Distribution firm agrees to sale as bankruptcy ends. (Retail).BMK BMK Benzyl Methyl Keton BMK Bookmarked File BMK Benchmark Inc., one of the country's largest distributors of general merchandise to drugstores and supermarkets, has entered into an agreement to be sold to an affiliate of Florida-based Sun Capital Partners Inc. for $55 million in cash as it prepares to emerge from Chapter 11 bankruptcy. Sun is expected to invest additional funds to capitalize the business and keep the current staff, said BMK Chief Executive Richard Craig Richard W. Craig (August 26, 1877—July 16, 1966) was a politician in Manitoba, Canada. He served in the Legislative Assembly of Manitoba from 1922 to 1927, and was a cabinet minister in the government of John Bracken. . The sale must be approved by 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. on April 10 and is subject to overbids. BMK, a Commerce-based company that filed for bankruptcy protection in December, expects to receive competing bids until mid-May and then close a sale as soon as possible, Craig said. "We're a good company that had some capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. issues," said Craig, who has made at least eight presentations to interested investors. Two more presentations were planned. Craig said the company has $400 million in annual revenues and is profitable, but it also has taken on more than $100 million in debt after several of its customers filed for Chapter 11 bankruptcy protection, including Furrs Supermarkets Inc., Phar-mor Inc., and Drug Emporium Drug Emporium is the name of a discount drug store corporation, founded in 1977 in Columbus, Ohio, that was sold to several different buyers during 2000 to 2001. Although several store locations continue to use the Drug Emporium name, these locations are no longer affiliated with Inc. BMK, founded in 1960, distributes everything from cosmetics to pet supplies to the country's major supermarkets such as Ralphs and Albertson's. |
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