JAMESWAY EXITS CHAPTER 11
NEW YORK — Shares of Jamesway Corp. began trading Monday on the New York Stock Exchange when the 90-store discounter emerged from Chapter 11 reorganization.
The Secaucus, N.J.-based regional discounter, whose plan of reorganization was approved in December by the bankruptcy court, also announced that its $115 million credit agreement with CIT Group Business Credit has been completed.
Under the Jamesway plan, trade creditors received $55 million, representing 53 percent of the their claims, plus a pro rata share of 100 percent of Jamesway’s 12 million new shares.
In addition, 720,000 warrants to purchase Jamesway stock were issued to holders of old Jamesway stock. They began trading Monday on the NASDAQ small-cap issues market.
— Fairchild News Service