MERRY-GO-ROUND CONSIDERS OPENING BOOKS TO OUTSIDERS
WASHINGTON — Merry-Go-Round Enterprises Inc. will decide “in a matter of days” whether to open its books to outside investors who could submit rival plans of reorganization.
The company, in bankruptcy since January 1994, has received “several expressions of interest,” including one last week from an investment group led by Dennis Bookshester, former chief executive officer of Carson Pirie Scott, and backed by Salomon Bros., Thomas Shull, MGR president, said Thursday. However, no formal alternate proposals have been submitted, he said, and MGR is committed to filing a stand-alone plan by mid-February. MGR, its creditors and shareholders agreed last week to a reorganization plan.
Wilbur Ross, senior managing director of Rothschild Inc., an advisor to the company’s equity committee, said he has advised the company to ignore Bookshester’s proposal.