Senate OKs bankruptcy overhaulThe Senate approved...


October 08, 1994

Senate OKs bankruptcy overhaul

The Senate approved yesterday the first comprehensive overhaul of the nation's bankruptcy laws in 16 years, setting new rules that will make it easier for individuals to repay their debts on installment plans and harder for big corporate debtors to avoid their creditors.

The House passed the same bill Wednesday night, so the Senate vote in the early hours of yesterday morning sends the bill to President Clinton, who is expected to sign it.

The new legislation imposes many time limits on various steps in the bankruptcy process to hasten the flow of cases through courts and prevent the dissipation of debtors' assets to legal fees.

London Fog plant in Md. closes

The London Fog Corp. cutting plant in Williamsport closed yesterday as the first step in the company's restructuring plan.

London Fog will close all three Maryland plants -- two of them permanently -- and then reopen the Baltimore factory by the end of January.

The action follows a Sept. 26 vote by the union to accept a new two-year contract that cuts base hourly wages by $1 to $6.90 in exchange for keeping the Baltimore plant open.

Plaid Clothing buys company

Plaid Clothing Group Inc. of New York, which owns an Owings Mills-based menswear manufacturer, signed a $250 million contract Thursday to buy Gruppo Finanziario Tessile GFT, Italy's third largest-clothing and textile company, creating the world's largest tailored clothing manufacturer.

Plaid's holdings include J. Schoeneman Inc. on Reisterstown Road, which specializes in high-end menswear and sells under the labels of Nicole Miller, Burberry, Christian Dior and Halston.

2 ad agencies vie for contract

Two Baltimore advertising firms are in the running for a $2 million to $4 million advertising contract for Dun & Bradstreet Software Service Inc. of Atlanta, according to David S. Morrison, a spokesman for the company.

The company, a subsidiary of the Dun & Bradstreet business research company, has narrowed down its choices to four agencies, including W.B. Doner & Co. and Richardson, Myers & Donofrio.

MICROS board OKs stock split

Directors of MICROS Systems Inc., a majority-owned subsidiary of Westinghouse Electric Corp. based in Beltsville, has approved a two-for-one stock split, subject to shareholder approval of a change in its corporate bylaws that would allow the company to increase its authorized shares of common stock to 25 million from 10 million. The split would occur on or about Dec. 5 to shareholders of record Nov. 14.


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