Printer Friendly

BARTON INDUSTRIES ANNOUNCES CONFIRMATION OF CHAPTER 11

 BARTON INDUSTRIES ANNOUNCES CONFIRMATION OF CHAPTER 11
 SHAWNEE, Okla., Feb. 3 /PRNewswire/ -- Barton Industries, Inc. today


announced that Jan. 24, 1992, its Chapter 11 plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Western District of Oklahoma. Confirmation of the plan was made subject to Barton completing the sale of one of its wholly-owned subsidiaries within 10 days of confirmation. The sale of the subsidiary is contemplated to occur within the required time frame.
 Barton Industries, Inc. is a diversified manufacturer of oil field equipment. Barton filed for protection under Chapter 11 of the Bankruptcy Code in February 1991. The company's financial problems resulted from a rapid three-year acquisition program during which the company acquired over 20 industry-related subsidiary companies. The expansion was not adequately capitalized and ultimately forced the company to initiate its reorganization.
 A new management team headed by Paul Brostrom has guided the company through its reorganization. In connection with the reorganization the company sold or closed all but four subsidiary companies. Brostrom has been chairman and CEO of Barton since February 1991.
 The company's original core business of manufacturing valves for oil and gas wells and distribution lines has stabilized and accounts for over 60 percent of current sales volume. Approximately 15 percent to 18 percent of the company's sales in 1992 is expected to come from its emerging computer controlled automated production and transmission products division.
 The plan of reorganization calls for shareholders to retain 4 million shares, or 20 percent, of the common stock to be issued by the reorganized company, with unsecured creditors receiving 7,500,000 shares of convertible preferred stock. Existing shareholders will also receive the right to buy up to 25.5 percent, or 5.1 million shares, of the roughly 20 million shares of common stock to be issued.
 -0- 2/3/92
 /CONTACT: Janet Golay of Barton Industries, 405-273-7660/ CO: Barton Industries, Inc. ST: Oklahoma IN: OIL SU:


JT -- NY064 -- 6208 02/03/92 12:48 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 3, 1992
Words:333
Previous Article:SHELL PIPE LINE ANNOUNCES GASCONADE RIVER SPILL SETTLEMENTS
Next Article:COMMUNICATIONS SYSTEMS COMPLETES AUSTIN TAYLOR ACQUISITION
Topics:


Related Articles
NBI EMERGES FROM CHAPTER 11
COURT APPROVES FNN REORGANIZATION PLAN; NEW COMPANY TO EMERGE AS 'DATA BROADCASTING CORP.'
BARTON INDUSTRIES DEFAULTS ON LOANS
BARTON INDUSTRIES STILL IN DEFAULT UNDER LOAN AGREEMENTS
EAGLE-PICHER INDUSTRIES ANNOUNCES AGREEMENT ON PRINCIPAL ELEMENTS OF JOINT PLAN OF REORGANIZATION WITH MAJOR PARTIES IN ITS CHAPTER 11 CASE
WALTER INDUSTRIES' PLAN OF REORGANIZATION CONFIRMED BY BANKRUPTCY COURT
Chiquita Announces Approval of Reorganization Plan by Security Holders.
Safety-Kleen Extends Voting Deadline for Reorganization Plan.
Court Approves Burlington's Dissemination of Disclosure Statement.
Halliburton Announces Court Confirms Prepackaged Plan of Reorganization of its DII Industries and Kellogg Brown & Root Subsidiaries.

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