KinderCare seeks Chapter 11KinderCare Learning Centers...

BUSINESS DIGEST

November 11, 1992

KinderCare seeks Chapter 11

KinderCare Learning Centers Inc., America's largest child-care company, filed for bankruptcy protection yesterday but said creditors have already accepted a plan for it to stay in business. The company filed for protection under Chapter 11 of the federal bankruptcy code.

A spokesman for KinderCare, based in Montgomery, Ala., said he expects the company's 1,250 centers in 39 states to operate as usual and that the 25,000 employees will continue to be paid.

Pa. seizes Fidelity Mutual Life

Pennsylvania regulators have seized the Fidelity Mutual Life Insurance Co. of Radnor, Pa., in a move that blocks 100,000 customers from taking their money out of the company. This is the first significant failure of a life insurance company in more than 16 months, experts say, and comes as the industry has been trying to restore public trust after the failure of several large companies.

Doner affiliate gains ad account

The Australian affiliate of Baltimore-based W. B. Doner & Co. has landed an advertising account with the Australian telephone firm Telecom to represent the company's new "Book Muncher" program, Doner said yesterday. Luscombe and Partners, the Doner affiliate, will create ads urging Australians to bring their old telephone books to service stations for recycling into new products. Doner did not announce a dollar value for the account.

Ousted Shearson chief lands post

Peter A. Cohen, who resigned under pressure as chairman and chief executive of Shearson Lehman Hutton Inc. nearly three years ago, was named vice chairman and a board member at the Republic New York Corp. yesterday. Mr. Cohen, 45, will also be chairman of the Republic New York Securities Corp., a full-service brokerage that opened for business Nov. 2 with an initial capitalization of $100 million. For several months, he has consulted for Republic on creation of the unit.

Marsh & McLennan to buy Frizzell

Marsh & McLennan Cos. said it will acquire Britain's Frizzell Group for about $160 million.

Based in Dorset, Frizzell is a holding company that runs several insurance-oriented units. Under the deal announced yesterday, Frizzell will be combined with Marsh & McLennan's Seabury & Smith Inc. insurance operation, subject to regulatory approvals. Frizzell employs 1,450 people and offers insurance to those involved in the farming and leisure industries, among others.

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