEASE NOTE: You must attend the information meeting
at the time and place indicated or an interview cannot be !
scheduled.
YOUR
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DIAMOND
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FOR LIFE....
NOT COST
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David Gardner's.
We give more, instead of charging more.
OAVld QARcJ
JEWELERS
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Chimney Hill Retail Plaza • 701 University Dr. East
College Station, Texas 77840 * (409) 846-4151
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