Formica Corp. has announced that the United States Bankruptcy Court for the Southern District of New York confirmed the company's Pplan of reorganization. Formica expects the plan to become effective shortly and remains on target to emerge from Chapter 11 before the end of the first quarter of 2004.
On July 1, 2003, the court approved a stock purchase agreement with an investment group sponsored by Cerberus Capital Management L.P. and Oaktree Capital Management LLC under which the investment group committed to invest $175 million in cash in Formica and its subsidiaries. Upon emergence, these investors will own approximately 95 percent of the common stock of the new parent company of Formica Corp.