Superior TeleCom takes steps to emerge from Chapter 11

Aug. 5, 2003
August 5, 2003 - Company files reorganization plan in Delaware court.

Superior TeleCom Inc. has filed its proposed Plan of Reorganization and related Disclosure Statement. The steps are designed to help the company emerge from Chapter 11.

The cable manufacturer filed the plan and statement with the US Bankruptcy Court for the District of Delaware on July 31. The filings are designed to help the company and its operating subsidiaries emerge from Chapter 11 with an improved balance sheet and deleveraged capital structure. The company had filed petitions for reorganization under Chapter 11 on March 3.

The plan, which is the product of negotiations with the largest holders of the company's $1.15 billion pre-petition senior secured credit facility, contemplates a reduction in debt of more than $1 billion. The company's total debt at June 30 totaled approximately $1.3 billion.

A hearing to consider approval of the disclosure statement is scheduled for Sept. 2. Upon court approval, the company will begin a solicitation of votes for acceptance of the plan from its senior secured creditors. If the requisite votes are received, a hearing will be held before the court to consider confirmation of the reorganization plan.

"The filing of our plan of reorganization represents a major step towards a successful financial restructuring and emergence from Chapter 11," says David Aldridge, chief financial and restructuring officer for Superior TeleCom. "We are very pleased to have the support of the largest holders of our senior secured bank debt for the principal terms and provisions of the plan which should help to facilitate final ratification of this plan by our senior secured lenders."

Superior TeleCom is based in East Rutherford, NJ. For more information visit
www.superioressex.com.

Sponsored Recommendations

imVision® - Industry's Leading Automated Infrastructure Management (AIM) Solution

May 29, 2024
It's hard to manage what you can't see. Read more about how you can get visiability into your connected environment.

Adapt to higher fiber counts

May 29, 2024
Learn more on how new innovations help Data Centers adapt to higher fiber counts.

Going the Distance with Copper

May 29, 2024
CommScopes newest SYSTIMAX 2.0 copper solution is ready to run the distanceand then some.