Olson Joins Subsidiary in Reorganization Filing
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Olson Industries Inc. in Sherman Oaks joined its sole operating subsidiary, Dolco Packaging Corp., in filing for reorganization under Chapter 11 of the federal bankruptcy laws.
Dolco, a maker of plastic packaging products, filed for bankruptcy protection May 22, 1989, after suffering major losses. Under Chapter 11, a company continues operating but is shielded from creditors’ lawsuits while it works out a plan to pay its bills.
Olson termed its filing “another meaningful step forward in the formal reorganization of Dolco,” and said it hopes that the two companies can emerge from Chapter 11 as a single entity within two months.
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