Anchor Glass shedding Chapter 11

The U.S. Bankruptcy Court Middle District of Florida Tampa Division has confirmed Anchor Glass Container Corp.'s proposed reorganization plan.

Anchor expects to emerge from Chapter 11 in early May 2006.

"We reached a consensual plan with our noteholders and the official committee of unsecured creditors," said Mark Burgess, chief executive officer, in a release. "We have successfully restructured our business model and operations, significantly deleveraged our balance sheet, and have financing commitments in place in order to ensure continued strong liquidity."

Under the terms of the reorganization plan, Anchor's senior secured noteholders will own the majority of the company's equity and Anchor will exit Chapter 11 as a privately held company.

Exit financing commitments in the amount of $145 million for a term loan and $70 million for a revolving credit facility have been received from Credit Suisse. 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.

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600450 Anchor Glass shedding Chapter 11

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