Court Confirms International Wire Group, Inc.'s Plan of Reorganization.ST. LOUIS -- International Wire Group, Inc. announced that 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. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of confirmed the Company's plan of reorganization on August 25, 2004. The confirmation order clears the way for the consummation of the plan. The Company anticipates that this will occur prior to September 30, 2004. "This announcement underscores the strong support that International Wire has enjoyed from its financial partners throughout this process," said Joseph Fiamingo, International Wire's chief executive officer. "To have reached this point in such a short time after our initial filing would not have been possible without their faith in our business plan and our future. Holders of our debt and equity securities voting on the plan unanimously voted in favor of the plan of reorganization." "International Wire's customers have also been supportive during this process. We look forward to fulfilling the commitment to a stronger balance sheet that we laid out several months ago," Fiamingo said. The recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. will involve the exchange of approximately $305 million principal amount of International Wire's senior subordinated indebtedness into $75 million principal amount of new 10% senior subordinated notes and 96% of International Wire's common stock. The Company has completed the tabulation tab·u·late tr.v. tab·u·lat·ed, tab·u·lat·ing, tab·u·lates 1. To arrange in tabular form; condense and list. 2. To cut or form with a plane surface. adj. Having a plane surface. of elections made by holders of the Company's 11 3/4% senior subordinated notes and 14% senior subordinated notes under the terms of the plan of reorganization. The distributions to such holders, based on the elections received and the application of the proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. provisions of the plan, will be as follows: Holders of 11 3/4% senior subordinated notes electing pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. treatment or making no election will receive, in respect of each $1,000 principal amount of such notes so held, 31.4668 shares of Company common stock and $245.8343 principal amount of Company 10% notes. Holders of 11 3/4% senior subordinated notes electing to receive all Company common stock in lieu of the pro rata distribution will receive, in respect of each $1,000 principal amount of such notes so held, 34.2473 shares of Company common stock and $211.7731 principal amount of Company 10% notes. Holders of 11 3/4% senior subordinated notes electing to receive all Company 10% notes in lieu of the pro rata distribution will receive, in respect of each $1,000 principal amount of such notes so held, $631.3024 principal amount of Company 10% notes. Holders of 14% senior subordinated notes will receive, in respect of each $1,000 principal amount of such notes so held, 31.9927 shares of Company common stock and $249.9432 principal amount of Company 10% notes. Upon completion of the restructuring, International Wire's debt (excluding accrued and unpaid interest) will decline from approximately $391 million to approximately $181 million and interest will be reduced by approximately $31 million annually. International Wire Group, Inc., headquartered in St. Louis, Missouri, is a leading manufacturer and marketer of wire products, including bare and tin-plated copper wire and insulated in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. copper wire. The Company's products include a broad spectrum of copper wire configurations and gauges with a variety of electrical and conductive conductive having the quality of readily conducting electric current. conductive flooring flooring or floor covering made specially conductive to electrical current, usually by the inclusion of copper wiring that is earthed characteristics that are utilized by a wide variety of customers primarily in the appliance, automotive, electronics/data communications and general industrial/energy industries. The Company manufactures and distributes its products in 20 facilities strategically located in the 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. , Mexico, France, Italy and the Philippines. For further information, please contact David Webster David Webster can refer to several people: Living
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