Goldman, meanwhile, has told creditors that it will report on the company's finances at the end of month.
Tell creditors personally if any payments will be delayed.
We can't just tell creditors, 'We're the League of Women Voters, so we're not going to pay you.'
But yesterday Mr. Shugrue told creditors he expects the losses to amount to more than $500 million, a person close to the creditors said.
Federated executives told creditors the company would not be "broken up."
Daily News executives told its unions and creditors that it was in no immediate danger of running out of money.
Drexel's chief executive told creditors the firm had done nothing untoward in paying as much as $350 million in bonuses.
Macy's lost $66 million in its latest quarter, double last year, it has told creditors.
At that time, the senior creditors and the company's management, since replaced, told other creditors, including asbestos claimants, that the company was not worth a penny more.
On Tuesday, Chinese officials told foreign creditors of another troubled state company, Guangdong Enterprises Holdings, that had debts of $2.9 billion.