Zenith Acquired By LG Electronics America In Bankruptcy Agreement

LG Electronics acquired Zenith in a bankruptcy settlement completed November 8 in a Federal court in Glenview, Illinois. As Zenithís largest creditor, LG Electronics agreed to accept 100 percent of Zenithís assets in exchange for $200 million in claims against the former consumer electronics giant.As a new unit of LG Electronics, Zenith has secured a commitment for $150 million in credit from a group of banks headed by Citicorp North America Inc.