Imperial Sugar Company (OTC:IPSU) yesterday announced the distribution of shares of its new common stock to shareholders of record on August 29, 2001.
The Company’s Second Amended and Restated Joint Plan of Reorganization (the “Plan”), confirmed by the U.S. Bankruptcy Court, became effective on August 29, 2001. Under the Plan, the Company’s former common stock (OTC BB:IPRLQ) was canceled. On September 26, 2001, the Company distributed to its shareholders of record on August 29, 2001 approximately 0.0062 shares of common stock in the reorganized company for each share previously held. These new shares of common stock began trading on the OTC under the symbol “IPSU”, September 27, 2001.
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Under the Plan, the Company’s shareholders of record on August 29, 2001 also will receive warrants to purchase shares of new common stock. The Company will issue these warrants on the basis of 0.0343 warrants for each share of common stock held of record on August 29, 2001. The Company expects to issue the warrants and set their exercise price within the next five months when a determination is made of the maximum number of shares of new common stock to be issued to creditors in settlement of their claims made during the bankruptcy proceedings. The rights to receive warrants held by shareholders of record on August 29, 2001 began trading on the OTC under the symbol “IPRLZ”, September 27, 2001.
Transactions in the Company’s common stock on the OTC under the symbol “IPRLQ” after August 29, 2001 and before September 27, 2001 represent the right to receive shares of the Company’s new common stock and warrants to acquire shares of the Company’s new common stock. Beginning on September 27, 2001, transactions in shares of our new common stock occur on the OTC under the symbol “IPSU” and transactions in the rights to receive warrants occur on the OTC under the symbol “IPRLZ”.
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.
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