NVF COMPANY SOLD
Pursuant to the Plan, which is subject to Bankruptcy Court approval, NVF's common stock will be extinguished and NVF will be sold to First Security and Investment Corporation ("First Security"). Upon confirmation, assuming that the sale to First security closes, it is estimated that general unsecured creditors will receive a cash distribution of approximately forty-seven cents on the dollar. The Plan also provides for a recapitalization alternative in the event that the sale to First Security is not consummated. NVF's common stock will be extinguished pursuant to the Plan and NVF stockholders will not receive any distribution.
Both the Disclosure Statement and Plan must be approved by the Bankruptcy Court in a two step process. Once the Disclosure Statement is approved by the Bankruptcy Court, it will be disseminated among creditors who will have an opportunity to vote on the Plan. A hearing on approval of the Disclosure Statement is scheduled for March 4, 1996. There is no assurance that Bankruptcy Court approval will be obtained.
/CONTACT: John J. McNaboe, chief operating officer, NVF Company, 302-239-5281, or Ali M. M. Mojdehi, Baker & McKenzie, Counsel for NVF Company, 619-235-7780/
CO: NVF Company; First Security and Investment Corporation ST: Florida IN: SU:
KW-AW -- FLW002 -- 3284 01/31/96 09:10 EST
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|Date:||Jan 31, 1996|
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