Merisant Worldwide and US Affiliates File Plan of Reorganization and Disclosure Statement with US Bankruptcy Court
“The Plan will permit Merisant to exit bankruptcy with significantly reduced debt, poised for growth and prepared to reassert its global leadership role in the low-calorie tabletop sweetener category.”
16 Sep 2009 --- Merisant Worldwide, Inc., a global leader in tabletop sweeteners, and its U.S. subsidiaries announced the filing of their Plan of Reorganization and related Disclosure Statement with the U.S. Bankruptcy Court for the District of Delawar.
“The filing of the Plan and Disclosure Statement is an important milestone in Merisant’s restructuring,” said Paul Block, chairman and chief executive officer of Merisant. “The Plan will permit Merisant to exit bankruptcy with significantly reduced debt, poised for growth and prepared to reassert its global leadership role in the low-calorie tabletop sweetener category.”
The Disclosure Statement includes an overview of Merisant’s restructuring progress and other information about the company, a description of distributions to creditors, and an analysis of the Plan’s feasibility, as well as many of the technical matters required prior to exiting from Chapter 11, such as descriptions of who will be eligible to vote on the Plan and the voting process.
The Plan is supported by Wayzata Investment Partners, which controls two-thirds aggregate principal amount of loans outstanding under Merisant Company’s Amended and Restated Credit Facility as well as a majority aggregate principal amount of Merisant Company’s 9 ½% Senior Subordinated Notes due 2013. Merisant anticipates that it will be able to obtain confirmation of the Plan and emerge from bankruptcy as early as January 1, 2010.
Merisant Worldwide, Inc. and its U.S. subsidiaries filed for Chapter 11 protection on January 9, 2009, to strengthen Merisant’s financial health and long-term prospects. Merisant has operated its U.S. business in the ordinary course without material disruption during the bankruptcy case.
