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Scoop Inc.'s Reorganization Plan Approved

ORANGE COUNTY BRIEFLY

October 02, 1999|(Jonathan Gaw)

Santa Ana-based Scoop Inc., which designs media reprints and framed layouts of articles from newspapers, magazines and online publications, said Friday that a federal bankruptcy court has approved the company's reorganization plan. Scoop has said it expects its general unsecured creditors will be able to recover 90% of their estimated allowed claims. Under the plan, Swedish-based holding company InfiniCom AB will acquire a 91.7% stake in Scoop in exchange for cash and stock of 24Store.com Ltd., a United Kingdom online retailer. InfiniCom is 24Store.com's largest shareholder. Scoop will change its name to 24Store.com, giving the company access to the public market and allowing the company's stock to trade on the over-the-counter market.

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