Imperial Sugar Company (OTC BB: IPRL) announced that it has received approval from the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) of its Disclosure Statement in Support of Debtors’ Second Amended and Restated Joint Plan of Reorganization (the “Disclosure Statement”) at a hearing held on Tuesday, June 5, 2001.
The approval of the Disclosure Statement allows Imperial Sugar Company to solicit votes for approval of its Plan of Reorganization (the “Plan”). The Disclosure Statement and ballots to vote on the Plan are expected to be mailed by June 20, 2001. The hearing to consider confirmation of the Plan is scheduled for August 7, 2001.
James C. Kempner, President and CEO of Imperial Sugar, said, “We are pleased to have reached this significant milestone and to be ready to begin to solicit acceptance of our Plan. We have worked closely with our bank group, the creditors committee and other interested constituencies on the structure of the Plan.”
Mr. Kempner continued, “Once the Plan is approved, we believe that the Company can emerge a stronger business with a de-leveraged balance sheet and the ability to compete successfully in the domestic sugar industry. We owe a great deal of gratitude to our dedicated employees, suppliers, lenders and customers for their support of Imperial Sugar throughout this reorganization process.”
The Company has been operating its business as a debtor-in-possession subject to the jurisdiction of the Bankruptcy Court since filing for relief under chapter 11 of the U. S. Bankruptcy Code on January 16, 2001.
Imperial Sugar Company is the largest processor and marketer of refined sugar in the United States and a major distributor to the foodservice market. The Company markets its products nationally under the Imperial(TM), Dixie Crystals(TM), Spreckels(TM), Pioneer(TM), Holly(TM), Diamond Crystal(TM) and Wholesome Sweeteners(TM) brands. Additional information about Imperial Sugar may be found on its web site at www.imperialsugar.com.
Statements regarding the Company’s ability to complete its bankruptcy reorganization proceedings timely, the outcome of the reorganization plan, the Company’s ability to sustain current operations during the pendency of the reorganization including its ability to maintain normal relationships with customers, the ability of the Company to establish normal terms and conditions with suppliers and vendors, costs of the reorganization process, the adequacy of financing arrangements during the reorganization period, future market prices, operating results, synergies, sugarbeet acreage, future operating efficiencies, cost saving and other statements which are not historical facts contained in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include, but are not limited to, the results of the bankruptcy proceedings, court decisions and actions, the negotiating positions of various constituencies, the results of negotiations, market factors, the effect of weather and economic conditions, farm and trade policy, the ability of the Company to realize planned cost savings, the available supply of sugar, available quantity and quality of sugarbeets and other factors detailed in the Company’s Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.