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.

Furniture Maker Eagle Industries Expects Chapter 11 OkayFollowing 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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Eagle Industries of Bowling Green, Kentucky has much to be thankful for this season as the Bankruptcy Court for the Western District of Kentucky announced on November 21, 2011 that Eagle’s Chapter 11 plan of reorganization would be approved. The company’s performance during the reorganization allowed Eagle to obtain overwhelming support from its creditors for the plan, which provides for $110,000.00 cash to be distributed to unsecured credi

Eagle Industries of Bowling Green, Kentucky has much to be thankful for this season as the Bankruptcy Court for the Western District of Kentucky announced on November 21, 2011 that Eagle’s Chapter 11 plan of reorganization would be approved. The company’s performance during the reorganization allowed Eagle to obtain overwhelming support from its creditors for the plan, which 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 will remain in their positions after having successfully directed Eagle through a tumultuous economy by relieving the manufacturer of burdensome contracts and increasing operational efficiencies.

 

tors 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 will remain in their positions after having successfully directed Eagle through a tumultuous economy by relieving the manufacturer of burdensome contracts and increasing operational efficiencies.

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