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Wickes Cos. emerged from Chapter 11.

January 28, 1985

The Santa Monica-based firm said the plan settled approximately $1.6 billion in Chapter 11 debt through the payment of $600 million in cash and through the issuance of various classes of debt and equity securities of the reorganized Wickes. Under the terms of the plan, which was confirmed by the U.S. Bankruptcy Court on Sept. 21, Wickes will issue approximately $173 million face amount of extendable two-year 12% notes, $246 million face amount of nine-year 12% debentures, $150 million face amount of 20-year debentures, approximately 96 million shares of common stock and 12 million common stock purchase warrants.

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