OTHER NEWS - June 16, 1993
From Times Staff and Wire Reports
Standard Brands Out of Bankruptcy: Torrance-based paint retailer Standard Brands Paint said it emerged from Chapter 11 bankruptcy protection and named a new management team. Under the reorganization plan, major Standard creditors received 16.8 million new shares of stock, adding to the 5.6 million shares in public hands before the bankruptcy. Major shareholders now include Fidelity Capital & Income Fund, SunAmerica Financial and the Kodak Retirement Income Plan Trust. Standard said New York lawyer Martin S. Ackerman, 60, was named chief executive. Standard, which now has 119 stores mostly in California, said it plans to shrink to about 80 stores over the next few years. The stock closed at $2.50 on the New York Stock Exchange on Tuesday.
