Anchor Glass files pre-negotiated plan of reorganization

Date: 18 April 2002
Source: Yahoo
Anchor Glass Container Corp. filed a prenegotiated reorganization plan designed to erase about $50 million of debt, and said all Series B preferred stock and common shares will be canceled.Anchor Glass expects to pay secured creditors and all trade vendors 100% of amounts owed.

The company also expects to elect a new board of directors.

In a press release Monday, the maker of glass beverage containers said its secured bondholders will retain $150 million of their first mortgage notes outstanding, plus a consent fee for the change-of-control provisions waiver and other nonfinancial changes to the notes' terms.

Anchor Glass signed lock-up and support agreements with a majority of its unsecured bondholders, who will receive $50 million in cash. The company also signed lockup and support agreements with a majority of its Series A preferred stock holders, who will receive cash $22.5 million in cash.

The reorganization filing was prompted by liquidity issues raised by change of control provisions in the company's debt instruments.

The prenegotiated elements of the reorganization provide for no disruption to the company's employees, creditors, customers and overall operations.

In March, Anchor Glass arranged for new funding through a prearranged Chapter 11 bankruptcy filing.Cerberus Capital Management agreed to put $100 million of new capital into Anchor Glass, including $80 million in the form of equity capital.

600450 Anchor Glass files pre-negotiated plan of reorganization
Date: 18 April 2002
Source: Yahoo

See more news about:

Others also read

In March 2016 HORN has signed a complete new project contract with Turira for Mina Glass Co about engineering and equipment for a new 240 tpd regenerative end fired furnace with 3 forehearths.
We kindly inform you that Tiama will present during Glassman Middle-East on the 10th of May at 3PM its Tiama HOT lab system dedicated to hot-end measurements of containers dimensions.
Bucher Emhart Glass, the leading global supplier of machinery and equipment to the glass manufacturing industry, has announced the retirement of Ed Munz, Vice President Logistics & Manufacturing (VP L&M), and the appointment of his successor, Juan Pablo Montes.
Orora Limited (ASX:ORA) announces it has committed to invest $42 million in additional glass bottle forming lines at its Gawler, South Australia, glass plant.
Thai Glass Industries (TGI), container glass manufacturing subsidiary of Berli Jucker in Thailand, and XPAR Vision from the Netherlands, join forces in a strategic partnership, providing leading Hot End sensor technology to the global container glass industry.
2016 marks Quantum’s 40th year of serving the global glass container industry and we are proud to announce that we can celebrate this important milestone with our new partner, Interglass.

Add new comment