Wachusett Plant Restructuring Moves Toward Full Credit Payouts
Creditors of the Wachusett firm, who forced an assignment last March, are to be paid in full as company dominance centers on Mr. Smith, who has covered all other stockholders’ investments. A sale of the plant is planned to ensure complete repayment, with recent business developments including patents and royalties from gingham weaving aiding the process.
MENTIONED IN THIS ARTICLE
Wachusett Hidh
Smith
Es T
Wachusett Mille
Metropolitan Steamship Company Plans Bondholder Sale and Reorganization
The Metropolitan Steamship Company issues a plan to sell under foreclosure to holders of its $2,500,000 five percent first mortgage bonds. A new company will take over assets, issuing new five percent bonds at par up to $3,000,000. Excess proceeds over $2,446,060 will be held in reserve to cover contested debt, with $700,000 in claims subject to court determination as a prior lien ahead of bonds.
MENTIONED IN THIS ARTICLE
Corn Products Refining Company
Argo
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John W. McKinnon
The
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George E. Shaw
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