UPI filed its reorganization plan in court.
The wire service, along with its creditors committee and union, filed a plan in U.S. Bankruptcy Court that would sell the news service to Mexican newspaper magnate Mario Vazquez Rana for $41 million. However, the former principal owners of UPI, Douglas Ruhe and William Geissler, filed an objection that must be resolved before the plan can go forward. Judge George Francis Bason Jr. scheduled a hearing for Tuesday to hear the objection, which challenges the power of UPI management to file a reorganization plan without Ruhe and Geissler’s concurrence.
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