Oglebay Norton files disclosure statement with bankruptcy court

Pit & Quarry, July, 2004

Oglebay Norton Co. and its subsidiaries have filed a disclosure statement in the United States Bankruptcy Court for the District of Delaware in Wilmington. A hearing to approve the adequacy of the disclosure statement is expected to be scheduled in July.

The company earlier filed its plan of reorganization, which lays out how creditors will be paid. The plan is subject to review and approval by certain creditors of the company and by the court. A hearing on confirmation of the plan is expected to take place in September.

On May 14, the company filed a registration statement with the Securities and Exchange Commission relating to the offer and sale of Class A convertible preferred stock, the proceeds of which would be used to supply financing required to support the plan of reorganization.

"Filing the disclosure statement, the plan of reorganization and the registration statement demonstrate our continued progress towards our goal to emerge from chapter 11 on an expedited basis," says Michael D. Lundin, president and CEO.Pennsy Supply opens new Pennsylvania quarry Pennsy Supply Inc., Harrisburg, Pa., held a groundbreaking ceremony to celebrate the site of its new quarry in Newville, Penn Township. The acquisition of the land and the development of the quarry extend Pennsy's service area to Cumberland, Perry, Franklin and Adams counties, as well as portions of York County.

The site also creates an estimated 15 to 20 local employment opportunities once in full service. Pennsy will begin crushing stone in July and officially open the quarry for business in August. The company also plans to construct a concrete plant and asphalt plant that will be fully operational by April 1, 2005.