Polly Peck Chief Averts Personal Bankruptcy: Asil...
From Times Staff and Wire reports
Polly Peck Chief Averts Personal Bankruptcy: Asil Nadir, chief executive of the troubled conglomerate Polly Peck International PLC, has averted personal bankruptcy by reaching an agreement in a private hearing in a London bankruptcy court with his main creditors over personal debts, his lawyer said. Under British court regulations, details of personal bankruptcy proceedings are not fully disclosed, and plaintiffs to specific litigation aren’t required to be made public. At least two investment firms, Shearson Lehman Bros. and Barclays de Zoete Wedd Ltd., had sought court orders forcing Nadir to pay more than $42 million in fees for share purchases.
