OTHER NEWS - Feb. 7, 1992
From Times Staff and Wire Reports
Revco Signs Zell/Chilmark Merger Agreement: Drugstore chain Revco D. S. Inc. and Zell/Chilmark Fund said they signed a previously announced deal that would provide up to $250 million in cash to creditors who were to receive new Revco stock. The agreement, announced Jan. 30, is included in a modified reorganization plan by Revco to emerge from bankruptcy. Revco, based in Twinsburg, Ohio, has been operating under Chapter 11 bankruptcy court protection since 1988. Any reorganization plan must be approved by the court and Revco’s creditors. Revco said its two official creditor committees had expressed support for the modified plan, which represents $941 million of Revco’s $1.4-billion debt.
