Judge blocks Circle-K plan
A bankruptcy court in Arizona rejected yesterday the approval of the reorganization plan of a group, controlling the Circle K Corporation, who said he was not convinced that the group had the necessary financial support .
Judge George B. Nielson Jr. arrested after the rejection of the overall proposal of the Commonwealth Oil Refining Company, said that he would be ready to hear again the company provided that this could be important evidence, he finances.
Circle K, which is headquartered in Phoenix, manages thousands of stores in 32 countries. Records of the protection of federal bankruptcy law in May 1990.
On December 8, the Commonwealth Oil has declared his intention to file an amended plan for the reorganization of Circle K, he said that there would be $ 360 million of equity from a Saudi Prince Turki Saud bin Fahd bin al-Jalawi.
James Donnell, Commonwealth Oil lawyer, said he was uncertain of the company.
Circle K’s vote of creditors is scheduled this month on two plans yet for competitive reorganisation, judges Nielson vote two weeks ago, including a proposal management Circle K’s to sell, that the company CK acquisitions of the Corporation , An international investment company, $ 399, 5 million people.
A plan has been competing with Obligationären, maintain, approximately $ 450 million the amount of facial Circle K obligations. In the proposal approved by the management, bondholders would get no payment for their investments.
Yesterday, in the courts, lawyers represented, Circle K, CK acquisitions and creditors groups in favour of the company for sale to CK acquisitions to maintain the Commonwealth-oil plan was a poorly disguised attempt by bondholders without derailing the CK plan acquisitions.
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