HEADLINE NEWS
McDonnell Douglas Sought $1 Billion Advance From U. S. to Ease Cash Crunch
WASINGTON McDonnell Douglas, the nation’s No. 1 defense contractor, asked the Pentagon to advance it $1 billion against the company’s defense contracts early this year to solve serious cash flow problems. In a Jan. 24 letter to Donald J. Yockey, undersecretary of Defense for acquisition, McDonnell Douglas made the unusual request that an “advanced payment pool” be established which it could draw upon to “handle unforeseen events and provide for temporary surges.”
By JOHN D. MORROCCO6 min