Sweetheart Cup Company, one of the largest producers of disposable foodservice products in the US, announced yesterday [Tuesday] that it has undertaken a merger with The Fonda Group, Inc., with Sweetheart as the surviving company and a wholly-owned subsidiary of Sweetheart Holdings Inc.
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Furthermore, as of 25 March, all of the conditions precedent set forth in its consent solicitation dated 14 February with respect to its 10-1/2% Senior Subordinated Notes due 2003 had been satisfied, and the consent solicitation was consummated.
The company has also entered into a supplemental indenture to the Indenture governing the Notes to amend the definition of “Change of Control” in the Indenture to substitute Dennis Mehiel, chairman and CEO, for American Industrial Partners Capital Fund, LP, and to make certain other conforming changes.
As a result of the consummation of the consent solicitation, the Notes will begin to accrue interest at 12% per annum as of 1 March 2002, and Sweetheart will pay a consent fee to the holders of Notes who consented prior to the expiration of the consent solicitation.
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