ROANOKE TIMES 

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

DATE: FRIDAY, December 16, 1994                   TAG: 9501160088
SECTION: BUSINESS                    PAGE: A19   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

ROSE'S AWAITS OK ON REORGANIZATION

Rose's Stores Inc. is waiting for a federal judge to approve a reorganization plan for the Henderson, N.C.-based discount retailer. Judge A. Thomas Small said this week he would approve a restructuring agreement reached by Rose's and its creditors over 15 months of negotiations. Small delayed signing the agreement, however, after an attorney for secured creditors said his firm had not reviewed revisions to a court order drafted the night before.

The proposal would allow Rose's to emerge from Chapter 11 bankruptcy protection on April 30. As part of the agreement, Rose's must reach an earnings goal for the 11 months ending Dec. 31 of $25 million before income tax, depreciation and amortization. Nearly $8 million of that amount must be earned this month. The company will announce whether it met its goal Jan. 20.

If put into effect, the reorganization will transfer almost 100 percent of the company's stock to unsecured creditors, mainly merchandise vendors, in payment of $120 million they are owed.

- Associated Press 


 by CNB