Printer Friendly

REXENE CORPORATION ANNOUNCES KEY STEP IN IMPLEMENTING PLAN OF REORGANIZATION

 REXENE CORPORATION ANNOUNCES KEY STEP
 IN IMPLEMENTING PLAN OF REORGANIZATION
 DALLAS, Sept. 11 /PRNewswire/ -- Rexene Corporation (NYSE:RXN) announced that it has completed a major step in implementing its plan of reorganization today when it merged into Rexene Products Company, its wholly-owned operating subsidiary. Upon completion of the merger, Rexene Products changed its name to Rexene Corporation. As previously reported, the company's plan of reorganization was confirmed by the Bankruptcy Court in July.
 Rexene also announced that pursuant to the plan and, in order to facilitate the exchange of $403 million of existing old notes for the new notes, the company began mailing letters of transmittal and related materials to the noteholders on Sept. 8. At the time of the exchange, holders of old notes also will receive new common stock and cash payments in addition to the new notes. In order to receive this consideration promptly, holders of old notes are urged to deliver their old notes together with the letters of transmittal as soon as practicable. The company also expects to begin mailing similar materials to the holders of its common stock shortly. In a related matter, the company has been informed by the New York Stock Exchange that "when issued" trading in its common stock will commence on Monday, Sept. 14.
 The company is working to satisfy the few remaining conditions to the effectiveness of the plan and currently expects to emerge from bankruptcy on or about Sept. 17 (the "Effective Date"). As previously announced, the company will begin making payments shortly after the Effective Date to its pre-petition creditors with allowed claims.
 Andrew J. Smith, chief executive officer for Rexene, said, "Unlike many restructurings, Rexene's plan calls for trade creditors to receive payment in full for their allowed pre-petition claims. The quality of our products is linked to the quality of our suppliers and we're thankful that our key suppliers continued to support Rexene throughout our financial restructuring."
 Rexene Corporation manufactures thermoplastic resins and petrochemical products including polyethylene and polypropylene resins and plastic film. Rexene, headquartered in Dallas, has manufacturing facilities in Texas, Wisconsin, Georgia, Delaware and Utah.
 -0- 9/11/92
 /CONTACT: Neil J. Devroy of Rexene Corporation, 214-450-9101/
 (RXN) CO: Rexene Corporation ST: Texas IN: CHM SU: RCN


AH -- NY069 -- 8648 09/11/92 16:57 EDT
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:Sep 11, 1992
Words:383
Previous Article:Chesapeake Board Approves Additional $30 Million Investment at West Point
Next Article:ENNIS BUSINESS FORMS REPORTS FIRST HALF OPERATING RESULTS
Topics:


Related Articles
REXENE ANNOUNCES RECEIPT OF RESTRUCTURING PROPOSAL
REXENE CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
REXENE ANNOUNCES CONFIRMATION OF PLAN OF REORGANIZATION
REXENE CORPORATION ANNOUNCES SECOND QUARTER 1992 RESULTS
REXENE EMERGES FROM BANKRUPTCY
REXENE CORPORATION ANNOUNCES 1ST QUARTER 1994 RESULTS
REXENE CORPORATION ANNOUNCES THIRD QUARTER, 1994 RESULTS
Rexene Declares Dividend on Common Stock
Rexene Corporation Announces Fourth Quarter Results; Consistent with December Estimates
Rexene Corporation Reports Second Quarter Net Income of $0.42 Per Share

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