Payless Cashways Pivots to Fast Chapter 11 Reorg Plan
Payless Cashways Inc. accelerates its Chapter 11 process aiming to finish by December 1, with a plan filed with the bankruptcy petition and amended projections through 2002. Among creditors, 19 banks led by CIBC are secured for 417 million, to be paid via a 273 million five year note, cash from inventory liquidation, a 14 million tax refund, and 10.8 million new Payless shares. Unsecured creditors total about 344.3 million with under 78 million to be recovered, while Georgia Pacific holds 3.9 million, and Masco receives 600,000 new shares. Shareholders total 15,000, receiving 400,000 new shares, with Masco as a notable unsecured creditor owed 38 million in deferred dividends. The plan relies on a 9.19 price for new stock, but liquidity is uncertain. Payless projects a 1998 return to profitability on 2.3 billion in sales after a 329.4 million restructuring loss for the year ending Nov. 30.
MENTIONED IN THIS ARTICLE
Payless Cashways Inc
Payless
Lawrence
Payless Cashways
Iawa
Canadian
Imperial Bank of Commerce
London Interbank
Georgia Pacific
Masco
Redesigned needles aid electrolysis procedure
Carol Brown Electrolysis, at Cara Brown Electrolysis in Lawrence, offers permanent hair removal using two insulated needles including a 24 karat gold variant. The redesigned tools reduce heat and risk of scarring, allowing precise work with minimal pain. Treatments range from 15 to 60 minutes at 25 to 80 dollars, with rising local interest in cosmetic electrology.
MENTIONED IN THIS ARTICLE
Carol Brown
Brown
Cara Brown Electrolysis
Ninth St
E-1
Lawrence
Kathy Mears
UtiliCorp names new KPS operations director
UtiliCorp United announces Bill Parrish as customer operations director for Kansas Public Service. Since 1991 Parrish has held multiple company roles and will oversee customer service meter reading and appliance repair. Kansas Public Service serves about 31 000 natural gas customers in Lawrence. Gov Bill Graves will be the featured speaker at a Chamber event.
MENTIONED IN THIS ARTICLE
UtiliCorp United
Bill Parrish
Kansas Public Service
UtiliCorp
Parrish
Lawrence
Bill Graves
Commerce breakfast to update on 1998 legislative session
The Lawrence Chamber of Commerce hosts a 7 a.m. breakfast on Oct. 24 at the Lawrence Helidome 200 McDonald Dr sponsored by the Government Communications Committee. Tickets cost $10 and reservations are requested by Oct. 17. Call 865-4411 to reserve.
Farmers oppose tighter clean air standards push
Farmers join with businesses and labor unions in the Air Quality Standards Coalition to lobby Congress against Clinton era clean air rules. Keith Heard notes potential energy cost rises of 30 to 40 billion for agriculture and warns actions could force harvesting on low wind days. Browner says 15,000 premature deaths could be prevented.
MENTIONED IN THIS ARTICLE
Clinton
Congress
Air Quality Standards Coalition
Keith Heard
Washington, D.C
Coalition
Iowa
Heard
Carol Browner
Environmental Protection Agency
Market quotes from multiple elevators and commodities
Friday market summaries show wheat corn milo and soybeans prices at South Midland and North Elevators with slight spreads. Livestock quotes from Omaha St Joseph and Dodge City cover hogs cattle and sheep with noted price shifts and week totals. nonferrous metals and precious metals quoted in New York markets with spot prices for aluminum copper lead zinc tin gold silver and platinum.
MENTIONED IN THIS ARTICLE
Farmer's Cooperative Assn
South
Milo
Midland
North
Nonferrous Metals
New York (Or
Landon
U.S
N.Y
Handy & Harman
Also Mentioned on This Page
Kargut-Ridder News Service
Banks
KPS
Graves
Knight-Ripper News Service
The
National Corn Growers Asses
National Corn Growers Assn
Mordac the
Omaha Livestock
Omaahs, Neb
USDA
Omaha
St. Joseph Livestock
St. Joseph
Dodge City Livestock Dopce Crrv
Kansas
Commoditie
Lawrence, Kansas
Douglas County Fairgrounds
Harper Street
United States
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