USA: Holding companies for specialty foods file chapter 11 petitions as part of previously-announced plan
Specialty Foods said the filings are part of its previously-announced financial reorganization plan. In June, the company announced that it had reached agreement with its bondholders for the distribution of proceeds from the sale of its remaining businesses. On September 12, 2000, Specialty Foods announced an agreement to sell Mother's and Archway to Parmalat SpA for $250 million. That announcement said completion of the transaction is subject to customary governmental approval and certain conditions related to the financial reorganization of the Specialty Foods parent holding companies.
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