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Phar-Mor submits two new reorganization plans; Haft Group offers to buy 30.8% stake.

This article was originally published in The Rose Sheet

Executive Summary

PHAR-MOR ALTERNATE REORGANIZATION PLANS WOULD GRANT UNSECURED CREDITORS 13.8% of the company's new common stock and warrants to purchase 9.3% of the fully diluted common shares for $7 per share, Phar-Mor announced April 24. Unsecured creditors also will be paid from any proceeds the deep-discount chain receives from lawsuits it has filed, including a lawsuit against previous auditor Cooper & Lybrand, Phar-Mor said. In addition, creditors with reclamation claims will receive approximately $24.5 mil. in cash under the plan.
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