GROS- Grossman's: A $.70 value play Message Board

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Microcap & Penny Stocks : GROS- Grossman's: A $.70 value play

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To: Albert B. Kisselburgh who wrote (169)	9/17/1997 12:53:00 PM
From: ken whited	of 174

Grossman's reaches tentative agreement to reorganize Canton, Mass. - Sept. 16, 1997 - Grossman's Inc. has reached a tentative agreement with its creditors' committee on a reorganization plan that would have the retailer emerge from bankruptcy in November as a privately-held company. As part of the deal, Jeld-Wen Inc. would own half of Grossman's when it emerges from bankruptcy. The plan, which is still subject to bankruptcy court approval, would appoint Jeld-Wen, which is currently Grossman's debtor-in-possession lender, equal owners of the 44-unit retailer along with certain creditors. Under the basic terms of the reorganization plan, all unsecured creditors holding claims of $25,000 or less would receive 23 cents on the dollar. Unsecured creditors with claims of over $25,000 would receive 17 cents on the dollar and share in 50 percent of the common stock in the reorganized Grossman's. Under the plan, existing shareholders would not be able to receive an interest in the reorganized Grossman's. (c)1997 National Home Center News [ Top of Page ]

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