Printer Friendly

ADIENCE REORGANIZATION PLAN CONSUMMATED BY COURT; FINAL STEP CLEARS COMPANY FROM BANKRUPTCY

 PITTSBURGH, July 7 /PRNewswire/ -- Adience, Inc. announced today that the company's previously announced plan for prepackaged reorganization was consummated on June 30, 1993, in Federal Bankruptcy Court, Pittsburgh.
 This is the final step in the company's financial plan to permit aggressive business operations, the company said.
 According to Fletcher L. Byrom, Adience chairman, the court action is a major advance for the company. "Our plan moved very efficiently through the court system, taking less than five months for final consummation. We believe we can now move forward in the diverse markets we serve, and that we are well positioned for growth in these markets."
 Under the reorganization Adience is legally revested with all of its assets and will operate without further court supervision. The absence of court imposed restrictions permits resumption of normal trade activities by Adience with its suppliers.
 "This final step in the reorganization of our finances clears the way for our energies to be fully dedicated to serving Adience customers with quality products and services, and providing growth opportunities for our employees," Byrom said. He added that current Adience business activities "show good signs of increased spirit among our employees and renewed confidence by the markets we serve."
 Also on June 30, 1993, Adience entered into new financing arrangements with Congress Financial Corporation, obtaining a revolving facility of $12 million.
 -0- 7/7/93
 /CONTACT: Robert O'Gara, 412-561-0462, for Adience/


CO: Adience, Inc.; Congress Financial Corporation ST: Pennsylvania IN: SU:

KC-CD -- PG003 -- 8913 07/07/93 08:22 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:Jul 7, 1993
Words:252
Previous Article:CHAMPION INDUSTRIES ACQUIRES GARRISON BREWER OF MARIETTA, OHIO
Next Article:RIO ANNOUNCES PRELIMINARY SECOND QUARTER RESULTS
Topics:


Related Articles
TGX CORPORATION ISSUES STATEMENT
TGX CORPORATION ISSUES STATEMENT
TGX: BANKRUPTCY COURT ORDERS CONVERSION OF REORGANIZATION PLAN
ADIENCE TO RESTRUCTURE DEBT
ADIENCE BANKRUPTCY NOT TO INVOLVE IDT
ADIENCE REORGANIZATION PLAN CONFIRMED BY COURT; COMPANY CITES CONFIDENCE IN EMPLOYEES, BUSINESS
INFORMATION DISPLAY TECHNOLOGY AND ADIENCE EXPLORING MERGER
Emergency Steel Loan Guarantee Board Approves Guarantee Application for Geneva Steel's $110 Million Term Loan.
Adelphia Files Modified Plan of Reorganization for Certain Debtors to Facilitate Sale.
Adelphia Files Forms of Transaction Agreements in Connection With Expedited Sale Process.

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