The Company said it believes that terminating exclusivity in order to permit the introduction of a second plan of reorganization
by the secured creditors, which would propose to reduce the recovery of unsecured creditors, would only delay confirmation of a consensual plan.
Following the negotiations regarding such claims and the negotiations with the other statutory Committees, the Company intends to file with the Bankruptcy Court a plan of reorganization
and proceed to confirmation in accordance with the provisions of the Bankruptcy Code, including soliciting the requisite creditor and shareholder acceptances.
The Joint Plan of Reorganization
also requires Transcisco to issue 10 percent of its Common Stock to a collateral agent to be distributed pro rata to the Class F Claimants if their claims are not paid within 36 months after the Joint Plan of Reorganization
is approved by the court.
The terms of the agreement are contained in the plan of reorganization
that was confirmed by the Delaware court.
confirmed a Plan of Reorganization
on June 4, 1993, which became effective on June 25, 1993.
These distributions will be in addition to the recoveries contemplated by the Plan of Reorganization
as originally filed.
In late May 1993, the Bankruptcy Court suspended the original hearing date of July 15, 1993, indicating that it would consider proceeding with confirmation of a plan of reorganization
which had the general approval of creditors and other parties in interest in the bankruptcy case.
EST on Friday, November 20, a competing plan of reorganization
proposed by the National Gypsum Company Statutory Committee of Bond and Trade Creditors appears to have been approved by only one of seven classes voting on the Committee's plan comprised of holders of the company's 15 1~2 percent Redeemable Discount Debentures.
Holders of contingent distribution rights ("CDRs") (OTCBB:CDCOR) and holders of common stock (OTCBB:CDCO), in each case issued by Comdisco pursuant to its plan of reorganization
, together with the Class C-4 creditors under the plan of reorganization
are potentially impacted by a termination of the litigation trust.
which owns and operates the Bally's Las Vegas casino hotel resort, announced today that its Plan of Reorganization
, was confirmed by the United States Bankruptcy Court for the District of New Jersey.
Prior to Oneida's investment in America Racing, Oneida had submitted a competing plan of reorganization
for Vernon Downs Raceway and through this investment Oneida has agreed not to modify its proposed plan of reorganization
that was recently denied confirmation by the bankruptcy court.
OF PLAN OF REORGANIZATION
EXTENDED FROM 11/9/92 TO 12/23/92