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Article: In Store Media Systems, Inc. Files Reorganization Petition to Preserve Shareholder Value.
- Article from:
- PR Newswire
- Article date:
- November 13, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In Store Media Systems, Inc. (BULLETIN BOARD: ISMS) , announced today that it is has filed a petition under Chapter 11 of the Bankruptcy Code in United States Bankruptcy Court for the District of Colorado. The Company has petitioned to continue operations as Debtor in Possession and will file a Plan of Reorganization that will propose to pay all undisputed creditor claims in full. In Store Media Systems will also file an adversary action against Let's Go Shopping, Inc., to determine whether or not the Company can implement its Plan of Reorganization.
This action by ISMS was precipitated by the unilateral cancellation by Let's Go Shopping, Inc. (LGS) of the ...