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In Brief: Phar-Mor

This article was originally published in The Tan Sheet

Executive Summary

Phar-Mor: Chapter 11 reorganization plan approved Aug. 29 by the Ohio federal bankruptcy court. Under the plan, the Youngstown, Ohio-based deep-discount drugstore chain will emerge from three years of bankruptcy as a publicly traded company with 102 stores in 19 states under the direction of former Dart Drug/Crown Books exec Robert Haft ("The Tan Sheet" May 1, p. 18). Haft, who is paying $30 mil. for a 30.8% stake in the company, will hold the titles of chairman and chief executive officer. Secured creditors will receive $102.5 mil. in cash, $92.7 mil. in debt notes, 8.5 mil. shares in the company, and a share of any proceeds from ongoing litigation. The unsecured creditors will get 1.5 mil. shares of stock, warrants to purchase another 1.25 mil. shares at $13.50 a share and litigation proceeds. Phar-Mor has applied to be listed on Nasdaq; the plan is expected to go into effect by Sept. 8...
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