American Pad & Paper LLC Receives Court Approval of $40 Million DIP Financing.Business Editors PLANO, Texas--(BUSINESS WIRE)--Dec. 23, 2002 American Pad & Paper LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Ampad") today stated that 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. has approved a number of its first day orders including approval of $40 million of Debtor-in-Possession (DIP) financing and continued payment of employee wages and benefits. Ampad's existing bank group, led by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , is providing the $40 million DIP financing. Additionally, Ampad will be able to use its existing bank accounts, rather than establish new accounts. It is the Company's intention to present a reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. to the bankruptcy court that will allow it to finalize new equity sponsorship, make an orderly ownership transition and emerge from Chapter 11 as rapidly as possible. As part of its reorganization plan, Ampad will seek to pay its pre-petition vendor obligations as quickly and fully as possible. Ampad is a leading manufacturer and distributor of writing pads, filing supplies, retail envelopes and specialty papers and serves many of the largest and fastest growing office products retailers and distributors in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Additional information is available on the Company's website at www.ampad.com. |
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