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If confirmed by the court, the plan provides that the company's debtor-in-possession (DIP) lenders and prepetition secured lenders would own substantially all of the common stock of the reorganized company and all of its global manufacturing locations, upon its emergence from Chapter 11.
According to the company, the plan and the disclosure statement have to be approved by the court. Before the company can solicit acceptances and seek approval of the plan, the court must approve the adequacy of the disclosure statement. A hearing to consider approval of the disclosure statement is scheduled for July 30, 2009.
The company had previously announced that the material terms of the plan were prearranged with the DIP lenders and prepetition secured lenders prior to the commencement of the company's reorganization cases. Accordingly, the company has the overwhelming support of its senior secured lenders regarding the targeted reorganization contemplated by the plan.
The company confirms that it is on track within the targeted restructuring process and foresees that the final plan could be submitted for court consideration as early as September 2009.
The company, certain of its US subsidiaries and one international subsidiary had filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the District of Delaware in May 2009.
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