USA: Imperial Sugar Company plan of reorganization becomes effective
Imperial Sugar Company yesterday announced that its Second Amended and Restated Joint Plan of Reorganization (the "Plan"), confirmed by the U.S. Bankruptcy Court on August 7, 2001, has become effective. In accordance with the Plan, the Company's former common stock (OTC BB:IPRL) is canceled. Former shareholders in the Company will receive approximately 0.0062 shares of common stock in the reorganized company for each share previously held. Issuance of shares to former shareholders is expected to occur in September. Additionally, former shareholders will receive warrants to acquire common stock in the reorganized company, which will expire in seven years, on the basis of 0.0343 warrants for each share of common stock previously held. Issuance of the warrants and the setting of their exercise price are expected to take place within six months of the effective date when a determination is made of the maximum number of shares of new common stock to be issued to those creditors who will receive new common stock in settlement of their claims. The Company plans to have the new common stock and warrants listed on a national securities exchange as soon as practicable.
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