Bloomberg: U.S. Concrete Wins Court Approval of Recovery Plan
Thursday, July 29, 2010
Bankruptcy Judge Peter Walsh in the U.S. Bankruptcy Court, District of Delaware (Wilmington) has granted approval of U.S. Concrete's reorganization plan, which aims to cut debt by approximately $272 million.
According to the article, the concrete supplier received approval from almost 100% of its noteholders and about 85% of its equity holders. According to the plan, 8.325% notes will be swapped for the all the reorganized company's equity. Court documents note that current shareholders will get warrants to buy as much as 15% of the new company's stock. Executives may get about 10% of the stock under a management incentive plan. Unsecured creditors will be paid in full and secured claims will be reinstated in the reorganized company.
To read the Bloomberg article in its entirety, click here.
SOUND OFF! Send a letter to the Senior Editor, Stuart Papavassiliou at sppapa@abfjournal.com.
To get your company’s news included on the abfjournal.com site and published in the ABF Journal, contact Stuart Papavassiliou, Senior Editor, at 800.708.9373 x124 or e-mail news to sppapa@abfjournal.com.
If you would like to search our News Archives, please click here
