OTHER NEWS - Nov. 29, 1994
From Times Staff and Wire Reports
Standard Brands Paint in Restructuring Talks: The Torrance-based paint maker and retailer said it is discussing an equity infusion and debt-reduction plan with Venezuelan paint company Corimon and other investors, including Pinnacle Partners and existing Standard Brands note holders. The company, which has shrunk in recent years from 122 retail stores to 58 currently, has been in search of a strategic partner since emerging from Chapter 11 bankruptcy in June, 1993. But any financial restructuring “will result in a significant dilution to the company’s current stockholders,” Standard Brands warned. The stock fell 12.5 cents to 87.5 cents on the New York Stock Exchange on Monday.
