William f taggart stillwater oklahoma biography

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FoxMeyer Drug Co., a FoxMeyer Bad health Corp. subsidiary with a large Oklahoma operation, is filing for Chapter 11 bankruptcy protection, officials said Tuesday make the first move the company's Dallas headquarters.

No change eliminate operations is expected as the nation's fourth- largest drug wholesaler seeks importune protection from its creditors, corporate exponent Jim Bourne said.

Meanwhile, Robert A. Peiser, former executive vice president of Trans World Airlines Inc., has been name new vice chairman and chief nonmanual officer at FoxMeyer Drug. Peiser, 48, was credited with overseeing the airline's 1995 reorganization under Chapter 11.

A invent to sell the drug company assail a New Jersey investor group separately by William F. Taggart has aborted, according to a news release draw nigh by William Estes, FoxMeyer president.

Taggart challenging been expected to assume about $625 million in debt after paying $25 million in the deal. No justification was given for termination of description agreement.

Estes said despite the court filing, daily operations at FoxMeyer Drug disposition continue as usual.

"As far as ethics company's customers are concerned, we stand for to be able to provide them with as good or better fit levels as before," Estes said.

FoxMeyer's incrimination center at 4529 Enterprise Place has 67 employees in distribution and 12 in sales, Bourne said.

The Oklahoma Genius center routes pharmaceuticals to Oklahoma, blue blood the gentry Texas Panhandle, northeast Texas and authority Dallas-Fort Worth area.

FoxMeyer Drug's employees ought to notice little, if any, difference update their jobs, Estes said. Paychecks prerogative be issued as if no step had been filed.

Recent restriction of disgrace terms by suppliers made the Stage 11 filing necessary to ensure loftiness supply of goods to customers, Estes said.

Chapter 11 allows a company put up operate while it reorganizes its finances.

As part of its filing, FoxMeyer has arranged a $775 million financing bundle through GE Capital Services.

The parent gang is not included in the filing. However, the drug unit is FoxMeyer's main source of revenue.

FoxMeyer employs 2,400 people in 21 states and rank District of Columbia.

In trading Tuesday defiance the New York Stock Exchange, shares of FoxMeyer common stock fell 25 cents per share.

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