Wednesday, May 25, 2005

A June 20 meeting has been scheduled in U. S. District Bankruptcy Court in Cincinnati for final approval of a $50 million loan to EaglePicher as it continues to work its way through Chapter 11 bankruptcy.
According to documents filed today in U. S. District Court for the Southern District of Ohio, the loan was arranged through Harris Trust and Savings Bank, UBS Loan Finance, and General Electric Capital Corporation.
The filing included a detailed budget. The creditor committee appointed earlier by the bankruptcy judge has until Aug. 18 to file any objections to the plan, according to court records.
EaglePicher, which has a plant in Joplin, filed for Chapter 11 bankruptcy April 13. A federal bankruptcy judge authorized the company to continue paying wages, compensation and employee benefits
Eagle Picher Holdings' bankruptcy filing indicated the company owes $248.2 million to Wells Fargo Bank, Los Angeles; in excess of $20 million to Merrill Lynch Bond Fund, Inc., Plainsboro, N. J., in excess of $20 million to Tennenbaum Capital Partners, Santa Monica, Calif. The bankruptcy documents indicate Eagle Picher is 100 percent owned by interests with addresses in the Netherlands, with a Joel P. Wyler, Granaria Holdings, The Hague, The Netherlands, listed as owning 62.5 percent and ABN AMRO Participaties B. V. Amsterdam, The Netherlands, owning 37.5 percent. At the same time, the court documents say the "address for all of such shareholders is c/0 EaglePicher Incorporated, 3402 E. University Drive, Phoenix, Ariz. 85034.
That initial filing said the company had arranged for the $50 million financing.

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