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Non-Tech : Marvel Entertainment (MRV) - Turnaround in Sight!
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To: Tony C. who wrote (192)2/13/1998 1:21:00 PM
From: Martin Wormser  Read Replies (1) of 251
 
Under the plan, Toy Biz will merge with Marvel to form a new company. About 41 percent of the new company's stock will go to Toy Biz shareholders and 40 percent to secured lenders led by Chase Manhattan Bank(CMB - news). The Chase consortium would also receive $230.2 million in cash.

That leaves 19% for whom? Marvel shareholders?

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Friday February 13, 12:25 pm Eastern Time

Toy Biz wins court date for Marvel reorganization

WILMINGTON, Del., Feb 13 (Reuters) - A federal judge, in a decision putting Toy Biz Inc's (TBZ - news) reorganization plan for comic book publisher Marvel
Entertainment Group (MRV - news) closer to final approval, on Friday OK'd the plan's financial disclosure statement.

U.S. District Judge Roderick McKelvie approved the statement after Toy Biz amended it this week to address objections about its completeness.

McKelvie also set a hearing for May 4, at which time he will determine whether the plan has received required approval by different classes of Marvel creditors.

Under the plan, Toy Biz will merge with Marvel to form a new company. About 41 percent of the new company's stock will go to Toy Biz shareholders and 40 percent to secured lenders led by Chase Manhattan Bank(CMB - news). The Chase consortium would also receive $230.2 million in cash.
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