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Page 10-Friday, June 20, 1980-The Michigan Daily
HOLDOUTS AGREE TO RESCUE PLAN
Banks to aid Chrysler
DETROIT (UPI) - Hard-line banks in Indiana and
Illinois that refused to go along with Chrysler Corp.'s
federal aid plan agreed last night to take part in the
restructuring scheme, the troubled automaker said.
Earlier in the day, other holdout banks in St. Louis,
Mo., and Houston agreed to join in the Chrysler plan,
company officials said.
CHRYSLER OFFICIALS said that left two holdout
banks - one in the United States and one in West
Germany - standing in the way of the federally
guaranteed loans the automaker needs to avoid
bankruptcy.
Chrysler spokesmen announced during the evening
that People's Trust of Fort Wayne, Ind., had agreed
to end its holdout and reported a few hours later that
American National Bank and Trust of Rockford, Ill.,
had joined on.
American National was viewed as the most stub-
born of the few relatively small banks refusing to go
along with the government's Chrysler rescue plan.
SOME OF THOSE banks had maintained the Num-
ber Three automaker will go broke even with the
federal bailout effort.
All of the 400 banks and other lending institutions
with which Chrysler has outstanding debts must okay
the aid plan for the rescue scheme to go through.
Word the two banks had agreed to go along with the
aid package came after a special government panel
was forced to postpone a meeting in Washington
where it planned to okay $500 million in federally
backed loans for Chrysler.
It was the fourth time in a week the Chrysler Loan
Guarantee Board had been forced to put off such a
meeting. Federal officials said they were optimistic
the aid plan could be approved at another meeting
next week.
Chrysler financial officials were quoted Wed-
nesday as saying the company could find itself broke
within a week if it could not start drawing on the
federally guaranteed loans.
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THE MOVIES AT BRIARWOOD
I-94 & S STATE .0769-8780 (Adjacent to J C Penney)
- DAILY EARLY BIRD MATINEES-Adults $1.50
DISCOUNT IS FOR SHOWS STARTING BEFORE 1:30
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3:45
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Three gunmen storm
Baghdad embassy
NICOSIA, Cyprus (AP) - Three casualties."
gunmen burst into the British Embassy The news agency reported no
compound in Baghdad yesterday, casualties among the security forces.
tossing grenades and firing their An unidentified British embassy of-
weapons, but Iraqi forces attacked and ficial, speaking on the telephone with
killed all three, the official Iraqi News The Associated Press in Nicosia,
Agency reported. Cyprus, said the gunmen burst into the
The attack came on the eve of the fir- spacious embassy compound, firing
st parliamentary elections to be held in their weapons in the air after tossing
Iraq since the overthrow of the monar- two grenades at the main gate to the
chy 22 years ago. grounds.
Britain quickly announced its ap- They failed to enter the embassy
proval of Iraq's hapdling of the in- building itself, and were killed by the
cident. A Foreign Office spokesman in Iraqi security forces in the embassy
London said "security procedures gardens, he added.
operated smoothly for the protection of
the embassy and there were no British
Additional gas tax may be
established for road fund
WASHINGTON (AP) - Because the current four-cent-a-gallon federal
Americans are using less gasoline, gasoline tax early next year, according
there's a good chance they may soon be to persons at the Wednesday session.
asked to pay an additional one or two Goldschmidt's statement comes at a
cents a gallon fuel tax to bail out the time when, with the rising cost of im-
financially troubled highway trust ported crude oil, the Carter ad-
fund. ministration has been urging
Transportation Secretary Neil Gold- Americans to cut their use of gasoline
schmidt was quoted yesterday as and other petroleum products.
saying such a tax increase is needed to The Energy Department says
aid the federal highway fund, which American gasoline use dropped by five
finances interstate highway and bridge per cent from 1978 to 1979, the first such
construction as well as some highway drop in years. During the first three
repairs. months of this year, drivers used
HE TOLD A small group at a break- almost 10 per cent less gasoline than
fast meeting that he intends to urge during the same time in 1979, the
President Carter to seek an increase in government said.
The AnnArbor Film Cooperative Presents at MLB $1.50
Friday, June 20
(Francois Truffaut, 1970) THE WILD CHILD 7 & 10:20 MLB3
A boy who lives the first twelve years of his life in a forest is captured, and an
eighteenth-century rationalist philosopher (Truffaut, in a splendid perform-
ance) tries to introduce him to civilization. A true story of a celebrated
crisis in the Enlightenment. One of Truffaut's very best. English narration,
some French dialogue with English subtitles.
EVERYMAN FOR HIMSELF AND GOD AGAINST ALL
(Werner Herzog, 1975) 8:40 MLB 3
A film concerned with madness and alienation, based on the legendary
Kasper Hauser story about a man who mysteriously appears in a German
town with no memory or experience of life. Herzog's perspective is darkly
mysterious, a vision which dissolves the comforting surfaces of everyday life
to reveal the nightmare beneath. The portrayal of Kasper by Bruno S., a
psychotic with a similar case history, is amazing, as intense as it is uncon-
ventional. The most popular film of the 1975 Cannes Film Festival. ". . . a
stunning fable full of universals. A superb movie."-N.Y. TIMES. In German
with subtitles.
Tomorrow: Charlie Chaplin's MODERN TIMES
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