Replies to post #63675 on Vestiage, Inc. (VEST)

[winnotlose]

Hacketts CEO hopeful bankruptcy can be avoided
THURSDAY, APRIL 16, 2009


The chief executive officer of the corporation that owns Hacketts department stores said Wednesday that he expects creditors will withdraw a petition that seeks to force the company into involuntary bankruptcy.

Thomas W. Scozzafava, CEO of Seaway Valley Capital Corp., Gouverneur, said in an e-mail to the Times that he expects the U.S. Bankruptcy Court petition will be withdrawn "shortly."

Six Hacketts creditors filed a motion Monday seeking the Chapter 7 bankruptcy of Patrick Hackett Hardware Co., Ogdensburg. The creditors claim they are owed a combined $1.6 million and are seeking the liquidation of Hacketts, with distribution of the proceeds going to the creditors.

Mr. Scozzafava said the creditors "have already agreed" to withdraw their petition "with certain conditions," which the company "can, indeed, give them." He said more details will be forthcoming