WEST WARWICK – Amtrol Inc. says it has reached an important milestone in its Chapter 11 reorganization, with the filing by the company and the official committee of unsecured creditors of a joint plan of reorganization.
Under the plan, the debt held by the creditors is to be exchanged for “substantially all of the equity in the reorganized company,” Amtrol said, “thereby reducing the company’s debt by approximately 40 percent and improving its long-term financial stability.”
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The plan calls for all liabilities from before the company’s bankruptcy filing to be paid in full.
Amtrol said it has continued to operate as normal, experiencing no disruptions during the reorganization.
Its domestic operations during the Chapter 11 proceedings are being financed with a $115 million debtor-in-possession loan from Barclays Capital. As Amtrolit completes the reorganization, it will replace that loan with long-term, low-cost financing.
It expects to complete its reorganization and emerge from Chapter 11 protection in the second quarter of this year.
Amtrol’s reorganization plan – filed March 1 with the U.S. Bankruptcy Court for the District of Delaware – still requires court approval.
The company’s principal legal advisors for the proceedings are Douglas Gray, Stuart Brown and William Chipman Jr. of Edwards Angell Palmer & Dodge LLP. Its financial advisor is Miller Buckfire & Co. LLC.
Additional information on Amtrol’s reorganization is available at www.kccllc.net/amtrol. Information about Amtrol is available at www.amtrol.com.
