Company seeks to exit Chapter 11PharmaKinetics...

BUSINESS DIGEST

December 15, 1992

Company seeks to exit Chapter 11

PharmaKinetics Laboratories Inc. of Baltimore said it hopes to exit Chapter 11 bankruptcy in February, when it plans to ask the court to approve a reorganization plan.

The company said yesterday that it has reached an agreement with its unsecured creditors, which would receive a cash payment of $915,000, or about 37 percent of the outstanding unsecured claims. The company also would issue to them about 1.4 million shares of common stock.

Ruling due on banks, insurance

The Supreme Court agreed yesterday to decide whether national banks may continue selling insurance. The justices said they will review an appeals court ruling that threatens to strip nationally chartered banks of such authority.

The big-money controversy pits the Bush administration and the banking industry on one side against the insurance industry on the other. National banks generally are forbidden to sell insurance, but in 1916 Congress provided an exception to that rule for banks located in towns of 5,000 or fewer residents. And in 1986, the comptroller of the currency ruled that banks in qualifying towns could "export" their insurance, selling it nationwide.

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