SHEBOYGAN, WI --
J.L. French Automotive Castings, a privately-held supplier of high pressure die-cast aluminum automotive components and assemblies, announced today that each of its five voting creditor classes have accepted the company's Plan of Reorganization, which readies the company for its confirmation hearing on June 21.
The second lien noteholders voted unanimously to accept the Plan, along with more than 98 percent in claims amount and 95 percent in number of the two classes of unsecured creditors who voted. The senior subordinated noteholders who voted also unanimously accepted the Plan.
In addition, the company's rights offering, which was conducted concurrently with the solicitation of plan acceptances, was fully subscribed at $130 million by the second lien noteholders. Details on the rights offering subscriptions and the voting report will be filed with the Court prior to the confirmation hearing.
The unsecured creditors' committee has filed a statement in support of Plan confirmation, and no objections to confirmation were filed prior to the objection deadline. If the court confirms the Plan, the company expects to emerge from bankruptcy shortly thereafter. The company commenced its chapter 11 cases on Feb. 10.
For more information about J.L. French, go to:
www.jlfrench.com .
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