OTHER NEWS - Jan. 6, 1992

Plan to Revive Revco Approved: Creditors of Revco D.S. Inc. have approved a management-backed proposal to reorganize the drugstore chain, clearing the way for the plan’s confirmation, Revco announced. The plan was one of three competing proposals. Revco, which operates 1,150 drug stores in 10 states, filed for Chapter 11 bankruptcy court protection in July, 1988, when it failed to make an interest payment on $800 million of high-yield junk bonds. The plan, proposed by Revco creditors, was accepted by four of the seven groups voting, including banks and trade suppliers, preliminary results show. Details on the proposal were not released. Two other plans, one from Rite Aid Corp. and another from the Jack Eckerd Corp., did not get enough support for confirmation. Both drug store chains had proposed takeovers of Revco.