Cincinnati-based Chiquita Brands International has announced that its pre-arranged Chapter 11 plan of reorganisation has been approved by all required classes of its debt and equity securities.
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According to a preliminary count of ballots received by the 28 February voting deadline, the plan was approved by more than 90% of the senior notes and subordinated debentures voted, in terms of both principal amount voted and number of holders voting. Holders of more than 90% of the shares of preferred stock voted and common stock voted also approved the plan. The final voting report will be filed with the Court this week.
The plan of reorganisation is still subject to confirmation by the bankruptcy court. A court hearing on confirmation of the plan is scheduled for 8 March 2002.
As previously announced, holders of record as of the close of business on the date the Plan is confirmed will be entitled to have their existing Chiquita securities exchanged for new Chiquita securities when the Plan becomes effective, which is expected to occur about 11 days after confirmation.
Further information concerning the Plan of Reorganisation and the Chapter 11 process can be found on the company’s website at www.chiquita.com.
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