Coleco Industries Inc., a once high-flying toy maker whose stock peaked at $65 a share in the early 1980s, filed a Chapter 11 reorganization plan that provides just 1.125 cents a share for common stockholders. 

Under the plan, unsecured creditors, who are owed about $430 million, would receive about $92 million, or 21 cents for each dollar they are owed.
In addition, they will receive stock in the reorganized company, which will be named Ranger Industries Inc.
After these payments, about $225,000 will be available for the 20 million common shares outstanding. 

The Avon, Conn., company's stock hit a high in 1983 after it unveiled its Adam home computer, but the product was plagued with glitches and the company's fortunes plunged.
But Coleco bounced back with the introduction of the Cabbage Patch dolls, whose sales hit $600 million in 1985.
But as the craze died, Coleco failed to come up with another winner and filed for bankruptcy-law protection in July 1988. 

The plan was filed jointly with unsecured creditors in federal bankruptcy court in New York and must be approved by the court.