Scoop.com Files Reorganization Proposal

Creditors of Santa Ana-based Scoop Inc. could recover 95% of what they are owed under a reorganization plan filed this week in federal Bankruptcy Court in Santa Ana. The payout to unsecured creditors will depend on the outcome of disputed claims from other creditors, the company’s attorney said Friday. The plan also details a merger agreement with InfinCom AB and 24Store.com Ltd. that will result in 24Store.com owning 91.7% of the outstanding shares of Scoop. The plan must still be approved by the court. Scoop designs media reprints and framed layouts of articles from newspapers, magazines and online publications. It filed for bankruptcy protection in August. 24Store.com Ltd. is a Basingstoke, England-based e-retailer with more than $63 million in 1998 sales. Its parent, Stockholm-based InfinCom, is traded publicly on the Swedish Exchange.