A bank attempted to reopen bidding for Dome.
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The Bank of Montreal announced that it had taken court action in an attempt to reopen bidding for Canada’s debt-ridden Dome Petroleum after Dome creditors failed to approve a $3.86-billion takeover offer by Amoco Corp. Dome’s 56 major creditors gave the April 18 bid from Amoco a cool reception because it offered secured lenders just 88.5 cents on the dollar and unsecured creditors 35 cents on the dollar. Dome’s debts total about $4.7 billion. The Bank of Montreal is owed $626 million and, like other major lenders, wants all of its money back.
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