GRAND UNION FILES SECOND AMENDED CHAPTER 11 PLAN.WAYNE Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. , N.J.--(BUSINESS WIRE)--April 19, 1995--The Grand Union Company announced today that it has filed its Second Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. Chapter 11 Plan and corresponding Disclosure Statement. The amended Plan incorporates a settlement with, among others, the official creditors committee of Grand Union's parent, Grand Union Capital Corporation (GUCC GUCC Georgia Utility Coordinating Council ). The settlement provides, among other things, for two series of warrants to be issued under the Plan to holders of GUCC Zero Coupon notes. Both series of warrants will have a term of five years from the effective date of the Plan. Series 1 warrants will consist of 300,000 warrants having an exercise price of $30 per share of new common stock. Series 2 warrants will consist of 600,000 warrants having an exercise price of $42 per share of new common stock. Ten million shares of new common stock will be issued under the Plan. The Plan allocates 80% of the warrants to the holders of the Senior Zero Coupon Notes and 20% of the warrants to the holders of Senior Subordinated Zero Coupon Notes. Grand Union also announced that it has proposed that the previously scheduled May 18, 1995, confirmation hearing be rescheduled for May 31, 1995, to accommodate the Bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most Court's notice requirements. A Grand union spokesman said "We are pleased that we have been able to reach agreement with the principal parties affected by Grand Union's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). consistent with the accelerated timetable established at the commencement of the Chapter 11 case." CONTACT: The Grand Union Co. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. C. Vaillancourt, 201/890-6100 |
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