OTHER NEWS - Dec. 24, 1991
From Times Staff and Wire Reports
Creditors Approve Campeau Plan: Campeau Corp.’s two big U.S. retail companies--Federated Department Stores and Allied Stores--said they won approval from creditors for a plan to emerge from bankruptcy two years after they were forced to seek relief from crushing debts. The companies said a preliminary tally showed that creditors backed the plan to cut debt from $8.2 billion to $5 billion and go public with a $2-billion issue of common stock. Under the plan, Campeau’s sole Southern California holding, Ralphs supermarkets--which hasn’t been included in the bankruptcy proceedings--would become a publicly held company controlled by the Edward J. DeBartolo Corp.
