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Article: Pamida Announces Proposed Payment of Promissory Notes with Common Stock and Conversion of Preferred Stock to Common Stock.
- Article from:
- Business Wire
- Article date:
- July 22, 1997
CopyrightCOPYRIGHT 1997 Business Wire. 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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OMAHA, Neb.--(BUSINESS WIRE)--July 22, 1997--Pamida Holdings Corporation (ASE:PAM) ("Pamida" or "Company") today announced that it has entered into an agreement with 399 Venture Partners, Inc., a Citicorp subsidiary, providing for the payment of all of the presently outstanding promissory notes of Pamida with shares of newly issued Common Stock and Nonvoting Common Stock of Pamida. At June 1, 1997, the aggregate principal amount of promissory notes outstanding was $30,841,261, of which $25,519,700, or over 82%, was owned by 399 Venture Partners, Inc. Consent of the holders of a majority of the outstanding principal balance of the notes was required to initiate this ...