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

DATE: WEDNESDAY, November 16, 1994                   TAG: 9411160115
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: MAG POFF STAFF WRITER
DATELINE:                                 LENGTH: Medium

BOOKS BECOME RE-BOUND

Books, Strings & Things Inc. expects to file a final plan for financial organization today, more than six months after the company sought bankruptcy protection from its creditors.

Thomas B. Dickinson, attorney for the company, said creditors have agreed to sign the document, which contains only minor technical changes from one filed with the court in early September.

He said the plan provides for Books, Strings and Things to pay its unsecured creditors 60 cents on each dollar owed by the company. The money will be repaid with revenues from operation of the stores over the next seven years.

Books, Strings and Things, which sells books and musical recordings, has two stores, one in downtown Blacksburg, where the company began in the 1960s, and another on the Roanoke City Market. It filed for Chapter 11 bankruptcy reorganization in U.S. Bankruptcy Court for the Western District of Virginia at Roanoke April 25. The company listed liabilities of $1.1 million and assets of $1.5 million.

Dickinson said the company's largest creditor, NationsBank Corp., has agreed to vote in favor of the plan. Until recently, NationsBank's lawyers had argued that the stores should be closed and proceeds from sale of the inventory used to repay debt.

Dickinson said he expects the plan to be approved by the court, probably without dissent, at a Dec. 14 hearing.

NationsBank is handling the case through its office at McLean. A spokesman there could not be reached Tuesday.

Dickinson said he plans to make revisions agreed to at a Monday court hearing, then circulate it for signatures today. He said he expects the plan to be filed with the court before the day is over, or, if it cannot be signed by everyone, no later than Thursday.

Documents filed with the court this week show that the stores had net income of $2,530 during October. That came after paying expenses totaling $96,705. Sales for the week ended Oct. 23 totaled $18,730.42.

For the first 10 months of this year, Books, Strings and Things has had net income of $20,892.36, according to exhibits filed in the case.

by CNB