7/31/02
Elan
Corp. unveiled a sweeping restructuring plan, including cutting
two-thirds of its 4,700 work force, shedding $1.5 billion of its
assets, and narrowing the company's focus to three therapeutic areas.
The moves, spearheaded by the new chairman, Garo Armen, are a drastic
attempt to salvage the fortunes of the Irish drug maker and return
it to investors' favor.
7/30/02
Vanguard
Airlines, a small, low-fare airline, ceased operations and filed
for bankruptcy-court protection.
Vanguard, which never achieved an annual profit in its eight
years of operations, said it laid off most of its 1,100 workers,
retaining just 80 to maintain operational readiness in case a debtor-in-possession
loan might be obtained.
7/29/02
Budget
Group Inc. sought protection from creditors under Chapter 11
of the Bankruptcy Code in another sign of the rental-car industry's
woes. The Daytona Beach, Fla., company,
the nation's fifth-largest rental-car concern, has struggled in
recent years with debt, mounting losses and problems with its European
car-rental operation and its Ryder truck-rental unit.