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Hearing to be Held on Disclosure of Credit Risk
Scores to Consumers
The Financial Institutions and Consumer Credit Subcommittee of the House
Banking and Financial Services Committee will hold a hearing at 10 a.m.,
Thursday, Sept. 21, on legislation that would amend the Fair Credit
Reporting Act. The bill, H.R. 2856, would require a consumer
reporting agency, on request, to disclose to the consumer all
information in the consumer’s file, including credit scores or any
other risk scores or predictors relating to the consumer. The
current law requires file disclosure, but prohibits construing the
requirement to require discloser of credit or risk scores. The
subcommittee is chaired by Rep. Marge Roukema (R-N.J.).
Electronic Business Services Files Chapter 11
Electronic Business Services Inc. and its QuickCredit Corp. subsidiary
filed chapter 11 in the U.S. Bankruptcy Court, Southern District of
Florida, on Sept. 1, according to a newswire report. Electronic
Business Services creates software and provides services to the mortgage
lending and credit agency industries. The company's latest
quarterly report, filed with the SEC on Aug. 18, lists assets of
$3,516,418 and liabilities of $7,213,741 as of June 30.
WCI Steel Formalizes Interest In Acme Steel
Acme Metals Inc. filed a motion Friday in U.S. Bankruptcy Court,
Delaware District, seeking approval of expense reimbursement and bidding
procedures, according to a newswire report. The procedures
included provisions for a break up fee and minimum overbid in certain
circumstances relating to a potential sale of certain assets of its
wholly-owned subsidiary, Acme Steel Co., to WCI Steel Inc., a
wholly-owned subsidiary of Renco Steel Holdings Inc. Acme Metals
Inc. filed for bankruptcy on Sept. 28, 1998. The motion
seeks approval for the reimbursement of expenses related to the
completion of due diligence by the Warren, Ohio-based WCI. This
will permit WCI to continue with its due diligence related to the
evaluation of environmental, operational and information systems as well
as other matters.
PageNet Wins Approval of Disclosure Statement
PageNet Friday announced that the U.S. Bankruptcy Court for the District
of Delaware has approved its disclosure statement filed in connection
with its plan of reorganization under chapter 11, according to a
newswire report. A hearing has been scheduled for Oct. 26 to
confirm the Dallas-based company’s plan of reorganization, which
would permit a prompt emergence from bankruptcy and the consummation of
PageNet's merger with Arch Communications Group Inc. The court
also granted final approval of PageNet's $50-million
debtor-in-possession financing facility.
In addition, the court dismissed a motion by
Metrocall to terminate PageNet's exclusive right to file a plan of
reorganization, allowing PageNet to proceed with the solicitation of its
stakeholders' votes to confirm the plan of reorganization and to
consummate the Arch merger. Arch and PageNet announced their
merger agreement last November. PageNet is a provider of wireless
messaging and information services. Arch Communications Group
Inc., based in Westborough, Mass., is a two-way Internet messaging and
wireless data company.
Involuntary Bankruptcy Petition Filed Against The
Children's Beverage Group Inc.
A petition for involuntary bankruptcy was filed against The
Children's Beverage Group Inc. on Friday, according to a newswire
report. Jon Darmstadter President and CEO of the Northbrook,
Ill.-based company said, “We believe the claims supporting this
bankruptcy petition are unwarranted and malicious. We will
vigorously defend our position based on the facts to be provided so that
we may move forward with our aggressive business plan which includes the
production of the patented ‘Rip it Sip it’ no-spill pouches
in our state of the art facility to be constructed in Rochester,
N.Y.” The Children's Beverage Group Inc. is a beverage
company directed at the billion-dollar-plus children's beverage
market.
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