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=== Financial difficulties, bankruptcies & restructuring (1984 - 2006) ===
 
In 1984, after years of declining profits and mounting debts, Western Union began to negotiate with its creditors regarding debt restructuring.<ref name="nytimes.com">{{Cite news|url=https://www.nytimes.com/1987/12/31/business/western-union-completes-its-crucial-restructuring.html|title = Western Union Completes Its Crucial Restructuring|newspaper = The New York Times|date = December 31, 1987|last1 = Hicks|first1 = Jonathan P.}}</ref> The restructuring was completed in 1987 when investor [[Bennett S. LeBow]] acquired control of Western Union through an outside of chapter 11 process that was a complex leveraged recapitalization.<ref name="nytimes.com"/> The transaction was backed by a total of $900 million in [[junk bonds|high-yield bonds and preferred stock]] underwritten by [[Michael Milken]]'s group at [[Drexel Burnham Lambert]] as part of an exchange offer. LeBow installed [[Robert J. Amman]] as President and CEO who led a complete strategic, operational and balance sheet restructuring of the company over the next six years.
 
Amman executed a strategy of redirecting Western Union from being an asset-based provider of communications services, with a money transfer business as a large but less important part of the business, into being a provider of consumer-based [[money transmitter|money transfer financial services]]. Thus, Amman ran the company as two separate companies. One business consisted of the money transfer business, which was funded and operated to take advantage of the significant growth opportunity. The second unit consisted of all the non-strategic communications assets such as the [[long-distance calling|long-distance]] analog voice network, satellite business and undersea cable assets.
 
In the 3-year period through 1990 Amman was supported by [[Robert A. Schriesheim]], also installed by LeBow, as a special advisor who oversaw the divestiture of the four non-strategic telecommunications assets for about $280 million.
 
The official name of the corporation was changed to [[New Valley Corporation]] in 1991, as part of the company's move to seek bankruptcy protection to eliminate the firm's overleveraged balance sheet while continuing to grow the money transfer business. The name change was used to shield the Western Union name from being dragged through the proceedings (and the resulting bad PR).<ref>{{cite web|url=http://www.fundinguniverse.com/company-histories/New-Valley-Corporation-Company-History.html |title=New Valley Corporation – Company History |publisher=Fundinguniverse.com |access-date=October 3, 2011}}</ref> Under the day to day leadership of Amman and the backing of [[Bennett S. LeBow|LeBow]], the company's value increased dramatically through its years operating under chapter 11.
 
As part of the bankruptcyprocedura proceedingsconcorsuale, Western Union's telegraphy business was sold to [[iTelegram]].
 
Following various restructurings, including negotiations with [[Carl Icahn]] who became a large [[Bond (finance)|bond]] holder, New Valley Corporation was sold in aasta bankruptcy auctiongiudiziaria to First Financial Management Corporation in 1994 for $1.2 billion. In 1995, First Financial merged with [[First Data Corporation]] in a $6 billion transaction.
 
After acquiring the company, First Data Corporation made the decision to relaunch telegraphy services under the Western Union brand.