Retail Industry
Industry: Email Alert RSS FeedSpencer Cos. new plan hikes payout to creditors. (footwear retailer)
Daily News Record, February, 1989
Spencer Cos. New Plan Hikes Payout to Creditors BOSTON (FNS) -- Spencer Companies, Inc., a footwear retailer, has signed a letter of intent to be acquired by J. Baker, Inc., and will propose a modified Chapter 11 reorganization plan that would pay unsecured creditors between 60 and 70 percent of their claims.
Paul Moore of Foley, Hoag & Eliot, Spencer's counsel, said the modified plan would pay unsecured creditors 30 percent in cash immediately upon receiving bankruptcy court approval, and the remainder in stock. Spencer's initial reorganization plan, which was confirmed last December, pays unsecured creditors up to 37.5 percent of their claims in either cash or a combination of cash, stock and notes. Baker operates licensed shoe departments in discount...
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