Apex One, Inc. bankruptcy plan confirmed.NORTH READING, Mass.--(BUSINESS WIRE)--Feb. 12, 1997-- Converse Inc. (NYSE NYSE See: New York Stock Exchange :CVE (Common Vulnerabilities and Exposures) A list of information security exposures and vulnerabilities sponsored by US-CERT and maintained by the MITRE Corporation. ) today announced that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of New Jersey confirmed a plan of orderly liquidation in the Chapter 11 Bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party involving Converse's subsidiary, Apex One, Inc. As previously announced, the plan includes a payment of $4 million by Converse to the Apex bankruptcy estate and the relinquishment of Converse's claims against the Apex estate. The plan also includes a permanent injunction permanent injunction n. a final order of a court that a person or entity refrain from certain activities permanently or take certain actions (usually to correct a nuisance) until completed. barring Apex creditors from commencing or continuing any lawsuit against Converse which relates to Apex. Therefore, as a result of the plan, lawsuits seeking total monetary damages Monetary damages, in civil law, refers to compensation given to an injured party by a liable party. Monetary damages may be restitution, a penalty, or both. of approximately $6.3 million filed by several Apex creditors against Converse will be terminated. In connection with the plan, Converse also announced that it has settled claims against several additional Apex sellers who were not participants in the trial, the results of which were announced by Converse on February 4, 1997. These settlements will result in the cancellation of approximately $3.5 million principal amount of Converse promissory notes, surrender of warrants to purchase approximately 0.5 million shares of Converse common stock and cancellation of other obligations of Converse in the net amount of approximately $1.5 million. All of the foregoing were issued by Converse in connection with the purchase of Apex. Converse, the largest U.S. manufacturer of athletic footwear, is a leading designer, manufacturer and marketer of high quality athletic and leisure footwear and is a licensor of sports apparel and accessories that are distributed worldwide through over 9,000 athletic specialty, sporting goods, department and shoe stores. CONTACT: Converse Inc., North Reading Investor Contact: Donald J. Camacho, 508/664-1100; Morgen-Walke Associates Christine DiSanto/Caroline Babbitt, 212/850-5600 or Media Contact: Jennifer Murray, 508/664-7521; Helen Fletcher, 508/664-7509; Morgen-Walke Associates Jeff Siegel, 212/850-5600 |
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