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[November 2004]
Judge Confirms Oglebay Norton Plan of Reorganisation
Oglebay Norton Company (Cleveland, OH, USA) said that US Bankruptcy Judge Joel B Rosenthal of the US Bankruptcy Court for the District of Delaware confirmed on 16 November 2004 the company's second amended joint plant of reorganisation.
Confirmation affirms that all reorganisation requirements have been met under the US Bankruptcy Code and clears the way for Oglebay Norton to emerge from chapter 11 protection. The company said it expected to be able to satisfy all conditions to effectiveness of its plan and anticipated emerging from chapter 11 by the end of December or early January. The company and its wholly owned subsidiaries filed voluntary petitions for relief under chapter 11 on 23 February 2004.
"The confirmation of our plan signals a new beginning for Oglebay Norton," said President and CEO Michael Lundin. "The court has affirmed that our plan of reorganization is reasonable and provides the best value for creditors. The company will emerge from bankruptcy court protection with a de-levered balance sheet, strong momentum and a continued focus on serving our customers."
ENDS