As contemplated by the company's plan of reorganization
, Intermet has become a Delaware corporation.
Under the confirmed plan of reorganization
, the company's unsecured class of creditors that includes its existing convertible notes will receive new notes with a total principal amount of $30 million.
Under the plan of reorganization
, the company's existing bank debt is to be canceled as of the effective date in favor of a new credit facility, Conseco said.
The loan would be secured by inventory and would replace the chain's current $2 billion debtorin-possession facility on the date the plan of reorganization
The automatic stay prevents a "race to the bankruptcy courthouse" and gives the debtor room to concentrate on stabilizing its business, developing a new business plan, and formulating a plan of reorganization
Brown said AEI believes the plan "is in the best interests of all our creditors." A "substantial percentage" of AEI's senior lenders and noteholders already had indicated their support for an unspecified plan of reorganization
, although the precise number was not revealed.
The Prudential Insurance Company of America, the carrier that underwrites the various insurance programs sponsored by the AICPA Insurance Trust, recently filed its Plan of Reorganization
with the New Jersey Department of Banking and Insurance.
The court has scheduled a confirmation hearing on CRIIMI MAE's third amended joint plan of reorganization
for November 15.
"We are delighted to have concluded our auction process and, as a result, to have finalized our agreement with Wellspring and filed our amended plan of reorganization
with the bankruptcy court," comments Paragon chief executive officer Bobby Abraham.
Under Bradlees' plan of reorganization
, proceeds from the sale will be used to pay down the Company's 9 percent convertible notes.
As explained in the preamble, the cases are read as holding that if T transfers its assets to an acquiring corporation (P) in exchange for stock of the corporation controlling P (as in Groman), or if P acquires the T assets but pursuant to the plan of reorganization
transfers them to a controlled subsidiary (as in Bashford), the continuity-of-interest doctrine is not satisfied.
During the final negotiations leading to the draft plan of reorganization
, as many as 40 attorneys assisted the seven stakeholders and the debtor principals.