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.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Interview: The Soulfull Project's mission
- General Mills sales woes continue - analysis
- Post Holdings 'close to acquiring Weetabix'
- Kraft Heinz cuts jobs in US, Canada
- UK, EU food faces "more costly" trade, warns study
- Recipe-kit firm HelloFresh launches into UK retail
- Mondelez set for union crosshairs next week