Caldor receives extension of exclusivity period.NORWALK, Conn.--(BUSINESS WIRE)--July 31, 1996--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. The exclusivity period, which had been scheduled to expire on July 31, 1996, has now been extended through February 28, 1997. 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, 1997. In addition, the Company has committed to provide a five-year business plan by November 28, 1996 to its creditors, equity and bank committees, each of which supported the extension of the Company's exclusivity periods. The Caldor Corporation is the fourth largest discount department store chain in the U.S., with annual sales of approximately $2.8 billion. It operates 160 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 products. CONTACT: Wendi Kopsick/Jim Fingeroth Kekst and Company (212) 593-2655 |
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