Grossman1s reorganization plan gets green light from judge
Wilmington, Del. - Dec. 9, 1997 - Grossman1s Inc. received U.S.
Bankruptcy Court approval yesterday for its Chapter 11 reorganization
plan, according to a spokesman at Young, Conaway, Stargatt & Taylor, the
Wilmington, Del.-based law firm that represented the retailer.
The plan originally called for, among other provisions, Jeld-Wen Inc.
and a group of Grossman1s largest unsecured creditors to assume joint
ownership of the 44-unit retailer. The spokesman declined to comment on
whether the presiding judge, Peter J. Walsh, required any changes to the
plan. The news service Federal Filings reported that any objections to
the plan were either withdrawn or overruled by the court. Should the
court officially sign off on the order today, as was anticipated, the
plan would become effective on Dec. 22.
Grossman1s senior executives were en route to the company1s headquarters
in Canton, Mass., today and unavailable for comment by press time. |
