Formica Corp. has filed its plan of reorganization and disclosure statement with
the United States Bankruptcy Court for the Southern District of New York. A
hearing to approve the disclosure statement has been set for October 29. The court earlier approved the stock purchase agreement with an
investment group sponsored by Cerberus Capital Management L.P. and Oaktree
Capital Management LLC in which the investment group committed to invest
$175 million in cash in Formica and its subsidiaries.
Formica's plan reflects agreement on the principal terms of a consensual
reorganization among the company, its senior-secured lenders and the official committee of Formica's unsecured creditors.