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January 3, 1988

WESTERN UNION SUCCESSFULLY COMPLETES ITS RESTRUCTURING

By CBR Staff Writer

The long-running saga of Western Union Corp’s efforts to avert bankruptcy is over, and the company last week successfully completed its financial restructuring when at least 69% of its bondholders accepted two new classes of preference shares in exchange for their holdings. A group led by New York investor then took control of the company, whose Western Union Telegraph unit was merged with the parent, and terms for the acquisition of ITT Corp’s Communications unit were also satisfied.

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