BOWLING GREEN, KY - Furniture manufacturer Eagle Industries says it was told by U.S. Bankruptcy Court for Western Kentucky that its reorganization plan will be approved, setting the stage for it to eventually emerge from Chapter 11 bankruptcy protection.
According to court documents filed Nov. 21, and obtained by Woodworking Network gave creditors until December 12, 2011 to file objections to the plan.
Eagle Industries, which manufacturers residential and, under the bear River brand, outdoor furniture, first filed for protection Oct. 2010. Its performance during the period since has agarnered support from its creditors for the plan, says Eagle.
The plan provides for $110,000.00 cash to be distributed to unsecured creditors over time and additional “bonus” distributions to creditors based on Eagle’s profitability over the next five years.
Following its emergence from Chapter 11, the company and its transportation division, Eagle Transportation, will be owned by four of its employees who assumed their ownership roles shortly before filing for bankruptcy protection and invested in the business to help it reorganize.
General manager Amado Rivas and the rest of the company’s management team plan to remain, said Eagle Industries in a press release.
Among top creditors listed in its Oct. 2010 bankruptcy filing were:
Key Development Group, Mentor, OH - $1,409,903
Grand Rivers Lumber Inc., Mentor, OH - $668,569
National Industrial Lumber, Pittburgh, PA - $223,886
Prestige Plywood and Millwork, Rochester, MI - $190,963
Akzo Nobel Coatings Inc., Charlotte, NC - $143,648
DG Lumber, Columbia, KY - $130,264
Packsize, Salt Lake City, UT - $65,229
Liberty Abrasives, Smyrna, TN - $28,019
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