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AGCCQ: Disclosure Statement and Plan of Reorganization Approved by the Bankruptcy Court for Solicitation of Votes
Anchor Glass Container Corporation announced that it has received approval from the United States Bankruptcy Court Middle District of Florida Tampa Division to submit for voting its proposed Plan of Reorganization and Disclosure Statement. Anchor's Plan of Reorganization will reduce the company's long term debt by approximately $370 million. A confirmation hearing has been set for April 17, 2006. Assuming court approval of the plan, Anchor expects to emerge from Chapter 11 in late April 2006.
"This plan of reorganization is an important milestone for us. With the support of our customers, vendors and employees we have the framework in place to enable Anchor Glass to remain a strong and innovative competitor in the marketplace," said Mark Burgess, Anchor's Chief Executive Officer. The Ad Hoc Committee of Noteholders and the Official Committee of Unsecured Creditors have advised Anchor Glass that they will recommend the acceptance of this plan. The terms of Anchor's Plan of Reorganization call for a debt-for-equity swap that will give Anchor's Senior Secured Noteholders 100 percent of the company's equity. Anchor will exit chapter 11 as a privately held company with long-term debt of $135 million. To ensure strong liquidity, Anchor intends to put in place a revolving credit facility of approximately $65 million. Unsecured creditors will receive a cash distribution of approximately $8.6 million. Based upon current estimates, unsecured claims approximate $120 million. Current equity holders will receive no distribution and their shares will be cancelled.
-------------------- Buy Low. Sell High. Posts: 9811 | From: The Land Of The Giants | Registered: Feb 2005
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Thanks for the info Peasor. I noticed that after I got home from school yesterday and was negative 77%. Damn if I was home I'd a sold before it fell. I did get to flip it a couple of times along with ABRXQ now ABLSQ when I was very new to the game.
-------------------- I buy fast and sell faster! Posts: 2018 | Registered: Jan 2006
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