Printer Friendly

BONDHOLDERS COMMITTEE ANNOUNCES PLAN OF REORGANIZATION

 NEW YORK, Feb. 16 /PRNewswire/ -- The Official Committee of Subordinated Bondholders (the bondholders' committee) appointed in the Chapter 11 proceedings for Integrated Resources, Inc. (Integrated) and Steinhardt Management Company, Inc., on behalf of itself and certain affiliated entities (the Steinhardt Group) today announced that have formulated and sought Bankruptcy Court permission to file a plan of reorganization (the plan) in Integrated's bankruptcy case.
 Charles E. Davidson, a representative of the Steinhardt Group, indicated he believed that the plan could be confirmed by the Bankruptcy Court as early as June 30, 1993, and would provide cash recoveries for Integrated's senior creditors projected to be between $517,911,000 and $535,244,000, representing approximately a 46.63 percent to 48.20 percent recovery on existing senior claims; general unsecured creditors would obtain between $39,339,000 and $40,606,000 in cash, resulting in approximately a 30.26 percent to 31.24 percent recovery; subordinated creditors, represented by the bondholders' committee, would receive $20.3 million under the plan for an estimated recovery in excess of 3 percent on such claims. Additional, non-cash recoveries are also available to senior and general unsecured creditors under the plan.
 In addition, the plan would provide a mechanism for the settlement, subject to certain court approvals, of in excess of 50 lawsuits stemming from Integrated Resources' syndication of numerous public and private partnerships. This settlement would be separately funded by the Steinhardt Group. Similarly, under the plan, the Steinhardt Group would fund the settlement of the claims against Integrated of certain of the general partners and partnerships.
 Mr. Davidson further commented that the Steinhardt Group has been and will continue to actively negotiate with the creditors' committees representing Integrated's senior creditors concerning the economics and structure incorporated in the plan.
 The plan represents the second proposed solution to Integrated's three-year old bankruptcy case. In Jan. 19, 1993, Integrated filed its first amended and restated plan of reorganization (the debtor plan).
 Edward S. Weisfelner, a partner with the law firm of Berlack, Israels & Liberman, representing the bondholders' committee has filed objections to the disclosure statement concerning the debtor plan. In those objections, the bondholders' committee alleges that the debtor plan suffers from a number of tax and other legal infirmities critically affecting values and feasibility; if thoses objections are sustained by the Bankruptcy Court, that could result in the denial or substantial delay of confirmation of the debtor plan.
 "At the very least," Mr. Weisfelner commented, "we believe that these legal infirmities would result in all creditors obtaining significantly less value under the debtor plan than would otherwise be available under our plan."
 Under applicable bankruptcy law, no solicitation of creditor votes, for or against either the debtor plan or the bondholders' committee/Steinhardt Group plan can occur until after appropriate disclosure statement regarding such plans are approved by the Bankruptcy Court and made available to creditors.
 -0- 2/16/93
 /CONTACT: Edward S. Weisfelner of Berlack, Israels & Liberman, counsel for the bondholders committee, 212-704-0100, or Jeffery S. Sabin, Schulte Roth & Zabel Counsel for Steinhardt Management, 212-756-2290, or Bill Campbell of GCI Corporate & Financial, 212-546-2664/


CO: Official Committee of Subordinated Bondholders; Integrated
 Resources, Inc. ST: New York IN: OIL SU: BCY


SM -- NY133 -- 6996 02/16/93 17:30 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 16, 1993
Words:544
Previous Article:AMERICAN STOCK EXCHANGE DAILY REPORT
Next Article:PETER J. SCHMITT SETS DATE FOR FILING PLAN OF REORGANIZATION -- ALSO SETS BAR DATE FOR ADMINISTRATIVE CLAIMS --
Topics:


Related Articles
SUNSHINE MINING AND SUNSHINE PRECIOUS METALS, ANNOUNCE TERMS FOR SILVER INDEXED BONDHOLDERS PLAN OF REORGANIZATION
TRANSCISCO INDUSTRIES ORDERED TO PROVIDE BONDHOLDERS COMMITTEE WITH PROXY TO VOTE
COMMITTEE OF BONDHOLDERS OF ENVIRODYNE PROPOSAL
FIRST AND SECOND MORTGAGE BONDHOLDERS ANNOUNCE SUPPORT FOR CENTRAL AND SOUTH WEST CORPORATION MERGER WITH EL PASO ELECTRIC COMPANY
BONDHOLDERS BLOCK OF PLM INTERNATIONAL INC. (PLM) SHARES TO VOTE FOR INDEPENDENT DIRECTOR
BONDHOLDERS BLOCK OF PLM INTERNATIONAL INC. (PLM) SHARES TO VOTE FOR INDEPENDENT DIRECTOR
CREDITORS' COMMITTEE SUPPORTS MEDIA VISION'S PROPOSED REORGANIZATION PLAN
Marvel Receives Bondholders' Proposed Financing Plan; Andrews Group Withdraws Its Plan

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters