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Court Approves Huffy Bankruptcy Reorganization Plan
SEPTEMBER 26, 2005 --
The US Bankruptcy Court for the Southern District of Ohio has entered an order confirming the Huffy's Joint Plan of Reorganization following a confirmation hearing held September 22. The court ruled that Huffy has met all of the necessary statutory requirements to confirm the plan. With this action, the company expects to emerge from Chapter 11 protection in early October. Huffy's emergence remains subject to finalizing exit financing arrangements with its lenders on or before that date.
John Muskovich, CEO, stated: "We are very grateful for the support we have received throughout this process from our key suppliers and our employees. The actions we have taken to restructure Huffy during the reorganization will continue at a rapid pace after emergence. We intend to focus on our bicycle and golf businesses as we work to strengthen the company’s operational and financial performance.”
All shares of Huffy common stock outstanding prior to its emergence from bankruptcy will be cancelled. Because the company will have less than 300 shareholders of record after emergence, it plans to make the necessary filings with the SEC to suspend its, effective on or about the date of emergence. Accordingly, it will no longer be a publicly traded corporation and will no longer be required to file periodic or other reports with the SEC.
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Sporting goods industry
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