AMTROL Inc. Receives Court Approvals to Maintain Normal Operations During Reorganization.All First-Day Motions Approved $115 Million Debtor-In-Possession Financing Debtor-in-possession financing New debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims. With Barclays Capital Barclays Capital is the investment banking division of Barclays plc. It is a primary dealer in U.S. Treasury securities and various European Government bonds. Barclays Capital is led by CEO Robert (Bob) Diamond, an American who had been vice-chairman of Credit Suisse First Completed Company Pursuing Previously Announced Financial Restructuring Holders of More than Two-Thirds of the Company's Senior Subordinated Notes Have Agreed in Principle to Convert Notes to Equity WEST WARWICK, R.I. -- AMTROL Inc. today reported that Judge Kevin Gross of the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Delaware approved all of the "first-day motions" that AMTROL and several of its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. submitted as part of their filings for reorganization under Chapter 11 of the United States Bankruptcy Code. Approval of these motions will enable AMTROL to operate in the normal course of business during the reorganization process. The Judge's orders include approval of AMTROL's request to continue payment of wages and benefits to employees and independent sales representatives, sales rebates and warranty claims and to take a variety of other actions necessary to operate the Company with minimal disruption. AMTROL also received interim approval to access and subsequently closed a $115 million debtor-in-possession (DIP) financing facility provided by Barclay's Capital. This financing will provide AMTROL with additional liquidity to satisfy obligations associated with conducting the Company's business, including payments to suppliers under normal terms for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. provided after the Chapter 11 filing. AMTROL will seek final approval to fully utilize the DIP facility in January. Note holders representing more than two-thirds of the $97.8 million of the Company's Senior Subordinated Notes outstanding have agreed in principle to convert their Notes to equity as part of a financial restructuring. The restructuring anticipates that all suppliers will be paid in full for goods and services provided before the filing. Larry T. Guillemette, AMTROL's Chairman, President and Chief Executive Officer, said: "Judge Gross's approval of our first-day motions ensures that AMTROL will maintain normal operations throughout the reorganization process. Employee wages and benefits will be paid without interruption, customer orders will be filled in the normal course and payments will be made to suppliers for goods and services provided after the filing. We look forward to completing the previously announced financial restructuring that will substantially reduce the Company's debt and greatly improve its long-term financial stability." More information about AMTROL's reorganization is available at www.kccllc.net/amtrol. About AMTROL AMTROL is a leading manufacturer and marketer of water storage and pressure control products, water heaters and cylinders. The Company's major products include pressure tanks used in well water, hydronic hy·dron·ic adj. Of or relating to a heating or cooling system that transfers heat by circulating a fluid through a closed system of pipes. [hydr(o)- + -onic (as in electronic).] heating and potable potable /pot·a·ble/ (po´tah-b'l) fit to drink. po·ta·ble adj. Fit to drink; drinkable. potable fit to drink. hot water applications, indirect-fired water heaters, and both LPG LPG: see liquefied petroleum gas. 1. LPG - Linguaggio Procedure Grafiche (Italian for "Graphical Procedures Language"). dott. Gabriele Selmi. Roughly a cross between Fortran and APL, with graphical-oriented extensions and several peculiarities. and disposable refrigerant re·frig·er·ant adj. 1. Cooling or freezing; refrigerating. 2. Reducing fever. n. 1. A substance, such as air, ammonia, water, or carbon dioxide, used to provide cooling either as the working substance of gas cylinders. Products are marketed under the Well-X-Trol[R], EXTROL[R], Therm-X-Trol[R] and BoilerMate[TM] brand names. |
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