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SUNSHINE-JR. STORES, INC. FILES REORGANIZATION PLAN

 PANAMA CITY, Fla., Aug. 27 /PRNewswire/ -- Sunshine-Jr. Stores, Inc. (AMEX: SJS) announced that today it has filed a disclosure statement and reorganization plan with the United States Bankruptcy Court for the Middle District of Florida, Tampa Division. SJS filed for Chapter 11 protection under the Bankruptcy Code on Dec. 18, 1992. The reorganization plan was submitted after the review and approval by the company's board of directors.
 Terms of the reorganization plan call for SJS to repay creditors in full, with interest. For unsecured creditors, the plan calls for repayment of allowed claims, plus interest, with a security interest to be given in certain collateral. The plan will be funded in part by the sale of excess properties and approximately 100 stores. Chairman of the board for SJS, Paul Martin, commented, "This plan is a real tribute to the constituents working with the company. We expect to emerge from Chapter 11 protection and to continue operating as a strong and viable company, thereby providing the job security for our employees that they deserve. We received valuable input from the creditor committee in developing this plan and I am confident that the plan has the support of our supplier community. In fact, many of our suppliers have begun extending normalized trade credit relations with the company. We expect this plan to be confirmed."
 President and CEO for SJS, Ron Shouse, said, "We are confident that we will be able to carry out the terms of this plan. The company has taken an aggressive stance in reducing expenses, in continuing our positive trend in same store sales and revenues, and in selling our properties. The employees of this company can be proud that their efforts and hard work will allow us to repay our creditors in full, with interest."
 After approval of the disclosure statement by the Bankruptcy Court, the reorganization plan will be submitted to a vote by the creditors for their approval. In the event that a consensual agreement cannot be reached, the company's plan provides for an alternative treatment to unsecured creditors that still pays the full amount of all claims, with interest. The reorganization plan does not call for the issuance or pledge of any stock, however the plan calls for restrictions on dividend payments or other distributions to shareholders until the creditors are fully discharged. Under the plan, the existing outstanding shares will remain unchanged.
 Sunshine-Jr. Stores operates, as debtor-in-possession under Chapter 11 of the Bankruptcy Code, approximately 275 convenience stores located in Florida, Alabama, Mississippi, Georgia, and Louisiana.
 -0- 8/27/93
 /CONTACT: Scott Coffman of Sunshine-Jr. Stores, Inc., 904-769-1661/
 (SJS)


CO: Sunshine-Jr. Stores, Inc. ST: Florida IN: REA SU: BCY

AW-JB -- FL004 -- 6774 08/27/93 17:09 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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