Manufacturing Industry
Advanced Glassfiber Yarns LLC Gets Okay for Reorganization Plan.
Advanced Materials & Composites News, March, 2004
March 8, 2004 - Advanced Glassfiber Yarns LLC of Aiken, S.C., is close to emerging from bankruptcy protection. The company said its Chapter 11 Reorganization Plan was approved by the United States Bankruptcy Court for the District of Delaware, paving the way for the company to consummate its restructuring and emerge from Chapter 11, possibly in April.
The plan provides that approximately $184 million of secured obligations owed to the company's pre-petition senior secured lenders will be exchanged for new secured indebtedness of $120 million, with the remainder exchanged for an approximately 70 percent share of common equity in the reorganized company. The plan also provides that the company's existing senior subordinated bondholder debt of approximately...
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