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Article: MG to keep U.S. unit. (Metallgesellschaft AG's MG Corp)

Article from:
The Oil Daily
Article date:
May 16, 1995
Copyright

FRANKFURT, Germany -- Germany's Metallgesellschaft AG said it plans to keep its U.S. unit MG Corp., which ran up huge losses in 1993 and 1994.

The unit is now back in profit, excluding nonrecalled profits and losses that have to be booked under U.S. law, MG management board Chairman Kajo Neukirchen told a news conference.

Neukirchen said MG Corp.'s outstanding loans had been reduced to $42 million from $105 ...

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