Continental Grain Makes Announcement.NEW YORK--(BUSINESS WIRE)--Oct. 8, 1998--Continental Grain Company affirmed today its continued support of ContiFinancial Corporation (NYSE NYSE See: New York Stock Exchange :CFN CFN Center for Functional Nanomaterials CFN Companhia Ferroviaria do Nordeste (Brazil) CFN Commercial Fueling Network CFN Conselho Federal de Nutricionistas (Brazil) ) which is 75% owned by Continental Grain. Paul Fribourg, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Continental Grain, said, "While developments in the capital markets have adversely affected the mortgage industries in which ContiFinancial and its subsidiaries operate, we believe that ContiFinancial has the capability necessary to operate in this market environment. We have complete confidence in ContiFinancial, its businesses, its management and its employees." In light of these extraordinary developments in the capital markets, Continental Grain Company indicated it is prepared to provide financial support to ContiFinancial, under the appropriate conditions, should ContiFinancial have a need for liquidity in the future. Continental Grain also announced today that it plans to periodically purchase up to 2.5 million shares of Common Stock of ContiFinancial in the open market at prevailing market prices, subject to market conditions. ContiFinancial Corporation, a consumer and commercial finance company, provides financing and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. services, and is a leading originator, securitizer, and servicer of home equity loans. Continental Grain Company is an international agribusiness and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. concern based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . It maintains leading positions in meat production and processing, commodity marketing, feed and flour milling, and consumer and commercial finance. |
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