Printer Friendly

ADIENCE BANKRUPTCY NOT TO INVOLVE IDT

 PITTSBURGH, Feb. 17 /PRNewswire/ -- Adience, Inc. ("Adience"), which owns 80 percent of the common stock of Information Display Technology, Inc. (IDT), announced today that Adience will file a prepackaged plan of reorganization under Chapter 11 of the Bankruptcy Code.
 IDT will not be involved in the Adience bankruptcy proceeding and will not itself file for bankruptcy protection.
 The Adience plan will incorporate the previously disclosed agreement between Adience and the informal committee of holders of $66 million of Adience's 15 percent Senior Subordinated Reset Notes. The holders of those notes will exchange them for $45 million of new 11 percent notes to be issued by Adience, plus common stock representing 55 percent of the equity of Adience. Under the plan, the claims of all other Adience creditors will not be affected.
 The 15 percent notes issued by Adience are guaranteed by IDT. All of the noteholders who have voted in favor of the Adience plan, representing 97 percent of the notes outstanding, have agreed to release IDT's guarantee on those notes. IDT will not guarantee the new 11 percent notes to be issued by Adience in the reorganization.
 During the course of the Adience restructuring, which should be completed within 45 days, IDT will continue to operate in all respects in the ordinary course of business.
 -0- 2/17/93
 /CONTACT: Robert O'Gara for Adience, 412-561-0462/
 (IDT)


CO: Adience, Inc.; Information Display Technology, Inc. ST: Pennsylvania IN: SU:

KC-CD -- PG009 -- 7479 02/17/93 16:02 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 17, 1993
Words:247
Previous Article:ADIENCE TO RESTRUCTURE DEBT
Next Article:GATEWAY REPEATS AS REGIONAL SCIENCE BOWL CHAMPION, EARNS SECOND TRIP TO NATIONAL COMPETITION


Related Articles
ADIENCE TO RESTRUCTURE DEBT
ADIENCE REORGANIZATION PLAN CONFIRMED BY COURT; COMPANY CITES CONFIDENCE IN EMPLOYEES, BUSINESS
INFORMATION DISPLAY TECHNOLOGY AND ADIENCE EXPLORING MERGER
ADIENCE ELECTS FORMER ARMCO CEO TO BOARD
INFORMATION DISPLAY TECHNOLOGY: EXPLORATION OF MERGER INTO ADIENCE TERMINATED
INFORMATION DISPLAY TECHNOLOGY: EXPLORATION OF MERGER INTO ADIENCE TERMINATED
ADIENCE AND INFORMATION DISPLAY TECHNOLOGY TO BE ACQUIRED BY THE ALPINE GROUP
THE ALPINE GROUP, INC. SIGNS AGREEMENT TO ACQUIRE ADIENCE, INC.
ADIENCE: THE ALPINE GROUP ACQUIRES 80% OF COMMON STOCK
ALPINE GROUP'S POLYVISION UNIT TO RELEASE FLAT PANEL DISPLAY SAMPLES TO PROSPECTIVE CUSTOMERS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters