Ditch, Eggshape recently posted about Ford (#1657).
On ALU, from today's NewsWeek:
<Lenders Seek Allou Bankruptcy
By Jamie Herzlich and Alan Wax
Staff Writers
April 9, 2003, 12:07 PM EDT
Three lenders of Allou Distributors today sought to force the Brentwood-based health and beauty aids distributor into bankruptcy.
Allou Distributors is the main subsidiary of Allou Healthcare Inc., a publicly traded company.
The creditors, who are owed a total of more than $67 million, filed an involuntary Chapter 11 petitition in U.S. Bankruptcy Court in Central Islip.
The creditors are Congress Financial Corp., Citbank, and LaSalle Business Credit. In court papers filed Wednesday they claimed that their loans are secured by Allou's inventory, accounts receiveable and assets. They said an inquiry has found that "a material portion of the assets intended to secure the indebtedness does not exist."
Allou distributes consumer personal care products and prescription pharmaceuticals on a national basis. The Company also manufactures upscale hair and skin care products for sale under private labels.
In September, a warehouse fire in Brooklyn destroyed more than $80 million of inventory and investigators said the fire was intentional. Allou, which has not been implicated in the fire, is suing its insurers for more than $130 million that have have refused to pay. > |
