All Star Gas Takes Another Step Toward Emerging From Chapter 11.Energy Editors/Business Editors LEBANON, Mo.--(BUSINESS WIRE)--April 26, 2004 All Star Gas and its affiliates took another major step toward emerging from Chapter 11 last week when a federal bankruptcy judge approved its disclosure statement, clearing the way for All Star Gas to begin soliciting votes in favor of its plan of reorganization. The 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. also scheduled a hearing on confirmation of the company's plan for June 24, 2004. "We are pleased that the court approved the disclosure statement and set a date for final confirmation of the plan of reorganization," said John Gordon John Gordon may mean:
"We are also gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see that the 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. Committee has endorsed the company's plan and will recommend that all unsecured creditors vote in favor of it," said Gordon. The plan is the product of extensive negotiations between All Star Gas, the Official Committee of Unsecured Creditors appointed in its Chapter 11 case, and the company's senior secured Noteholders, who are owed more than $60 million. The bankruptcy court approved the company's disclosure statement over the objection of Paul S. Lindsey, former chief executive of All Star Gas. After minor modifications are made to the disclosure statement over the next 10 days, and after the bankruptcy court enters a formal written order, the company expects to begin soliciting the votes of creditors in early May. The company intends to emerge from Chapter 11 this summer. All Star Gas filed for Chapter 11 reorganization protection on July 21, 2003, and on Aug. 21, 2003, announced that it had secured interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. to support continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . All of the company's 58 retail locations are continuing to operate throughout the restructuring process. For more than 30 years, All Star Gas has provided dependable, affordable 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;. 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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