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Just back from the hearing. Good News!
by: buylowest 12/16/1999 12:50 pm EST
Msg: 3331 of 3334
CMM, the two largest secured creditors (ML and GAC) and the Equity Committee have almost reached agreement on the reorganization plan, just a day or two away. The unsecured creditors have not yet been brought in, but they will be presented with the plan in the next day or two. Counsel for CMM said that "Apollo is on the sidelines," because CMM, ML and GAC have essentially reached agreement for four (4) years of financing to permit emergence from BK without dilution by Apollo. They asked for a one week extension, to 12/23/99, to file the Disclosure Statement. Counsel for the unsecured creditors said there have been too many delays, that they will file their own plan next week, but they would not oppose the extension since it was only one week. The extension was granted by the court. Apollo will only get $400,000 for expenses, not the $1 million plus they were seeking. Bottom line, looks like there will not be any dilution, that the unsecured creditors will be brought on board, and CMM will emerge from BK fairly soon. A reporter from Dow Jones was there, so there should be a story soon, and maybe the company will issue a PR. Anyone else who was there is welcome to present a report, in the event I got something incorrect
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