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Strouds Declares Bankruptcy, Closes Nine
Stores
Ailing retailer Strouds Inc. said yesterday it would close nine of its
70 home product stores in reorganization while seeking protection from
creditors under federal bankruptcy law, according to a Reuters
report. The City of Industry, Calif.-based company, whose stores
sell bed, bath and home textile products, said it expects to have enough
goods on hand to make it through the key year-end holiday season, when
retailers generally do much of their annual business.
Strouds said it had a commitment for up to $50
million in financing to fund operations while it restructures. The
nine stores being closed are either underperforming or unprofitable and
will be shut down over the next 60 to 90 days and range in location from
Illinois to Minnesota, Nevada and California.
Vencor Exclusive Period Extended to Sept.
29
Vencor Inc., a hospital and nursing home operator operating under
chapter 11 protection, said yesterday that the U.S. Bankruptcy Court for
the District of Delaware granted the company's request to extend its
exclusive right to file a reorganization plan through Sept. 29,
according to a Reuters report. Vencor, the nation's second-largest
provider of long-term health care, is in negotiations to complete a
consensual reorganization plan to bring the company out of bankruptcy
with its creditors, including Ventas Inc., the landlord of Vencor's
facilities.
The Louisville, Ky.-based company has continued to
participate in talks with the U.S. Department of Justice about the
negotiations since the agency began investigating claims that Vencor
defrauded Medicare of $1 billion in 1992. Last month, Vencor
entered a tentative agreement with the U.S. Department of Health and
Human Services to resolve allegations of poor quality of care and
billing abuses.
SafetyTips.com Subsidiary Buys APBnews.com
Assets
New APB News Inc., a wholly owned subsidiary of SafetyTips.com,
yesterday purchased all the assets of APBnews.com during an auction held
by the U.S. Bankruptcy Court, according to a newswire report. The
Waltham, Mass.-based company’s assets were purchased for
$575,000. “We are pleased with the outcome of the auction
and look forward to reviving an extraordinary media and consumer
resource,” said SafetyTips.com CEO Yovette Mumford. She reiterated
that this relationship allows the two companies to combine their
resources to provide an even greater service to the public. “The
quality of the content will continue to live on through New APB News
Inc.”
APBnews.com has been operating under chapter 11 since July 5.
SafetyTips.com is a one-stop information and training resource for
companies and their employees, and a comprehensive safety resource and
community for consumers on the Internet.
United Artists Theatre's First Day Motions Approved by Bankruptcy
Court
United Artists Theatre Company announced yesterday that all of the
relief sought by the company on the first day of its chapter 11
proceedings has been approved by the U.S. Bankruptcy Court in Delaware,
according to a newswire report. These approvals will allow United
Artists to continue operating in the ordinary course of business during
its chapter 11 proceedings. In addition to the approval of these
first-day motions, the court also established a process schedule that
provides for a hearing on confirmation of the company's reorganization
plan on Jan. 22, 2001.
State Street Asks Court To Select KCS Energy Equity Panel
S tate Street Research & Management Co., which holds at least 10% of
KCS Energy Inc.'s (KCS) common stock, is asking the court overseeing
KCS' Chapter 11 bankruptcy proceedings to appoint an official committee
of equity security holders. KCS' official committee of unsecured
creditors objected to State Street's motion and was joined by Credit
Suisse First Boston, which holds a major stake in KCS' bonds.
Courtesy of
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2000.
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