| 0 |
WSJ891102-0017
= 891102
891102-0017.
Business Brief -- Coleco Industries Inc.:
@ Ailing Toy Maker Submits
@ Chapter 11 Revamp Plan
11/02/89t24
WALL STREET JOURNAL (J)
CLO
BANKRUPTCIES (BCY)
| 1 |
Coleco Industries Inc.
, a
oncet30
high-flyinge1988
toy maker whose stock
peakede1
at
$65
a share
ins1986
the early 1980st26
,
filede2
a Chapter
11
reorganization plan that
providese3
just
1.125 cents
a share for common stockholders.
| 2 |
Under the plan, unsecured creditors, who are
owede4
about
$430 million
, would
receivee5
about
$92 million
, or
21 cents
for each dollar they are
owede7
.
| 3 |
In addition, they will
receivee8
stock in the reorganized company, which will be
namede9
Ranger Industries Inc.
Afters1989
these
paymentse1990
, about
$225,000
will be
availablee1991
for the
20 million
common shares outstanding.
| 4 |
The
Avon
,
Conn.
, company's stock
hite10
a high
ins2075
1983t27
afters2082
it
unveilede11
its
Adam
home computer, but the product was
plaguede12
with glitches and the company's fortunes
plungede13
.
| 5 |
But
Coleco
bouncede14
back with the
introductione1993
of the Cabbage Patch dolls, whose sales
hite15
$600 million
in
1985t28
.
| 6 |
But as the craze
diede16
,
Coleco
failede17
to
comee18
up with another winner and
filede19
for bankruptcy-law
protectione1995
ins2133
July 1988t29
.
| 7 |
The plan was
filede20
jointly with unsecured creditors in federal bankruptcy court in
New York
and must be
approvede22
by the court.
| | | | | | | |