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Non-Tech : Loewen Group
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To: thomas todd bishop who wrote ()7/12/1999 11:36:00 AM
From: MF  Read Replies (1) of 277
 
Post says Loewen hits bankruptcy court snag

Loewen Group Inc (The) LWN
Shares issued 74,061,750 Jul 9 close $0.92
Mon 12 Jul 99 In the News
The Financial Post reports in its lead business story in its Monday edition
that over 200 mom-and-pop funeral home owners have won a small, early round
victory against Loewen Group, with a United States bankruptcy court judge
saying he wants to hear more detailed arguments on why the Canadian giant
should be allowed to cancel years of promised payments. Reporter Sandra
Rubin says the former owners all sold their family-owned companies to
Loewen for cash up front and contracts providing payments spread out over
years. The judge said after a sometimes feisty 90-minute hearing on Friday
that he was troubled by some aspects of Loewen's motion to reject the
contracts, including notice being sent out at the start of the July 4 long
weekend. He has decided to hear oral arguments on Aug. 31. Delaware's
bankruptcy court is known for its pro-business reputation and willingness
to give companies that are restructuring extremely wide latitude. The
disputed contracts are only in the U.S., where Loewen snapped up about 900
funeral homes before its 14-year buying spree came to a screeching halt due
to debt problems.
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