Confirmation hearing regarding Plan of Reorganization for Value Merchants is recessed.MILWAUKEE--(BUSINESS WIRE)--May 26, 1995--The confirmation hearing today in 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. in Milwaukee regarding the Plan of Reorganization for Value Merchants Inc. (VUMIQ.BB) was recessed to June 15, 1995 pending finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of a commitment for an exit financing facility for the company and notification to creditors and shareholders of Plan modifications. A notice will be sent to all creditors and shareholders explaining the modifications which have been made to this Plan. The Plan will be considered for confirmation on June 15, 1995. It is anticipated that if the Plan is confirmed, the effective date will be approximately June 27, 1995. In the balloting in connection with the Plan, unsecured creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. and shareholders of Value Merchants Inc. and unsecured creditors of its subsidiary company Everything's A Dollar voted to accept the Joint Plan of Reorganization. Of those casting ballots, 98 percent of the Value Merchants unsecured creditors, 96 percent of the Everything's A Dollar unsecured creditors and 93 percent of the Value Merchants shareholders voted to accept the Joint Plan. ``Over the past several weeks, we have been in intense negotiations with our lenders to reformulate Verb 1. reformulate - formulate or develop again, of an improved theory or hypothesis redevelop formulate, explicate, develop - elaborate, as of theories and hypotheses; "Could you develop the ideas in your thesis" the company's exit financing package to satisfy their requirements and improve the company's capital structure,'' Steven J. Appel, president and chief executive officer stated. ``When implemented, the new financing package is expected to significantly improve the company's working capital and ability to properly merchandise its operations,'' he said. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Appel, what remains is for the lenders to formally commit and for all participants to document the transaction in writing. Drafts have already been circulated. Regarding corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. , the Alternate Board of Directors as provided for in the Plan will become effective 10 days after the company emerges from bankruptcy since it is unlikely that the sale of unsecured creditors new stock will take place at this time. To assure the company's lenders there will be continuity of management, Appel has been added to the new board as its chairman and will continue to serve as chief executive officer. CONTACT: Value Merchants Inc., Milwaukee Gary I. Kastel, 414/274-2976 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion