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| Jackson Products Receives Court Approval of Prepackaged Plan of Reorganization |
| Company Achieves Chapter 11 Confirmation in 2 Weeks |
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(St. Louis, MO) January 30, 2004 - Jackson Products, Inc. has received court approval of its prepackaged plan of reorganization only 16 days after the company filed under Chapter 11 of the U.S. Bankruptcy Code on January 12, 2004. The court had previously approved the ongoing payment of all trade claims as part of the first day proceedings on January 14, taking into account the prepackaged plan treatment which called for payment in full of all trade claims.
"We are pleased that our client achieved confirmation in two weeks," said William Wallander, a partner at Vinson & Elkins in Dallas, Texas and legal counsel to Jackson Products. "The exchange offer and prepackaged plan process is a useful reorganization tool which I expect will be used increasingly to facilitate complex, multi-tranche restructure transactions."
Wallander said that Jackson Products negotiated the prepackaged plan with its lender group, the holders of its senior subordinated notes, secured senior subordinated notes, and holders of its existing common stock. The company then solicited acceptances of the prepackaged plan from holders of the senior subordinated notes and secured senior subordinated notes as part of its exchange offer.
Jackson Products and its four domestic subsidiaries filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the Eastern District of Missouri on January 12, 2004. Jackson Products' affiliates outside of the United States were not included in the Chapter 11 filing.
Based in St. Charles, Missouri, Jackson Products designs, manufactures and distributes safety products and serves a variety of niche applications within the personal and highway safety markets, principally throughout North America and in Europe.
Jackson Products is represented in its reorganization proceedings by William L. Wallander and Holly J. Warrington of Vinson & Elkins L.L.P., and Peter D. Kerth of Gallop, Johnson & Neuman, L.C. The company's corporate, securities and financing transactions counsel is Bruce C. Herzog, Scott W. Wulfe, Robert R. Rabalais, Cliff S. Rankin, Petrina H. Chandler, Dennis Alan Beck, Jr., and Douglas E. Stewart of Vinson & Elkins L.L.P. Financial advisor to the company is Andrew B. Miller, Adam L. Dunayer, and Brett A. Lowry of Houlihan Lokey Howard & Zukin Capital.
For more information about the bankruptcy filing, you may contact Bill Wallander at (214) 220-7905 or via email at bwallander@velaw.com. You may also contact Darrin Schlegel, Media Relations, at (713) 758-2171 or via email at dschlegel@velaw.com. For more information about Jackson Products, you may contact Mike Pruss at (636) 300-2733 or visit Jackson Products' web site at www.jpisafety.com.
Vinson & Elkins was established in 1917 and is one of the world's largest international law firms. The firm has about 780 lawyers practicing in Austin, Beijing, Dallas, Dubai, Houston, London, Moscow, New York, Singapore, and Washington, D.C. The firm offers a wide range of legal services. Clients include public and private companies, financial institutions, municipalities, governments of sovereign nations, entrepreneurs, families and individuals.
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