Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, September 9, 1993 TAG: 9309090333
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
RICHMOND - Best Products Co. Inc. said Wednesday it plans to emerge from bankruptcy court in February, three years after the catalog showroom company filed for protection from its creditors.
Under the reorganization plan filed in U.S. Bankruptcy Court in New York, the Richmond-based retailer will distribute about $70 million in cash to its creditors and will issue 31.7 million shares of new common stock worth $323 million, making most of its creditors Best's new owners.
The company filed for Chapter 11 protection in January 1991 when it couldn't pay its mammoth debt from a leveraged buyout in 1988.
Best operates 159 showrooms and 15 Best Jewelry stores in 22 states. Before it filed for bankruptcy protection, it had 195 showrooms and 33 jewelry stores. - Associated Press
Mercedes to disclose site pick next month
FRANKFURT, Germany - Mercedes-Benz will announce the site of its proposed U.S. assembly plant at an Oct. 1 news conference, company officials said Wednesday.
South Carolina, North Carolina, Georgia, Alabama and Virginia are competing for the plant. Virginia is pushing a site in Warren County.
The German luxury car and truck maker plans to invest $300 million to build its first American plant, where it will build a sport-utility vehicle. - Associated Press
Unilever to buy Kraft ice cream business
Unilever United States Inc., parent of Elizabeth Arden Co. in Roanoke, and Kraft General Foods Inc. said Wednesday they have agreed that Unilever will buy Kraft's ice cream business with annual sales near $500 million.
Kraft, a subsidiary of Philip Morris Cos., will retain a license to use the Breyers and Sealtest brand names on existing non-ice-cream products. Unilever would acquire a license to continue to use Light 'N' Lively and Knudeen brand names on ice cream products.
The deal allows Unilever to enter the bulk ice cream market. It already sells ice cream novelty items under the Good Humor, Popsicle and Klondike brands. - Associated Press
by CNB