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FoxMeyer files for Chapter 11 protection; deal with Taggart group terminated.

This article was originally published in The Rose Sheet

Executive Summary

FOXMEYER FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION in Wilmington, Del. bankruptcy court Aug. 27. The Dallas-based drug and H&BA distributor said that restrictive credit terms from its suppliers drove the company to file for Chapter 11 bankruptcy protection. "As we explained in several meetings with a number of our suppliers, we believe that we would have been able to operate successfully outside of Chapter 11 with the continuation of normal trade terms," FoxMeyer said.
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