Bankruptcy Creditors’ Service, Inc., today announced publication of VLASIC FOODS BANKRUPTCY NEWS, tracking the chapter 11 reorganization undertaken by Vlasic Foods International, Inc., (NYSE: VL) and seven of its domestic affiliates before the United States Bankruptcy Court in Wilmington, Delaware.

“Vlasic finds itself in a proverbial pickle, not unlike many other mega- debtors today,” says Peter A. Chapman, president of Bankruptcy Creditors’ Service, Inc., and editor of VLASIC FOODS BANKRUPTCY NEWS. “The balance sheet’s upside down, earnings are dismal, sales are declining and there’s no clear recipe for success. The only question is what happens with Swanson: will a buyer emerge or will the company attempt a standalone reorganization around that brand?”

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Chapman indicates that the first issue of VLASIC FOODS BANKRUPTCY NEWS, released today, includes:


  • background information about the Company’s operations and finances;

  • detailed information extracted from the Debtors’ chapter 11 bankruptcy petitions;
  • a consolidated list of the Debtors’ 39-largest unsecured creditors; and
  • a calendar of the key dates and deadlines in the Debtors’ chapter 11 cases. 

    • 

    Chapman relates that the next edition will provide subscribers with a detailed review of:
    


      

    • The Debtors’ applications to employ Skadden, Arps, Slate, Meagher & Flom as their bankruptcy counsel and the parade of other professionals that will help management push and pull the Company through the bankruptcy process;
      

    • the operational and financial impact of the handfuls of motions asking Judge Robinson for emergency relief in order to maintain “business as usual” from a customer’s or employee’s perspective to the extent possible;
      

    • a detailed review of the $195 million Vlasic/Open Pit Sale Agreement inked with H.J. Heinz Company; and
      

    • the United States trustee’s plans and efforts to form one or more official committees to represent the interests of the Debtors’ creditors. 

    

    VLASIC FOODS BANKRUPTCY NEWS is distributed on a subscription basis by e-mail for $45 per issue. New issues are published as significant activity occurs (generally every 10 to 20 days) in the company’s chapter 11 cases.
    

    

        
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    Chapman advised that a free copy of the first issue of VLASIC FOODS BANKRUPTCY NEWS is available via the Internet at http://www.bankrupt.com/vlasic.txt using a standard Web browser.
    

    Since 1990, BCSI has published similar newsletters tracking billion-dollar insolvency proceedings. Currently, BCSI provides similar coverage of the chapter 11 cases involving LTV Corporation, Wheeling-Pittsburgh Corporation, Safety-Kleen Corp., Owens Corning, Armstrong Worldwide Industries, Imperial Sugar, The Loewen Group International, Inc., Harnischfeger Industries, Inc., Pillowtex Corporation, Fruit of the Loom, ICG Communications, Lernout & Hauspie/Dictaphone, Service Merchandise and the Top Five healthcare restructurings (Vencor, Sun, Mariner, Genesis and Integrated Health Services).
    

    Additionally, BCSI co-publishes the TROUBLED COMPANY REPORTER. The TCR provides daily news by e-mail about approximately 700 high-profile restructurings and insolvency proceedings around the globe. Go to http://www.bankrupt.com/periodicals/tcr/tcr.form.html to sign-up for a 30-day free trial subscription to the TCR. CONTACT: Peter A. Chapman Bankruptcy Creditors’ Service, Inc. 609-392-0900, or fax, 609-392-0040, or peter@bankrupt.com Web site: http://www.bankrupt.com/vlasic.txt