Caldor Receives Extension of Exclusivity Period.NORWALK, Conn.--(BUSINESS WIRE)--August 27, 1997--The Caldor Corporation (NYSE NYSE See: New York Stock Exchange : CLD CLD Called CLD Cloud CLD Cleared CLD Chronic Lung Disease CLD Council for Learning Disabilities CLD Cooled CLD Chronic Liver Disease CLD Clear Direction Flag CLD Certified LabVIEW Developer CLD Causal Loop Diagram ) announced today that the U.S. 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 Southern District of 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 has granted the Company an extension of the period under which it has the exclusive right to file a plan of reorganization with the court. With the full support of its creditor An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence , bank and equity committees, Caldor received an extension of the exclusivity period through February 28, 1998. Likewise, the period in which the Company can solicit acceptances for the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. has been extended through April 30, 1998. This represents a six-month extension of the exclusivity period, which had previously run through September 1, 1997. Warren D. Feldberg, Chairman and Chief Executive Officer, commented, "Caldor has been making solid progress under its five-year business plan, and we are seeing positive results from the actions we are taking. We are pleased to have the continued support of the creditor, bank and equity committees, and this extension will enable us to implement our strategies through the back-to-school and fourth quarter periods and to make refinements as appropriate. Ultimately, this plan will serve as the foundation for Caldor's plan of reorganization. "In addition, our new bank agreement, approved by the court on June 4, 1997, has extended Caldor's $450 million DIP facility through June 15,1998 and will provide us with substantial excess availability as we carry out our plans. Overall, we are very encouraged by our progress and believe our marketing, merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. and financial strategies will position us for a return to profitability and growth," Mr. Feldberg said. The Caldor Corporation is the fourth largest discount department store chain in the U.S., with annual sales of approximately $2.6 billion and approximately 21,000 Associates. It currently operates 157 stores in ten East Coast states. With a strong consumer franchise in high density urban/suburban markets, Caldor offers a diverse merchandise selection, including both softline and hardline merchandise. Information Contacts: Wendi Kopsick/Jim Fingeroth, Kekst and Company: (212) 521-4800 News on Demand Fax Service: (800) 717-1117 Web Site: http://www.businesswire.com/cnn/cld.htm CONTACT: Kekst & Co., New York Wendi Kopsick/Jim Fingeroth 212/521-4800 |
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