P.M. BRIEFING : Allegheny Files Reorganization Plan
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PITTSBURGH — Allegheny International Inc., which makes Sunbeam and Oster appliances, said today it has filed a reorganization plan in federal court to allow it and all of its subsidiaries to emerge from bankruptcy.
The plan, which has the backing of most of the company’s creditors, provides for payment in cash of most claims made before Allegheny’s bankruptcy filing in February, 1988.
It would also repay Allegheny’s principal bank debt, which amounts to about $40 million, and settle litigation against its senior secured banks.
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