Marvel’s Reorganization Plan Is OKd
A federal judge in Wilmington, Del., approved comic book publisher Marvel Entertainment Group’s multimillion-dollar reorganization plan, which calls for a merger with toy maker Toy Biz Inc. and paves the way for Marvel to emerge from bankruptcy protection. U.S. District Judge Roderick McKelvie also rejected financier Carl Icahn’s rival offer, his latest in a months-long campaign to acquire Marvel. Icahn wanted to buy most of the company’s assets for between $534.7 million and $552.9 million. The ruling might herald the end of Marvel’s complex journey through U.S. Bankruptcy Court, which began in December 1996 when Marvel’s former chairman, financier Ronald Perelman, filed for Chapter 11 protection for the company.