Newspaper article THE JOURNAL RECORD

Revco Reorganization Approved

Newspaper article THE JOURNAL RECORD

Revco Reorganization Approved

Article excerpt

AKRON, Ohio _ A bankruptcy judge Wednesday approved Revco D.S.

s reorganization plan, setting the stage for the end of the drugstore chain's four years of bankruptcy court protection. U.S. Bankruptcy Judge Harold White approved reorganization plans for both Revco and its parent company, Anac Holding Corp., which was formed to take Revco private during the leveraged buyout frenzy of the 1980s. Revco became the first of the big leveraged buyouts to fail when it filed for Chapter 11 protection from creditors in July 1988 after missing interest payments on $800 million of high-yield junk bonds.

Citicorp May Sell Credit Card Operations NEW YORK _ Citicorp is trying to sell a piece of its credit card business that processes card charges for merchants, a published report said Wednesday. Citicorp declined comment on the report in Wednesday's edition of the American Banker newspaper, which said Citicorp was trying to sell Citicorp Establishment Services. There's been persistent speculation among bank analysts that Citicorp would sell a piece of its mammoth credit card business as it tries to improve its capital levels. The Citicorp Establishment Services routes receipts and payments among merchants who accept credit cards and the banks that issue them. The business, which employs 350 people, is the nation's third largest processor of card transactions for merchants, the newspaper said.

SEC Proposes Measures to Help Small Business WASHINGTON _ The Securities and Exchange Commission formally proposed a broad package of measures to help small businesses raise money through the stock market. But at least one commissioner of the independent watchdog agency thought Wednesday's proposals didn't go far enough and made a last minute attempt to introduce wider reforms.

Jackson's Operation Should Slow Endorsements NEW YORK _ Will Bo Jackson's hip replacement cripple the one-time superathlete's career in commercials? Professional talent brokers said Wednesday they expect it will, starting with sharply diminished chances for signing new endorsement deals. "If you are inactive, you are out of the spotlight," said Lloyd Kolmer, who heads a company that matches advertisers and celebrities. …

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