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.

Read the entire news article on the source link below.

600450 Anchor Glass shedding Chapter 11 glassonweb.com

See more news about:

Others also read

The first edition of the two-day Chile Glass event dedicated to the glass industry concluded with many regarding it as a success.
British Glass CEO Dave Dalton enjoyed a successful trip to America earlier this month to promote cutting edge research and development taking place in the UK.
The first event dedicated to the technologies and solutions for glass processing ever held in Chile is taking place today and tomorrow.
Quality, superior performance, customer-oriented solutions and automation are the key features of the products showcased at Glasstec.
From latest-generation coatings to digital printing, Fenzi offers a broad range of complete solutions for the international glass industry, once again proving it sets the standard for the entire industry.
Hungarian-Hirschler Glas, a vehicle rear view mirror producer based in Sopron (189 km west of Budapest), Hungary, has inaugurated an HUF 413 million production hall with help from an HUF 196 million government grant.

From industry

NEWS RELATED PRODUCTS

Add new comment