ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, August 3, 1994                   TAG: 9408030084
SECTION: BUSINESS                    PAGE: B8   EDITION: METRO 
SOURCE: 
DATELINE: HENDERSON, N. C.                                 LENGTH: Short

ROSE'S, CREDITORS AGREE ON PLAN

Rose's Stores Inc. said Tuesday it had reached agreement with its major creditor groups on a bankruptcy reorganization plan, clearing the way to end court protection and oversight.

The plan submitted late Monday in U.S. Bankruptcy Court in Raleigh would repay the discount retailer's unsecured creditors, mainly merchandise vendors, with 100 percent of the common stock in the reorganized company.

It is expected that unsecured creditors will present claims of more than $120 million by the time the plan is put into effect, said Ed Anderson, Rose's executive vice president and chief financial officer.

-Associated Press 


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