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Article: Judge confirms 35% plan for Arlee Home Fashions. (Prudence Abram)
- Article from:
- Daily News Record
- Article date:
- August 18, 1987
- Author:
CopyrightCOPYRIGHT 1987 Conde Nast Publications, Inc. 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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Judge Confirms 35% Plan For Arlee Home Fashions
A bankruptcy court judge confirmed Monday a 35 per cent joint Chapter 11 reorganization plan for Arlee Home Fashions, Inc., which manufactures decorative pillows and chair pads, and an affiliated sales company.
The plan gives unsecured creditors, whose claims total $1.7 million, 12 cents on the dollar at consummation on Sept. 15, 3 cents in January, and an additional 4 cents every six months up to July 1990.
Unsecured creditors with claims under $10,000 or unsecured creditors who will reduce their claims below that amount have the option of being paid 24 per cent over a three-month period. Those ...