Gloucester Engineering Gets Court OK For Disclosure Statement In Reorganization Plan
Gloucester Engineering Co. received bankruptcy court approval for the disclosure statement in its reorganization plan. The statement describes the proposed reorganization plan and contains information regarding the debtor and its business. Ballots have been sent to creditors and a confirmation hearing is scheduled for Dec. 20. The proposed reorganization is sponsored by Blue Wolf Capital Partners LLC’s Blue Wolf Capital Fund II. It also has the support of the creditors’ committee. Gloucester Engineering is a Massachusetts-based provider of equipment for the plastics extrusion and converting industry.
Gloucester Engineering Co. (GEC), one of the leading providers of equipment for the plastics extrusion and converting industry, today announced that it has won approval of its Disclosure Statement in support of its Plan of Reorganization from the Bankruptcy Court in the District of Massachusetts. The Disclosure Statement describes the proposed Plan of Reorganization and contains information regarding the debtor and its business. Its approval by the Court is an important milestone in the company’s path toward exiting bankruptcy and allows the creditors to vote upon the Plan. Ballots were sent to the creditors on November 17 and a Confirmation Hearing is scheduled for December 20, 2010.
“We are very pleased with the Court’s decision, which paves the way for the company to emerge from bankruptcy by the end of the year.”
The company’s Plan of Reorganization is being sponsored by an affiliate of Blue Wolf Capital Fund II (”Blue Wolf”) and has the support of the Creditors’ Committee.
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