IN BRIEF.VALLEY INDEX JUMPS: The Daily News/Bloomberg Index rose 1.25 to 136.46, led by Guitar Center Inc. of Calabasas and Newhall's Special Devices Inc. Guitar Center rose 2-5/8 to 30. Special Devices rose 1-5/8 to 35. - Daily News L.A. GEAR PLAN OK'D: A 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. judge approved 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. of Santa Monica-based L.A. Gear, paving the way for the beleaguered be·lea·guer tr.v. be·lea·guered, be·lea·guer·ing, be·lea·guers 1. To harass; beset: We are beleaguered by problems. 2. To surround with troops; besiege. athletic-shoe maker to emerge from bankruptcy. The plan converts $60 million of debt into Series A convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . It also converts its Series B preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. into new common stock. L.A. Gear's existing common shares are terminated. - Daily News RYAN HERCO HERCO Hershey Entertainment and Resort Company PURCHASE: Burbank-based Ryan Herco Products Corp., a distributor of pumps, tubing, pipes and other products that transport fluids, is buying Plastic Piping Systems from its Thorndale, Pa.-based parent, G.O. Carlson Inc., effective July 13. The purchase price was not disclosed. The acquisition gives Ryan Herco an East Coast network, fitting into its plans of expanding nationally. Ryan Herco has 17 mainly Western branches, while Plastic Piping has eight East Coast locations. - Daily News BANK OPENS: First Bank & Trust, a subsidiary of First Banks Inc., is scheduled to open its new Woodland Hills branch Friday at 5939 Canoga Ave., in the Warner Center. First Bank & Trust has 133 branches in California, Missouri, Illinois and Texas and more than $4 billion in assets. - Daily News EARNINGS Four Media Company Burbank-based provider of technical and creative services to the entertainment industry. May 3rd Qtr. 1998 1997 Sales $39.1 million $23.7 million Net Income (Loss) ($1.3 million) $1.2 million Net Per Share (12 cents) 12 cents The company posted a $2.4 million extraordinary loss on early extinguishment of debt. |
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