OTHER NEWS - Jan. 7, 1993
From Times Staff and Wire Reports
Taiwanese Firm Bids on Schwinn: Giant Manufacturing Co. of Taiwan said it will offer $45 million for Schwinn Bicycling Co., which filed for Chapter 11 bankruptcy protection last fall and is now in a U.S. Bankruptcy Court hearing. Schwinn last week tentatively accepted a $40.8-million offer from joint-venture partners Zell-Chilmark Fund and Scott U.S.A. Arguments in Schwinn’s asset-auction hearing have centered on whether further bids must conform to the format of the Zell-Chilmark offer. A potential bidder, Roadmaster Industries Inc of Englewood, Colo., has argued against the restrictions, Schwinn said.
