Reported by Star-Bulletin staff & wire
Wednesday, August 18, 1999
Judge OKs more fees in Liberty House case
U.S. Bankruptcy Judge Lloyd King has approved an additional $1,574,145 in professional fees and expenses in the ongoing Liberty House bankruptcy.
Yesterday's approval, covering applications for reimbursement from February through March 1999, brings total fees approved to $6,825,187 since the Chapter 11 case was filed in March 1998. An additional $601,684 in fees already paid or in a dispute outside the court's jurisdiction could bring the total to more than $7.4 million so far in the 18-month-old case.
The periodic billings are from legal, accounting and consulting firms. Liberty House filed for bankruptcy on March 19, 1998, listing $182 million in debts.
The court is scheduled to consider reorganization plans for the company on Sept. 17.
NYSE plans to delist Planet Hollywood
NEW YORK -- The New York Stock Exchange halted trading in Planet Hollywood International Inc. shares today in response to the troubled theme-restaurant chain's tentative refinancing plan.The exchange also said it will apply to the Securities and Exchange Commission to delist the stock.
Orlando, Fla.-based Planet Hollywood yesterday announced a tentative refinancing package that will eliminate all of its existing common shares and transfer full ownership of the company to bondholders and an investment group. The proposed plan will be implemented through a Chapter 11 bankruptcy filing, the company said.
Food Lion expanding with $3.6 billion deal
SALISBURY, N.C. -- Food Lion Inc., which gets most of its sales from supermarkets in the Southeast, agreed to buy Hannaford Bros. Co. for $3.6 billion to move into the Northeast and keep pace with fast-growing rivals.Food Lion, controlled by Belgium's Delhaize-Le Lion SA, will pay $79 a share in cash and stock and assume $300 million in debt, Bloomberg News reported. The offer is a 24 percent premium to Hannaford's price yesterday and as much as $600 million more than what analysts expected. Hannaford has 152 stores under the Hannaford and Shop 'n Save banners.