Unsecured creditors of Anchor Glass Container Corp. said in a court filing on 25 January 2006 that the company will try to postpone a hearing on its Chapter 11 plan disclosure statement so it can reac…
Unsecured creditors of Anchor Glass Container Corp. said in a court filing on 25 January 2006 that the company will try to postpone a hearing on its Chapter 11 plan disclosure statement so it can reach a deal with its creditors. In spite of this, the committee of unsecured creditors filed an objection to the disclosure statement, as in the committee“s view, it does not provide enough information about how the company will reorganize. At the company“s request, the creditors did not go into detail on their objection. The disclosure statement outlines in non-legal terms how creditors will be paid and the statement must be approved by the court before creditors can begin voting on the plan. A hearing on the disclosure statement was originally scheduled for 26 January 2006 in the US Bankruptcy Court at Tampa, Florida. However, Anchor Glass informed the creditors committee that it plans to amend its disclosure statement, which would delay the hearing until sometime after 9 February 2006, the committee said. According to court papers, Anchor Glass told the creditors that it would listen to their comments and allow them to reserve the right to object to the amended disclosure statement. The unsecured creditors join General Electric Capital Corp. in objecting to the disclosure statement. GE criticized Anchor“s plan to repay secured creditors through a debt-for-equity swap. Tampa-based Anchor Glass makes glass containers for companies such as Anheuser-Busch. Anchor Glass filed for Chapter 11 bankruptcy protection on 4 August 2005, its third filing in a decade.