Gibson Brands has announced that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has approved the company’s disclosure statement. The approval is a key step in the company’s process for emerging from chapter 11 and allows it to begin soliciting votes on a reorganization plan and to seek an order confirming the plan. The plan received the support of the Creditors’ Committee, which recommended that all general unsecured creditors vote in favor of it.
The plan materials and ballots are expected to be mailed during the week of Aug. 6, 2018. The deadline for returning completed ballots will be September 14. A hearing to confirm the plan is scheduled to begin on September 27.
“We are extremely pleased by the Court’s approval of our Disclosure Statement, which is a key step toward the Company’s successful emergence from Chapter 11,” said Henry Juszkiewicz, Chief Executive Officer of Gibson Brands. “Our employees have worked very hard to help us stay on track to emerge from Chapter 11 as planned, and we are grateful for the continuing support from our creditors, partners, and vendors.”
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