Amadeusz Juskowiak

Olivers stores olvr files chapter 11

Olivers Stores Inc said it has decided to reorganize under Chapter 11 of the federal bankruptcy laws and will file a petition by the end of this week

The company said it has failed to reach agreement with primary lenders Manufacturers Hanover Corp MHC and Midlantic Corp MIDL on a debt restructuring

It said Manufacturers has declared the company in default and demanded repayment of about six mln dlrs in debt

Reuter