Its bondholders, senior secured lenders, and other creditors and shareholders voted in favor of the plan, according to a press release submitted by Mark Q. Huggins, Imperials managing director and chief financial officer.

Imperial filed for Chapter 11 bankruptcy January, following negotiations for financial restructuring. Its definitely like we said all along, said Leroy Schafer, Holly district manager for Torrington. This will make us a strong company and stable for the future.

The press release states that Harris Trust and Savings Bank and a group of the companys present senior lenders are providing Imperial, in connection with its emergence, a $256.1 million senior secured exit financing facility with varying dates of maturity up to Dec. 31, 2006. GE Capital is providing Imperial, in connection with its emergence, a three-year, $110 million accounts receivable securitization facility.

According to the release, Imperial anticipates closing certain plan documents in August, at which time the reorganization becomes effective and the company comes out of bankruptcy.

With this important legal milestone passed, we look forward to our emergence from bankruptcy later this month, said James C. Kempner, president and CEO of Imperial. A number of individuals and entities have made this accomplishment possible, including customers, suppliers, lenders and shareholders. However, I want to reserve the most thanks for Imperials management and employees, whose hard work, dedication and long hours over the past seven months under difficult conditions have made the companys reorganization possible.

Schafer said after Imperial fulfills the covenants of the reorganization, Imperial would be out of bankruptcy, which should take two to three weeks to accomplish.