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
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|Date:||Dec 16, 1991|
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