Judge OKs Trism Reorganization
Trism Inc., a Kennesaw, Ga.-based specialized trucking group, is set to emerge from Chapter 11 bankruptcy after a judge approved the company’s reorganization plan on Dec. 9.
Trism stopped making interest payments on its bonds in June.
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Under the plan, holders of $86.2 million in senior subordinated debt from Trism will receive 95% of new common stock in the company, along with a promise to repay $30 million in new subordinated debt due in 2004. Existing stockholders will own the remaining 5% of Trism’s equity.
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President Edward L. McCormick said the reorganization plan will significantly reduce its long-term debt, pay all trade debt in full and allow the existing management to continue operating the business.
