July 26, 1991 |
Cardis Corp., an auto parts wholesaler and retailer, said Thursday that it lost $6.5 million, or 62 cents a share, in its fiscal 1991 year. Revenue fell 5.5% to $80.1 million, down from $84.8 million a year earlier. Cardis, which emerged from a Chapter 11 bankruptcy 19 months ago, also said it has reached a preliminary agreement on financial reorganization. If approved, the deal would convert $20 million of bank debt to Cardis common stock.
March 15, 1991 |
Cardis Corp., the Buena Park auto parts wholesaler and retailer that emerged from a bankruptcy reorganization 15 months ago, said Thursday that it lost $1.7 million last quarter and is seeking to restructure loans with two creditors. The company, which operates nine auto parts warehouses and 21 CarQuest retail stores in California, said it was also seeking more loans and considering issuing more stock to shore up its balance sheet, which is burdened with heavy debt.
August 4, 1989 |
For the third time in three years, troubled Cardis Corp. is trying to sell its most valuable property, Tuneup Masters. Cardis, which moved from Buena Park to Cerritos early this year, applied Tuesday in bankruptcy court in Los Angeles to auction off its Tuneup Masters subsidiary. Cardis filed for protection from creditors under Chapter 11 of the federal bankruptcy code last May. Tuneup Masters is not part of the bankruptcy filing.
February 8, 1989 |
Cardis Corp., the Buena Park-based owner of Tuneup Masters and auto parts stores, said Tuesday that it has completed a reorganization plan that may allow it to emerge from bankruptcy. A judge will examine the plan March 20 and decide whether to submit it to creditors for a vote. The company's biggest lenders helped write the plan, and Cardis said it is probable that they will approve it.
October 11, 1988 |
Cardis Corp., the bankrupt Buena Park auto parts distributor, has tentatively agreed to sell its profitable Tuneup Masters subsidiary to a New York firm for more than $60 million, the firm said Monday. The agreement, however, faces the formidable task of getting approvals from the U.S. Bankruptcy Court, two major bank creditors and a committee of unsecured creditors, Cardis President James E. Lane said. The sale of 30-year-old Tuneup Masters to Bessemer Securities Corp.
May 26, 1988 |
Cardis Corp., the West's largest distributor of auto parts, filed a bankruptcy petition on Wednesday seeking protection from creditors and listed more than $120 million in debt. The company was left with few choices when its largest lender, Security Pacific National Bank, declared a large loan in default last week and took control of Cardis' primary bank account. Security Pacific, which said it is working closely with Cardis management to restructure debt, is owed $72.