Nov, 2002 : Impsat Expects Restructuring Confirmation
📅 - Integrated telecommunication service provider to Latin America Impsat Fiber Networks Inc. (impsat.com) announced on Friday that it expects its restructuring plan to be approved in early December as the company envisioned.
The company says its disclosure statement was approved by the US Bankruptcy Court for the Southern District of New York and that the judge authorized the company to solicit votes on its plan for reorganization under Chapter 11.
The confirmation hearing for the company's pre-negotiated plan is scheduled for December 11, says Impsat. Copies of the plan, disclosure statement and accompanying ballot, as well as full details for the full procedures will be mailed to senior noteholders, vendors and suppliers by November 1.
The company's reorganization plan involves restructuring Impsat Fiber Networks Inc.'s debt under its vendor financing agreements, guaranteed senior notes due 2003, senior notes due 2005 and senior notes due 2008, and contemplates the reduction of the company's consolidated debt by approximately $680 million.
"Our progress through the Chapter 11 process is consistent with our original timeframe," says Impsat CEO Ricardo Verdaguer. "We continue to believe that with the continuing support of our creditors we will be able to emerge from Chapter 11 before year-end."
The company says its disclosure statement was approved by the US Bankruptcy Court for the Southern District of New York and that the judge authorized the company to solicit votes on its plan for reorganization under Chapter 11.
The confirmation hearing for the company's pre-negotiated plan is scheduled for December 11, says Impsat. Copies of the plan, disclosure statement and accompanying ballot, as well as full details for the full procedures will be mailed to senior noteholders, vendors and suppliers by November 1.
The company's reorganization plan involves restructuring Impsat Fiber Networks Inc.'s debt under its vendor financing agreements, guaranteed senior notes due 2003, senior notes due 2005 and senior notes due 2008, and contemplates the reduction of the company's consolidated debt by approximately $680 million.
"Our progress through the Chapter 11 process is consistent with our original timeframe," says Impsat CEO Ricardo Verdaguer. "We continue to believe that with the continuing support of our creditors we will be able to emerge from Chapter 11 before year-end."
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