Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, August 26, 1995 TAG: 9508280060
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Five bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Two of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
RJJL Inc., operator of a grocery store at New Castle, filed for liquidation with assets of $136,277 and liabilities of $227,625.
I-81 Auto Truckstop Inc. of Max Meadows filed for reorganization and protection from creditors. The company said its assets were unknown, but its liabilities totaled $1,212,692.
Roger J. Wyatt Sr. and Linda B. Wyatt of Max Meadows, managers of I-81 Auto Truckstop Inc., filed for reorganization and protection from creditors. They had assets of $731,950 and liabilities of $1,037,654.
Calvin L. Gates and Ruby H. Gates of Roanoke filed for liquidation with assets of $11,700 and liabilities of $54,104. They operate C&R Gates Trucking and Paving.
James Michael Booher and Mary A. Booher of Clintwood, who trade as Double M Trucking Inc., filed for a wage earner plan for repayment of debts. They listed assets of $105,970 and liabilities of $96,146.
- Staff report
Virginia Power lays off 175
Virginia Power laid off 175 employees this week from its Fossil and Hydro Business and Commercial Operations Business departments, the company announced Friday. Most will leave the company Sept. 1.
The layoffs are the result of restructuring in those departments, a company news release said. Most of the employees let go - 117- worked in Fossil and Hydro.
All affected employees will receive a "competitive" severance package, according to the release.
James T. Rhodes, president and CEO of the company, cited the "harsh realities of the competitive energy market" as reason for the layoffs. He said the layoffs are "painful" measures, "but they must be taken to ensure the future health of our company."
- Staff report
Westmoreland agreement bought
Westmoreland Coal Co. and Duke Power Co. on Friday concluded the buyout by Duke Power of a coal supply agreement between the two companies. The remaining term of the agreement was sold to Duke Power for approximately $23 million.
Duke Power had become the sole customer of Westmoreland's Virginia Division, located in Wise and Lee counties. The division, which was idled earlier this month after the company reached agreement with Duke, had struggled with losses for several years, ending with an $8.4 million loss in the second quarter of 1995. Westmoreland will continue to sell off the remaining Virginia Division assets as buyers can be found.
Westmoreland had supplied Duke Power with approximately 3 million tons of coal per year under the agreement, which was entered into in 1986.
- Staff report
by CNB