Business Services Industry
Holly Products announces settlement on behalf of Country World Casinos
Business Wire, Nov 22, 1996
BALA CYNWYD, Pa.--(BUSINESS WIRE)--Nov. 22, 1996--Holly Products Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPP) today announced a settlement between Country World Casinos Inc. and Tommyknocker Casino Corp./New Allied Development Corp. in accordance with the bankruptcy court order of Nov. 5, 1996.
It is estimated that Country World saved approximately $700,000 in the ruling put forth by the court.
William H. Patrowicz, president of Holly Products Inc., stated, "It is of great comfort to have this milestone behind us. We will now diligently work with the remaining unsecured creditors in accordance with the court's May 1996 order, to resolve and pay everyone in the shortest possible time frame."
Holly Products Inc., headquartered in Bala Cynwyd, has a wholly owned subsidiary, Navtech Industries Inc. of Shiprock, N.M., and a majority-owned subsidiary, Country World Casinos Inc. of Denver. Navtech is a manufacturer and tester of electronic components for casino equipment, hotel equipment and signage. Country World Casinos Inc. is a development corporation whose plan is to construct a casino in Black Hawk, Colo., as well as a hotel complex.
CONTACT: Holly Products, Bala Cynwyd
William H. Patrowicz, 610-617-0400
or
Martin E. Janis & Co., Chicago
Elliott Jacobson, 312/943-1100
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