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Non-Tech : International Heritage (IHIN)

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To: Gutterball who wrote (437)	12/4/1998 2:37:00 PM
From: Gutterball	Read Replies (1) of 454

Int'l Heritage says reorganization fails RALEIGH, N.C., Nov 25 (Reuters) - International Heritage Inc. said Wednesday it is not able to develop a viable reorganization plan to continue its operations without the support of creditors and regulators. The company said in a statement that it has closed all U.S. and Canadian offices, released all remaining employees and filed Chapter 7 Voluntary Petitions with the U.S. Bankruptcy Court for the Eastern District of North Carolina. No petition has been filed for the Canadian subsidiary, International Heritage of Canada Inc., the network marketing company said in a statement. On October 26, the company said it planned to discontinue its network marketing operations and transition it to a direct marketing business, selling its products to consumers through Internet, direct mail and media advertising. The company said it does not have sufficient cash flow to continue doing business and is forced to seek bankruptcy protection from the court. Montana recently issued a cease and desist order against the company. In also continued to incur siginificant litigation costs.

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