New Leaf parent's reorganization plan approved by bankruptcy court
Angeion Corporation (NASDAQ: ANGVC), parent of New Leaf, has announced the United States Bankruptcy Court has confirmed the company's Joint Modified Plan of Reorganization.
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Angeion Corporation (NASDAQ: ANGVC) has announced the United States Bankruptcy Court for the District of Minnesota, Third Division, has confirmed the company’s Joint Modified Plan of Reorganization, dated Sept. 4, that took effect Oct. 25 that will allow the company to emerge with no debt and more than $4 million in cash. Under the terms of the plan, the holders of the company’s 7Â½ percent Senior Convertible Notes, due April 2003, agreed to convert the debt to equity. The Note holders and other holders of certain unsecured claims will receive a pro rata share of 95% of replacement common shares to be issued pursuant to the Plan. On Oct.25, 2002 the conversion took place and all outstanding notes have been cancelled. The transaction was implemented as a voluntary Chapter 11 bankruptcy for the purpose of enabling the company to retain unimpaired utilization of a net operating loss carryforward of over $125 million. New Leaf Health and Fitness Brand (www.newleaf-online.com) is one of Angeion’s brands.