komag Message Board - Msg: 17451419

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Technology Stocks : komag

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Feb 6 9:30 AM EST

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To: scott blomquist who started this subject	5/10/2002 12:11:31 PM
From: RonR	Read Replies (1) of 848

ReOrg Plan Approved - STock is moving UP Federal Bankruptcy Court Confirms Komag's Reorganization Plan By Pham-Duy Nguyen San Jose, California, May 9 (Bloomberg) -- Komag Inc., a maker of storage disks for computers, said it plans to emerge from Chapter 11 bankruptcy by June 30 after a federal bankruptcy court today approved its reorganization plan. Komag, based in San Jose, California, sought Chapter 11 bankruptcy protection in August as losses mounted and it was saddled with $432 million in debt. The reorganization plan calls for a discharge of $520 million of unsecured obligations. Komag will pay out $3.8 million in cash, issue $135.8 million of new debt and issue 22.8 million shares of new common stock to holders of general unsecured claims. T. H. Tan, Komag's chief executive, said customers' support has been steadfast during the 11 months the company negotiated with creditors. ``We expect that as our market improves we are poised to return the company to profitability and create value for our new stakeholders,'' Tan said in a statement.

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