Business Services Industry
Stock sale aside, Cliffs remains in financial fix. (Cleveland-Cliffs Inc.)
Crain's Cleveland Business, September, 1987 by Ashyk, Loretta
Stock sale aside, Cliffs remains in financial fix Cliffs Cleveland-Cliffs Inc. appears to have fended off a group led by dissident shareholder David Bolger and won the battle to issue new common shares and raise cash. But federal documents filed during the fight reveal the company's financial condition remains precarious.
Affidavits filed in U.S. District Court in New Jersey and a Form S-1 filed with the Securities and Exchange Commission for the proposed offering of 4.6 million common shares indicate the company has almost no access to additional financing. If the mining and energy firm cannot sell its "non-strategic' assets and if pending lending agreements were not implemented, the firm may be forced to consider seeking protection under federal...
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