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L.A. GEAR FILES FOR REORGANIZATION BUT DETAILS SKETCHY
Published January 14, 1998
L.A. Gear has filed for "reorganization under Chapter 11," according to James Peltz of the L.A. TIMES. The company made the filing "after reaching a restructuring pact with a group representing holders" of $50M of L.A. Gear bonds. Last October, PCH Investments acquired a 42% stake in the company. The new restructuring "calls for, among other things, eliminating L.A. Gear's existing common stock" on the NASDAQ. Under the proposed overhaul, "newly created shares of L.A. Gear preferred stock -- which would be convertible into common shares -- would be distributed to PCH Investments, the bondholders and other creditors. It "wasn't immediately disclosed how much of L.A. Gear each group will own" (James Peltz, L.A. TIMES, 1/14).