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November 12, 2012
10:12 EDTAMPLAmpal-American Israel addresses restructuring proposal
Ampal-American Israel announced that with the official committee of unsecured creditors in its Chapter 11 proceeding, the company advised the committee that the company is prepared to file and support a plan of reorganization on terms previously proposed by the committee, subject to finalization of the Plan details to be supplied by the Committee and confirmation of support from the Committee and major creditors. Under the plan, all outstanding indebtedness, including all obligations under the company's Series A, Series B and Series C Debentures, would be cancelled and converted to equity of the company that will represent substantially all of the equity of the company upon its emergence from Chapter 11. The company intends to file the plan in the Chapter 11 proceeding by December 6, subject to receipt of necessary information from the committee and finalization of plan details.
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