TRANSCISCO INDUSTRIES EMERGES FROM BANKRUPTCY
SAN FRANCISCO, Calif., Nov. 4 /PRNewswire/ -- Transcisco Industries Inc. (AMEX: TNIA, TNIB) today announced that the order of the U.S. Bankruptcy Court confirming its Joint Plan of Reorganization under Chapter 11 became effective on Wednesday, Nov. 3, 1993, vesting in the company all assets of the bankrupt estate, and discharging all liabilities except as provided in the Joint Plan.
The company's form
10-Q for the quarter ended Sept. 30, 1993, which is expected to be filed within the next 10 days, will contain condensed financial statements reflecting the effect of the Joint Plan on a pro forma basis. Pursuant to the terms of the Joint Plan the company will issue approximately 490,000 shares of its Common Stock (10 percent of its outstanding shares) into escrow for the benefit of Class F Creditors. Some of these shares may be returned to the company if the Class F Creditors are paid within three years of the effective date of the Joint Plan.
Transcisco Industries operates railcar maintenance and retrofitting operations through its subsidiary Transcisco Rail Services Co. and operates a railcar leasing company through its subsidiary Transcisco Leasing Co. Its subsidiary, Transcisco Trading Co., owns 20 percent of SOVFINAMTRANS (SFAT) a successful Russian railcar leasing joint venture that operates approximately 3,000 tank cars in Russia, of which 1,000 utilize Transcisco's proprietary "Unitemp" heating technology. -0- 11/4/93 /CONTACT: Robert W. Laversin, vice president and chief financial officer of Transcisco, 415-477-9788/ (TNIA TNIB)
CO: Transcisco Industries Inc. ST: California IN: TRN SU: BCY
PK-SG -- SF005 -- 0744 11/04/93 12:47 EST
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|Date:||Nov 4, 1993|
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