Value Merchants Inc. receives court approval of its disclosure statement; prepares to submit...
MILWAUKEE--(BUSINESS WIRE)--April 12, 1995--The United States Bankruptcy Court in Milwaukee has approved the Disclosure Statement related to the Plan of Reorganization of Value Merchants Inc. (OTC - VUMIQ.BB) and its wholly-owned subsidiary Everything's A Dollar Inc.
The company now will submit
``The Plan has the support of the Company's Secured Creditors and the Official Unsecured Creditors' Committees,'' Steven J. Appel, president and chief executive officer stated. ``The Company and the Creditors' Committees believe that the Plan provides the greatest and earliest possible recovery to the creditors and will improve the financial condition of the Company. If the Plan is approved by the Unsecured Creditors and the Court, the Company could emerge from bankruptcy by June 1995,'' Appel said.
As part of the Plan, three participants in the senior secured loan have agreed to convert a significant portion of their secured debt to equity and unsecured long-term notes. Unsecured creditors will receive stock in the company for their claims. The company has arranged for an investment banker to use its best efforts to affect the sale of stock of those unsecured creditors who elect to participate in an offering subsequent to the company's emerging from bankruptcy. Current shareholders will retain an interest in the company.
CONTACT: Value Merchants Inc., Milwaukee
Gary I. Kastel, 414/274-2575
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