It's Off, It's On: Eckerd's Revco Bid

A month ago, Revco CEO Boake Sells told employees that a possible bid for the bankrupt company by Florida's Jack Eckerd, a rival drugstore chain, was "a nonevent." Revco's Chapter 11 reorganization would go forward without Eckerd's help.

Some nonevent. On Sept. 23, Eckerd put a dollar figure on the deal. Teaming up with one of Revco's five creditor groups, Eckerd filed a plan in U. S. Bankruptcy Court in Ohio offering $970 million in bonds for Revco. Eckerd's is the third plan of reorganization filed for Revco. The company filed its own plan in June, and four creditors joined in submitting a rival plan on Sept. 9.