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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Apr 09, 1982
Page
11
Under federal law a business has two paths when facing bankruptcy Title 11 offers breathing room while restructuring if successful it exits bankruptcy otherwise it rolls into Title 7 liquidation. Filings rose 31 percent to 47414 in the year ended last June with over 7200 under Title 11.
Killian’s long served Cedar Rapids as a leading retailer. The first site was at First Ave and Third St East in the Taft building, with later ground broken in 1912 for a five story, 35 department downtown store at Third Ave and Second St SE. In July last year, the chain faced financial trouble as it announced the sale of its Lindale and Sycamore mall stores to Petersen Harned Von Maur, with proceeds aimed at shoring up the downtown operation. The downtown complex has undergone several renovations, the latest in 1978, and includes an adjoining parking ramp with first floor retail space.
Law seeks changes to pollution and lagoon rules tied to the world’s largest meat plant IBP supporters argue the measure creates jobs while opponents call it a giveaway to one company. Lawmakers note the House version weakens a pre treatment clause and retains distance rules.
The firm cut shifts from three to two in December and to one in February as it reduced engineering accounting inventory and service activity. By February about 45 percent of peak staffing remained on the job and stockholders heard salaried benefits would be trimmed including loss of a vacation week and paid holiday. Upper management may forgo bonus payments for fiscal 1982.
Senate leaders discuss deficits and nonresident income tax, telephone tax, and possible revenue supplements. Lowell Jenkins warns to maintain balance and avoid shifting costs to counties, cities, and schools while awaiting recommendations to John Murray.
Fire crews were recalled after a mudbound jet incident with little damage. Icy roads caused minor injuries in Linn and Johnson counties, a fatality reported in western Iowa, and several crashes around Cedar Rapids. Forecast calls for light snow and cloudy skies with 1 to 3 inches possible.
The National Weather Service canceled a winter storm warning and issued a travelers advisory due to slick roads. A Rockwell City man, Leon H. Peterson, 34, died when his pickup crashed on Iowa Highway 4 near Pocahontas. Des Moines area reports 6% inches of snow by 9 p.m. Thursday, with several cities logging multiple inches. Forecasters predict lingering winter conditions for days as arctic air returns.
The 1962 agreement requires the United States to allow landing and refueling of British military planes at Ascension Island 10 000 foot airstrip built by the U S in World War II. UK aircraft may land with notice and the U S must supply fuel as long as current capability is not impaired.
An advertisement explains the benefits of opening a American Federal IRA before April 15 1982. It notes tax reductions for 1982 up to 2000 dollars per person, payroll deduction options, five investment choices no fees, a free Dollar$ense subscription, and a chance at free 54% checking. It urges employers to offer payroll deduction and highlights tailored contributions.
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