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REVCO FILES AMENDED PLAN OF REORGANIZATION

 REVCO FILES AMENDED PLAN OF REORGANIZATION
 TWINSBURG, Ohio, Jan. 22 /PRNewswire/ -- Revco D.S., Inc., today


filed an amended plan of reorganization and disclosure statement for Revco and its subsidiaries with the U.S. Bankruptcy Court in Akron, Ohio.
 Boake A. Sells, Revco chairman and chief executive officer, said, "Financially, we believe this plan offers creditors recoveries equal to or better than other plans in this case. It also assures an independent Revco, proposes no massive store closings and preserves thousands of jobs.
 "Further, as this plan does not require the time that would be needed for planning store closings or layoffs and has no due-diligence or anti-trust risks, it carries a high degree of certainty it will be completed and completed soon."
 Gregory K. Raven, Revco executive vice president and chief financial officer, noted that Revco's amended plan includes in excess of $100 million in cash, attractive debt securities, and equity in the reorganized company. The cash recoveries are possible due to Revco's significantly improved operating results, he said.
 The attached summary outlines treatment of the various classes of creditors; the summary does not include all of the provisions of the plan.
 The Bankruptcy Court has set a Feb. 14 hearing on the adequacy of the Revco disclosure statement. This is the same scheduled date as the hearing on the adequacy of the disclosure statement for the proposed amended plan to be filed by the Jack Eckerd Corporation.
 The purpose of a disclosure statement is to provide information adequate to enable creditors and interest holders to make an informed decision in voting on the plans. The disclosure statement describes how creditors and interest holders will be treated under the plan. It includes background and financial projections.
 Upon approval of the disclosure statements by the court, creditors will be given the opportunity to vote on the plans. A hearing on confirmation of the amended Revco plan and the proposed amended Eckerd plan has been scheduled for March 11, 1992. To be confirmed, a plan must gain approval of (1) creditors representing two-thirds of the dollar amount of debt held by those voting in that class, and (2) the majority of creditors voting in that class.
 Until approval of their respective disclosure statements by the Bankruptcy Court and mailing of those statements and plans to creditors, Revco, Eckerd and their prospective advisors are precluded from soliciting creditor votes or commenting in any way on the merits of their plans.
 Revco operates 1,150 drug stores in 10 states. Based in Twinsburg, Ohio, the privately held company has annual sales of $1.9 billion and fills more than 43 million prescriptions a year.
 Summary of Principal Terms: Revco Plan
 Allowed Priority Claims
 Payment in full in cash.
 Allowed Industrial Revenue Bond Claims
 Reinstatement.
 Allowed Bank Claims
 A cash payment of $3,260,000 for bank interest rate differential, and receipt of new 10.125 percent secured notes in the amount of $306,239,112 due June 30, 1999.
 Allowed 11.75 Percent Sinking Fund Debenture Claims
 A cash payment of $6,534,000 for sinking fund interest differential, and receipt of new 11.5 percent secured notes in the amount of $125,000,000 due Dec. 31, 1999.
 Allowed 12.125 Percent Senior Note Claims
 Receipt of new 11.625 percent unsecured notes due Jan. 31, 2002, in the amount of $51,970,313.
 Allowed General Unsecured Claims
 Cash in the amount of $95.590 per $1,000 of allowed claims, and receipt of new common stock in reorganized Revco in the amount of 65.247 shares per $1,000 of allowed claims, plus certain litigation rights against three of Revco's former managers.
 Allowed Convenience Class Claims (claims less than $2,500)
 Payment in cash equal to 75 percent of allowed claim.
 Allowed Small Convenience Class Claims (claims less than $500.00)
 Payment in full in cash.
 Insured Claims
 Treatment as provided under an insurance order previously approved by the Bankruptcy Court.
 Allowed Senior Subordinated Note Claims
 Cash in the amount of $67.467 per $1,000 of allowed claims, and receipt of new common stock of reorganized Revco in the amount of 47.036 shares per $1,000 of allowed claims.
 Allowed Subordinated Note Claims
 Cash in the amount of $15.020 per $1,000 of allowed claims, and receipt of new common stock of reorganized Revco in the amount of 10.472 shares per $1,000 of allowed claims.
 Allowed Junior Subordinated Note Claims
 Cash in the amount of $4.454 per $1,000 of allowed claims, and receipt of new common stock of reorganized Revco in the amount of 3.108 shares per $1,000 of allowed claims.
 -0- 1/22/92
 /CONTACT: Diana Lueptow of Revco, 216-425-9811, ext. 6145, or 216-487-1060/ CO: Revco D.S., Inc. ST: Ohio IN: REA SU:


LC -- CL010 -- 2185 01/22/92 10:33 EST
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Date:Jan 22, 1992
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