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Tuesday May 26, 2:24 pm Eastern Time
Company Press Release
Court Approves Town & Country Corp. Chapter 11 Plan
CHELSEA, Mass.--(BUSINESS WIRE)--May 26, 1998--Town & Country Corporation, the international jewelry manufacturer, today announced that its pending Chapter 11 Plan has been approved by the Bankruptcy Court. The Plan was accepted by an overwhelming majority of voting creditors. Court approval of the Plan paves the way for Town & Country Corporation to emerge from Chapter 11 on the effective date of the Plan, scheduled for May 29, 1998.
The Chapter 11 Plan provides for most of the publicly-held bonds issued by Town & Country Corporation to be converted into equity of a new holding company for Town & Country Corporation. The new holding company will also receive an $8 million convertible note of Town & Country Corporation.
''I expect the debt restructuring, in conjunction with the new financing facility, to provide us with the financial stability required to successfully compete in the fine jewelry marketplace,'' said Interim CEO Ron Stengel. ''We are now in a position to better focus on our business and to bring added value to our customers.''
Town & Country Corporation, through its subsidiaries, is an international manufacturer of fine jewelry with facilities in Massachusetts, New York, Texas, Hong Kong and Thailand.
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Contact:
Town & Country Corporation
Veronica M. Zsolcsak, 617/884-8500
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