In Brief: Quality King to take Model Imperial out of Ch. 11
This article was originally published in The Rose Sheet
Executive Summary
Quality King to take Model Imperial out of Ch. 11: Two wholesale distributors sign a non-binding agreement under which Quality King will receive 90% of a new class of Model Imperial common stock, fragrance wholesaler Model Imperial announced. Under the deal, slated to be approved by a Miami federal bankruptcy court by April 15, Quality King will purchase Model Imperial's secured claims "and thereafter fund Model Imperial's Chapter 11 plan of reorganization for the benefit of other creditors, as well as provide financing to Model Imperial following its emergence from bankruptcy," Model Imperial stated. Model Imperial has agreed to have its reorganization plan approved by the bankruptcy court "no later than" June 30, the company said. Model Imperial filed for bankruptcy protection in July 1996 ("The Rose Sheet" July 29, 1996, In Brief)...