Erly Industries Inc.Erly Industries Inc. of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and American Rice Inc. of Houston announced that they have entered into a merger agreement with Comet comet [Gr.,=longhaired], a small celestial body consisting mostly of dust and gases that moves in an elongated elliptical or nearly parabolic orbit around the sun. Comets visible from the earth can be seen for periods ranging from a few days to several months. Rice Inc., a Los Angeles-based subsidiary of Erly. The agreement calls for a merger between American Rice and Comet that would result in all of the assets and liabilities formerly held by Comet to be held by a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of America Rice. Erly would receive approximately 17.2 million shares of convertible preferred in exchange for all the stock of Comet. Before the merger, Comet is to transfer its 48 percent interest in American Rice to Erly in exchange for cash, allowing Comet to pay off certain long term debts. The agreement is subject to several closing conditions, including the approval of American Rice's and Comet's lenders and certain debt refinancing Refinancing An extension and/or increase in amount of existing debt. . |
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