Olson, Dolco Packaging File Reorganization Plan
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Olson Industries Inc. and its sole subsidiary, Dolco Packaging Corp., filed a consolidated plan of reorganization with a federal bankruptcy court and said they expect the court to confirm the plan by mid-July.
Dolco, a maker of plastic packaging products, filed under Chapter 11 of federal bankruptcy laws on May 22, 1989, and Olson filed a month ago as part of a plan to consolidate the corporation as it emerges from Chapter 11.
Under Chapter 11, a company continues operating but is shielded from creditors’ lawsuits while it works out a plan to pay its debts.
Olson said the general concept of its plan calls for Olson to be merged into Dolco Packaging, which would be the single entity that would come out of the reorganization.
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