Printer Friendly

NACO FINANCE PLAN OF REORGANIZATION CONFIRMED

 NACO FINANCE PLAN OF REORGANIZATION CONFIRMED
 DALLAS, Dec. 16 /PRNewswire/ -- A Dallas bankruptcy court has


confirmed the Plan of Reorganization jointly proposed by NACO Finance Corporation (NFC) and its Official Committee of Unsecured Creditors, paving the way for NFC to emerge from bankruptcy later this month.
 At the confirmation hearing on Friday, Dec. 13, NFC reported to the court that holders of approximately $131 million (84 percent) of NFC's 12 percent senior notes due 1994 voted to approve the Plan of Reorganization. There were no dissenting votes.
 Under the Plan the holders of NFC's 12 percent Senior Notes will receive 90 percent of their aggregate claims in new 12 percent senior secured notes maturing in 1998, substantially all of the common stock of reorganized NFC and cash in payment of accrued interest. The secured notes will be secured by substantially all of the assets of reorganized NFC and certain of the assets of NFC's subsidiaries.
 The Plan is expected to become effective before the end of the year. At that time NFC will change its name to USTrails Inc.
 NACO Finance Corporation through its subsidiaries National American Corporation and Thousand Trails, Inc. operates membership-based campground sites and other recreational properties throughout the United States.
 -0- 12/16/91
 /CONTACT: Susan A. Seiter of Susan Seiter Associates, 817-488-3142, for NACO Finance/ CO: NACO Finance Corporation ST: Texas IN: LEI SU: SH -- NY028 -- 2452 12/16/91 11:03 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 16, 1991
Words:238
Previous Article:PERRY DRUG STORES REPORTS MAJOR TURNAROUND FOR FY-91
Next Article:CRAY RESEARCH ANNOUNCES FIRST GRADUATE FELLOWSHIPS IN COMPUTATIONAL CHEMISTRY


Related Articles
NACO FINANCE REPORTS FIRST QUARTER RESULTS
USTRAILS REPORTS SECOND QUARTER RESULTS
USTRAILS REPORTS SECOND QUARTER RESULTS
NACo, IBM SIGN AGREEMENT AIMED AT IMPROVING LOCAL GOVERNMENT PLANNING
Abc-Naco, Electron, Hayes-Lemmerz Petition for Chapter 11. (Industry News).
TCF Railco to acquire assets of ABC-NACO out of chapter 11. (Acquisitions).
Meridian Rail born from ABC-NACO assets. (North America).

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