UPI OKs Bankruptcy Filing
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WASHINGTON — United Press International’s board of directors voted unanimously today to authorize filing for reorganization under Chapter 11 of the bankruptcy code to protect assets from creditors.
UPI Chairman Luis Nogales promptly took steps to arrange coverage of current payroll checks, which a key lender had declined to honor. Under Chapter 11, UPI would continue to operate while a bankruptcy judge redistributed shares in the company to major creditors, reportedly owed more than $20 million. There was no immediate indication whether Nogales would exercise his authority to file for Chapter 11 or when such a filing might occur.
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