All Star Gas Corporation Emerges From Chapter 11 Protection; Company Also Secures New Two-Year Financing Agreement.LEBANON, Mo. -- All Star Gas and its subsidiaries officially emerged from Chapter 11 bankruptcy protection after fulfilling obligations under its Plan of Reorganization (the "Plan"). The company also announced that it has secured a new two-year loan from Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Emerging Markets, Inc. that provides financing for its
propane propane, CH3CH2CH3, colorless, gaseous alkane. It is readily liquefied by compression and cooling. It melts at −189.9°C; and boils at −42.2°C;. operations.
Under the Plan, the senior secured noteholder exchanged more than $60 million of debt for 100 percent of the stock of the company. Most other secured lenders will be paid in full over five years. Depending on their class within the Plan, unsecured creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. will receive distributions ranging from 7.5 percent to 45 percent. "We're all very happy to focus on running the business," said John Gordon John Gordon may mean:
Additionally, the company has filled out its senior management staff with the hiring of new chief financial officer Jeff Finstad. "All Star Gas is dedicated to growing and I am here to help that vision materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. ," said Finstad. All Star Gas filed for Chapter 11 reorganization protection on July 21, 2003, and filed its Plan of Reorganization with the U.S. 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. on December 31, 2003. It emerged from Chapter 11 on October 22, 2004. For more than 30 years, All Star Gas has provided dependable, affordable propane to residential and business customers. The company and its subsidiaries currently supply approximately 46,000 customers in Arkansas, Arizona, Colorado, Missouri, Oklahoma and Wyoming. Further information on All Star Gas is accessible at www.allstargas.com. |
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