Reptron Electronics Inc. (Tampa, FL), an electronics manufacturing services company, reported that its Second Amended Plan of Reorganization under Chapter 11 of the Bankruptcy Code was confirmed by the U.S. Bankruptcy Court on Jan. 14, 2004. Reptron anticipates the effective date of this confirmation to occur on Jan. 26, 2004, which is about 90 days from the original filing date.

Under the confirmed plan of reorganization, the company's unsecured class of creditors that includes its existing convertible notes will receive new notes with a total principal amount of $30 million. The existing notes, along with all accrued and unpaid interest, will be cancelled. The unsecured class of creditors will also receive 95% of the common shares of the reorganized company. Existing common shareholders will receive the remaining 5% of the common shares of the reorganized company.

"The restructuring of our convertible notes is a key component in our strategic plan, which we believe positions the company to take advantage of future growth opportunities," said Paul J. Plante, Reptron's president and chief operating officer. "Once the restructuring is completed, Reptron will have reduced its debt load by over $70 million over the past 12 months. We are extremely pleased to have completed this restructuring in such a short time frame."

www.reptron.com

Copyright 2004, UP Media Group. All rights reserved.

• Prev
• Next