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REVCO PLAN ACCEPTED BY CREDTIORS; COURT TO CONSIDER CONFIRMATION

 REVCO PLAN ACCEPTED BY CREDTIORS; COURT TO CONSIDER CONFIRMATION
 TWINSBURG, Ohio, March 9 /PRNewswire/ -- Revco D.S. Inc. today announced that all creditor groups have voted in favor of accepting the company's plan of reorganization.
 Revco reported that creditors representing 99.74 percent of claims voted to accept the Revco plan.
 Boake A. Sells, Revco chairman and chief executive officer, said, "We are very pleased that Revco's creditors have accepted our plan, with such a clear mandate to get Revco out of bankruptcy immediately. We hope Judge White will be able to confirm the plan without delay."
 A hearing is scheduled for March 11, 1992, in U.S. Bankruptcy Court in Akron, Ohio, where the Court will consider confirmation of the Revco plan. For the plan to be confirmed, the Court must find, among other factors, that it is in the best interest of creditors and the need for further financial reorganization would be unlikely.
 If the court confirms the plan of reorganization, issuance of cash and securities to creditors will take place at the time the plan becomes effective. Revco expects this to occur within four to six weeks following confirmation.
 Revco operates 1,150 drug stores in nine contiguous eastern states. The privately held company, based in Twinsburg, Ohio, has annual sales in excess of $1.9 billion, filing more than 46 million prescriptions a year.
 -0- 3/9/92
 /CONTACT: Diana Lueptow of Revco D.S. Inc., 216-425-9811, ext. 6145, or 216-487-1060, direct/ CO: Revco D.S. Inc. ST: Ohio IN: REA SU:


KK -- CL007 -- 6353 03/09/92 11:09 EST
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Publication:PR Newswire
Date:Mar 9, 1992
Words:265
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