| Imperial Sugar Company, parent company to Holly Sugar
Corporation, announced its new board of directors Tuesday,
effective the date of its emergence from Chapter 11, which is
scheduled for Aug. 7.
This continues to show reorganization is progressing and
that the plans are to have us in a stable condition when we
come out of the Chapter 11, said Leroy Schafer, Holly
district manager for Torrington.
Imperial filed for Chapter 11 bankruptcy last January,
following negotiations for financial restructuring.
According to a press release submitted by Imperial, the
board of directors of the reorganized company would consist of
seven members six selected by the Creditors Committee and
James C. Kempner, president and CEO of Imperial. A chairman
will be elected subsequently.
The newly selected directors are Gaylord O. Coan, James
Gaffney, Yves-Andre Istel, Robert J. McLaugh-lin, James A.
Schlindwein and John K. Sweeney.
This is one of the preparations of coming out of Chapter
11 to have all of these things in place, Schafer said. They
will not be making financial decision until we come out of the
Chapter 11 on Aug. 7. |