BANKING & FINANCE - Oct. 20, 1992
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Calfed Raises Possibility of Seizure: The Los Angeles thrift holding company acknowledged in a public filing that its California Federal Bank unit could ultimately be seized by regulators if efforts to restructure the thrift fail. Experts agree that such a move is unlikely any time soon, however, because Congress has refused until next year to allocate further funds to clean up the nation’s savings and loan problem. Calfed wants its bondholders to agree to an exchange offer designed to bolster the thrift. The company said that if it fails to restructure by the end of the year, it could face strict sanctions by regulators.
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