Huge write-downs on failed investments and the sale of unprofitable assets were mainly responsible.

Olympus has admitted that a handful of former and current executives set up a scheme to obscure losses by illicitly keeping unprofitable assets off its books.

Even so, by the end of his reign Henry VII had decided that some at least of his remoter forests were unprofitable assets.

Liquid assets, however, tend to be unprofitable and profitable assets tend to be illiquid.

During an exchange about Mr. Skilling's desire to rid Enron of unprofitable international assets, Mr. Berkowitz cut him off when he tried to further explain himself.

For the time being, there is no question that the complex task of reconciling such faraway operations with the cutting-edge but unprofitable assets resulting from Cable and Wireless's acquisition strategy is weighing on the company.

The major power marketers have struggled over the last few months to restore their reputations and shore up their finances, mainly by selling unprofitable assets and disclosing more about their often-opaque finances.

The saturation of the warehouse club market coupled with Kmart's need to eliminate unprofitable assets will make it difficult for Kmart to demand a good price for the PACE stores, analysts said.

Mr. Williamson was brought in from Duke Energy to overhaul Dynegy, sell unprofitable assets and settle shareholder suits as well as government investigations.

The industry's earnings are declining, and bankers are casting about both to sell unprofitable assets and find new, profitable businesses.