OTHER NEWS - Dec. 1, 1992
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Global Van Lines Signs Pact for Line of Credit: Global Van Lines Inc. said Monday it has signed an agreement with Congress Financial Corp. to provide it with a $9-million revolving line of credit for ongoing operations. The moving and storage company, based in Orange, had a line of credit with Home Federal Savings & Loan, but the lender was seized by federal regulators and is now operated by the Resolution Trust Corp. Global officials said the company paid off the balance of its loans with Home Federal. Congress, a subsidiary of CoreStates Financial Corp. in Philadelphia, will provide the financing through its regional office in Los Angeles. Global Chairman Lawrence Coleman said the credit will help the company weather seasonal dips in cash flow.
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