| Officials at Imperial Sugar Company, parent company to Holly
Sugar Corporation, filed a disclosure statement June 5,
gaining approval to have their confirmation in place by Aug.
7, according to Leroy Schafer, district manager.
Mr. Kempner (president and CEO of Imperial) gave the
news yesterday, Schafer said. Hopefully, that means on
that day we will come out of the bankruptcy, he said.
Schafer said his reservations are present because the
company had been scheduled to file a disclosure statement May
2.
This whole thing has been kind of rough, he said. Its
going to come out pretty close to that (Aug. 7).
Imperial filed for Chapter 11 bankruptcy last January,
following negotiations for financial restructuring.
According to a press release submitted by Imperial, the
approval allows the company to solicit votes for approval of
the re-organization plan.
Officials expect to mail the disclosure statement and
ballots by June 20. The hearing to consider confirmation is
scheduled for Aug. 7.
As far as Holly goes, everything is going along business
as usual, Schafer said. Were completing capital
projects in the factory, and maintenance is going on as usual.
Were still going forward with the Aug. 10 (event) at the
fair when we will serve free hamburgers.
This summer Holly is celebrating 75 years in Torrington. |