Bankruptcy Judge OKs Altec Stock Distribution
- Share via
Altec Corp., an Anaheim maker of high fidelity sound equipment, said a U.S. Bankruptcy Court judge in Santa Ana has approved the company’s plans to disburse about $100,000 to its holders of its Series B preferred stock--equal to 29 cents per share--before dissolving the company.
Preferred shareholders will receive their dividends after the company pays more than $5 million to business creditors. The company said there will be no assets left to distribute to its common stock shareholders. Altec filed for bankruptcy reorganization in September, 1983.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
