USA: Vlasic Foods to file a bankruptcy plan with the bankruptcy court within two weeks
Vlasic Foods International (OTC Bulletin Board: VLFIQ), which is a debtor-in possession under Chapter 11 of the U. S. Bankruptcy Code, previously announced that on May 22, 2001 it consummated the sale of its U.S. businesses to Pinnacle Foods Corporation. Vlasic expects to file a bankruptcy plan with the United States Bankruptcy Court in Wilmington, Delaware within two weeks. The company previously announced that its bankruptcy plan would provide for a distribution to unsecured creditors. However, as proceeds of asset sales are not sufficient to pay creditors in full, the bankruptcy plan will not provide for any distributions to holders of Vlasic common stock.
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