P.M. BRIEFING : Bass Bid for Real Estate Firm Seen
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NEW YORK — Texas investor Robert Bass has offered to make a substantial investment in Integrated Resources Inc. in exchange for equity in the troubled real estate and insurance concern, a published report said today.
According to unidentified sources quoted by the Wall Street Journal, a Bass-led group could be willing to pump as much as $200 million into Integrated Resources, which last week defaulted on its huge short-term debt.
The newspaper said the offer was to be conditioned upon Integrated Resources’ stock and bond holders accepting a restructuring. Under such a scenario, it said, the Bass group would emerge with much of the equity while the company’s common stock would be diluted. Bondholders would have the security of a new investor.
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