Printer Friendly

COURT APPROVES PETER J. SCHMITT DISCLOSURE STATEMENT

 BUFFALO, N.Y., March 24 /PRNewswire/ -- Peter J. Schmitt Co. Inc., said today that the U.S. Bankruptcy Court in Wilmington, Delaware has approved the company's disclosure statement related to its proposed plan of reorganization. A hearing on confirmation of the plan of reorganization has been set for April 22, 1993.
 Among other things, the plan contemplates that certain of Schmitt's administrative expense priority creditors (i.e., employees and vendors holding post-petition claims) would receive payments in the full amount of their allowed claims. The plan contemplates that Schmitt's secured creditors (the revolver banks and the senior term lenders) will receive less than the full amount of their claims (and less than the amount to which they are otherwise entitled under the bankruptcy code). Unsecured creditors and reclamation vendors will share in the remaining assets of the estate after payment to the administrative priority claimants and secured lenders, with the reclamation claimants receiving the bulk of those assets.
 The official unsecured creditors' committee has voted to endorse the plan and the secured creditors have indicated their support of the plan, pending formal approval.
 The Bankruptcy Court has set Friday, April 16, 1993 as the deadline for voting in the plan of reorganization. Information concerning eligibility and procedures for the voting may be obtained by contacting Claudia King and Associates by telephone at 201-432-6615 between the hours of 9:00 a.m. and 4:30 p.m. EST.
 -0- 03/24/93
 /CONTACT: Fredric J. Spar or Michael Freitag of Kekst and Company, 212-593-2655, for Peter J. Schmitt Co. Inc./


CO: Peter J. Schmitt Co. Inc. ST: New York IN: SU:

AH -- NY058 -- 9178 03/24/93 14:21 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:Mar 24, 1993
Words:279
Previous Article:TRANSPORTATION CAPITAL CORP. TENDER OFFER EXPIRES
Next Article:ON THE BORDER CAFES, INC. ANNOUNCES RECORD SALES FOR NEWLY-OPENED DENVER RESTAURANT
Topics:


Related Articles
PETER J. SCHMITT CO. FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION
PETER J. SCHMITT, CO. REORGANIZATION MOTIONS APPROVED
CREDITORS COMMITTEE APPOINTED FOR PETER J. SCHMITT CO.
PETER J. SCHMITT GRANTED APPROVAL FOR DIP CREDIT FACILITY
PETER J. SCHMITT RECEIVES EXTENSION ON CREDIT FACILITY
BANKRUPTCY COURT APPROVES SALE OF MOST OF PETER J. SCHMITT'S OPERATING ASSETS
PETER J. SCHMITT SETS DATE FOR FILING PLAN OF REORGANIZATION -- ALSO SETS BAR DATE FOR ADMINISTRATIVE CLAIMS --
PETER J. SCHMITT FILES PLAN OF REORGANIZATION
COURT CONFIRMS PETER J. SCHMITT PLAN OF REORGANIZATION; PLAN WILL BECOME EFFECTIVE BY THE END OF MAY
Court Approves AmeriServe DIP Financing Extension.

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