Dow Has 34% Stake After Dolco Reorganization
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Dow Chemical Co. has become a major stockholder of Dolco Packaging Corp. in Sherman Oaks due to Dolco’s reorganization under federal bankruptcy laws.
Dolco, a maker of plastic packaging products, and its former parent, Olson Industries Inc., emerged from Chapter 11 of the bankruptcy laws on July 29. They earlier had merged as part of the reorganization, with Dolco being the surviving entity.
Dow Chemical received a 34% stake in Dolco in exchange for debt that Dolco had owed the Midland, Mich.-based chemical concern, according to a Dolco filing with the Securities and Exchange Commission.
Other companies exchanging debt for stock in Dolco included Whirlpool Corp. of Benton Harbor, Mich., which now owns about 10% of Dolco, and Huntsman Chemical Corp. of Salt Lake City, which got 9%, the filing stated.
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