Federated's Bankers Cry Foul

A key creditors' committee has sent a sharply worded letter to Allen Questrom, chief executive of Federated Department Stores, which is mired in Chapter 11 bankruptcy reorganization. In the letter, the creditors expressed their dismay over Federated's reorganization plan, filed in bankruptcy court on Apr. 29. The committee represents a 92-member bank syndicate led by Citibank.

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