OTHER NEWS - Oct. 19, 1991
From Times Staff and Wire Reports
Zell/Chilmark Results Reported: Zell/Chilmark Fund, the Chicago partnership seeking control of Carter Hawley Hale Stores, said Friday that holders of 79.9% of the troubled retailer’s creditors accepted its 47-cent-on-the-dollar offer for their debts. The partnership, which will now move to convert those debt holdings into equity in Carter Hawley, had set a minimum 70% acceptance level for its offer. In all, 80.1% of Carter Hawley junk bonds and 79.5% of the trade claims were submitted to Zell/Chilmark.
