Southland May Quit Chapter 11: A U.S....
From Times Staff and Wire Reports
Southland May Quit Chapter 11: A U.S. bankruptcy judge confirmed the reorganization plan of Southland Corp., clearing the way for the parent company of 7-Eleven convenience stores to emerge from Chapter 11. The ruling also will allow Southland to accept a $430-million buyout offer by its Japanese affiliates, Ito-Yokado Group Ltd. and Seven-Eleven Japan Co. The purchase of a 70% stake in the new Southland by the Japanese affiliates will take place during the first week in March, the company said.
