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Vlasic Foods International Inc income tax basis after spinoff from Campbell Soups in 1998?
Wiki User
∙ 13y ago
When Campbell Soup spun off Vlasic Foods and Swanson brands, it "gave" the new company a $500 million debt to carry. Under the law, if a new company can stay a viable entity for 3 years, and then has financial problems, the debt the parent company sent with it stays with the new company. Campbell Soup worked very hard to keep Vlasic alive and well for 3 years, but it could never get out from under that debt that Campbell's saddled it with. Shortly after the 3 years were over, the company declared bankrupcy and was put up for sale. An investment group from Texas purchased the company and renamed it Pinnacle Foods. (Believe that sale was completed in 2003) I was with middle management through that entire period. Hope that answer the question.
Wiki User
∙ 13y ago
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