Wolf Sought By Outside Investors

Alan Wolf On Sep 24 2001 - 6:00am

Ritz Camera Centers' $84.7 million bid for bankrupt photo chain Wolf Camera may not be in the bag.

A U.S. bankruptcy court has received three competitive bids for the company, one of which is backed by the court's creditors committee and Eastman Kodak, Wolf's single largest creditor that's in the hole for $65 million. That proposal, from leading U.K. camera chain Jessops, would provide a $50 million line of credit to Wolf that would pay lenders $30 million over time.

A second offer, from GB Equity Partners, would provide Wolf with $15 million with which to continue operations.

The third bid came from Cardinal Investment Co., which proposed to purchase Wolf outright for $53 million in cash.

The bankruptcy court said it would weigh all considerations before rendering a decision later this month.

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