Anchor Glass Container Corporation has emerged from bankruptcy, all the conditions to the effectiveness of its Chapter 11 Plan of Reorganization having been satisfied or waived the company announced o…
Anchor Glass Container Corporation has emerged from bankruptcy, all the conditions to the effectiveness of its Chapter 11 Plan of Reorganization having been satisfied or waived the company announced on 3 May 2006. In connection with its emergence, Anchor closed its USD 215 million exit financing facility with Credit Suisse. “We are well-positioned competitively with our customers and suppliers”, said Mark Burgess, Anchor“s Chief Executive Officer. “During the course of our reorganization, we successfully renegotiated multi-year contracts with substantially all of our contract customers and suppliers. Our debt load has been substantially reduced and we obtained our exit financing on favorable terms. We look forward to working with our new Board of Directors and shareholders in becoming an even stronger competitor with a high quality product in the glass container market. We thank our customers, vendors, and employees for their continued willingness to provide top-notch support”. Under the terms of Anchor“s Plan of Reorganization, which was overwhelmingly supported by Anchor“s creditors who voted on the Plan, Anchor“s Senior Secured Noteholders will own the majority of the company“s equity and Anchor is leaving chapter 11 as a privately held company. Anchor will file a Form 15 with the Securities and Exchange Commission and will no longer file reports as a public reporting entity.