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Anchor Glass Sheds Debt, Becomes a Private Company
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Anchor Glass Container Corp. has successfully emerged from bankruptcy again. It marks the third time in nine years that the glass manufacturer has wiped its debt slate clean through the court system. The company filed for Chapter 11 protection in 1996, 2002 and 2005. It cleared $50 million of debt in 2002 and more than $110 million with the most recent filing.
In connection with its most recent emergence, Anchor closed its $215 million exit financing facility with Credit Suisse.
Under the terms of Anchor's plan of reorganization, which was overwhelmingly supported by Anchor's creditors who voted on the plan, Anchor's senior secured note holders will own the majority of the company's equity and Anchor is exiting Chapter 11 as a privately held company.
Anchor will file a Form 15 with the Securities and Exchange Commission and will no longer file reports as a public reporting entity, it said.
Read the entire news on the source link below.
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May 8th, 2006
Source: Bizjournals.com |
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