All Star Gas Corporation To Restructure Debt In Voluntary Chapter 11 Reorganization; New financing allows operations to continue with emphasis on customer service.Business Editors LEBANON, Mo.--(BUSINESS WIRE)--July 21, 2003 All Star Gas Corporation today announced that it has filed for Chapter 11 relief in order to restructure quickly the debt of the Company and its subsidiaries. The company has reached agreement in principle with its major creditors on a post-petition financing plan that will be presented to senior noteholders and is optimistic that agreement will be reached promptly on this plan. "Our number one priority is to continue operating as a safe, reliable supplier of propane for our customers," said John Gordon John Gordon may mean:
Gordon was initially appointed to the position of interim chief executive officer effective March 31, 2003, replacing Paul S. Lindsey, Jr., following a special meeting of stockholders on March 24, 2003. On May 8, 2003, Gordon was named president and chief executive officer of All Star Gas and its subsidiaries. Financing provided by the holders of the senior notes, which represent the bulk of the company's debt, will be used to purchase propane during the winter season and pay operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . The company intends to honor all customer deposits for the 2003-2004 winter season, and has filed a motion with the court to make an expedited approval of its plan. The Chapter 11 petitions were filed today in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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. in Phoenix, Arizona. The following 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. were included in the petition: All Star Gas Corporation, All Star Gas Inc. of Arkansas, All Star Gas Inc. of Arizona, All Star Gas Inc. of Colorado, All Star Gas Inc. of Missouri, All Star Gas Inc. of Wyoming, All Star Gas Transports Inc. - MO, All Star Energy Services Inc., All Star Gas Field Services Inc., Red Top Gas Inc., Ellington Propane Inc., Utility Collection Corporation, Empire Underground Storage, Inc., All Star Gas Inc. of Arma, All Star Gas Inc. of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. , All Star Gas Inc. of Michigan, All Star Gas Inc. of South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , All Star Gas Inc. of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , All Star Gas Inc. of California, and All Star Gas Inc. of Jacksonville. All of the company's 290 employees have been retained, and all 59 retail locations continue to operate. 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 48,000 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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