Printer Friendly

NVR, AFFILIATES TO AMEND REORGANIZATION PLAN

 MCLEAN, Va., May 4 /PRNewswire/ -- NVR L.P. (AMEX: NVR) today announced that it and certain of its affiliates will be amending their joint First Amended Plan of Reorganization and related Disclosure Statement later this month. First, the revised Plan will provide that NVR will fully pay the claims of its pre-petition bank lenders in cash, through the proposed issuance of $150 million in new senior notes in an underwritten public offering, concurrent with the effective date of the Plan. Second, holders of equity interests in NVR (including those who receive interests as part of the Plan) will vote on whether NVR will convert from a partnership to a corporation in a series of merger transactions. Additionally, NVR said the revised Plan would provide for implementation of new working capital and mortgage warehouse financing arrangements simultaneously with the effective date of the Plan.
 All other material terms of the Plan are expected to remain substantially the same, including the cancellation of NVR's $205 million principal amount of subordinated bonds in exchange for new equity interests in NVR.
 The court-appointed Unsecured Creditors Committee, which represents all of NVR's unsecured creditors (including the holders of its subordinated bonds), has informed NVR that the Committee supports the revisions to the Plan. Because the principal pre-petition bank group will be receiving full payment in cash on the effective date of the Plan, the bank group will be deemed to have accepted the Plan under the bankruptcy laws.
 A hearing to approve the amended Disclosure Statement has been scheduled for June 1, 1993, following which NVR will disseminate its Plan and Disclosure Statement to creditors and equity holders for their approval by the requisite vote, with a view towards a hearing on confirmation of the Plan in mid-July. The proposed debt offering will be made only by means of a prospectus, which will not become effective unless and until NVR's Plan of Reorganization is confirmed by the bankruptcy court. NVR anticipates that the earliest date for the commencement of the offering and the effective date of the Plan is August 1993.
 -0- 5/4/93
 /CONTACT: Doug Poretz of NVR, 703-506-1778 or, after hours, 703-448-1312/
 (NVR)


CO: NVR L.P. ST: Virginia IN: SU:

TW -- DC036 -- 2154 05/04/93 18:48 EDT
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:May 4, 1993
Words:378
Previous Article:IMMIGRATION INITIATIVES IN CALIFORNIA LEGISLATURES STRIKE A BLOW FOR GOOD GOVERNMENT
Next Article:C-17 COMPLETES FIRST HEAVY AIR DROP


Related Articles
NVR L.P. TO FILE PLAN OF REORGANIZATION
NVR L.P. ANNOUNCES RESULTS FOR THE QUARTER AND YEAR ENDED DEC. 31, 1992
NVR LP., ANNOUNCES RESULTS FOR ITS FIRST QUARTER ENDED MARCH 31, 1993
NVR, AFFILIATES FILE SECOND AMENDED JOINT PLAN OF REORGANIZATION
NVR L.P. AGREES TO MODIFY SECOND AMENDED JOINT PLAN OF REORGANIZATION
NVR L.P. AGREES TO MODIFY SECOND AMENDED JOINT PLAN OF REORGANIZATION
NVR ANNOUNCES ITS PLAN OF REORGANIZATION
NVR L.P. ANNOUNCES RESULTS FOR ITS SECOND QUARTER ENDED JUNE 30, 1993
NVR L.P. ANNOUNCES IT EXPECTS TO EMERGE FROM CHAPTER 11 ON SEPT. 30
NVR, INC., ANNOUNCES RESULTS FOR ITS THIRD QUARTER ENDED SEPT. 30, 1993

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