| Deal Description | Ling-Temco-Vought, Inc., ("LTV") offered to exchange up to 6,064,322 shares of its common stock and up to 6,064,322 shares of the Braniff class A stock owned by it for up to $303,216,100 principal amount of its 5% subordinated debentures due January 15, 1988, at the rate of two shares of LTV common stock and two shares of the Braniff class A stock for each $100 principal amount of debentures. LTV had experienced a number of serious economic problems during the years recent to the deal, including an extreme cash flow problem. The exchange offer was intended to reduce LTV's debt, improve its cash flow situation, and strengthen its financial position by increasing its shareholders' equity. |
|---|
