Core-Mark not For Sale

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Core-Mark not For Sale

05/05/2004
DALLAS -- During a hearing with the Official Committee of Reclamation Creditors (OCRC), Fleming Cos. Inc. reiterated that Core-Mark International Inc., a distributor of consumer packaged goods and store supplies to the convenience retail industry and its subsidiaries, are not for sale.

A letter was recently received from a group identified as CVCMA LLC indicating an interest in purchasing the assets of Core-Mark, and with the support of the Unsecured Creditors' Committee, Fleming declined the invitation to pursue a sale, according to a Fleming press release.

Fleming and its operating subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on April 1, 2003.

Fleming also reached an agreement in principle with the OCRC regarding the treatment of reclamation claims, which resolves the objections of the committee to Fleming's proposed plan of reorganization.

"We believe that pursuing a reorganization plan centered around our convenience store distribution operations will provide the best recovery to Fleming's creditors," said Archie Dykes, CEO of Fleming. "The Core-Mark management team looks forward to emergence from Chapter 11."