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The Orange County Register, Calif., Business Briefs Column.
Knight Ridder/Tribune Business News, December, 1998 by The Orange County Register, Calif.
Knight Ridder/Tribune Business News
Dec. 29 -- FIRSTPLUS FINANCIAL CANCELS ITS BAILOUT BY COAST-TO-COAST: FirstPlus Financial, the Dallas-based mortgage lender, said its proposed bailout plan with Coast-to-Coast Financial has been terminated and that it has instead arranged for a new $35 million loan with the help of its Tustin-based subsidiary, Western Interstate Bancorp. FirstPlus, which laid off 1,300 workers at its Mission Viejo unit in October, said Western Interstate -- parent of Tustin-based FirstPlus Bank -- has arranged for a $35 million, one-year loan from Dallas-based Beal Bank.
FirstPlus, whose stock has slumped 90 percent this year amid a credit crunch in the mortgage-backed securities market, said it will use about $15 million of the new...
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