Haynes International reorganization plan gets court confirmation

By Jeff Pines

Washington, Aug. 16 - Haynes International, Inc.'s reorganization plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Indiana.

The Kokomo, Ind.-based company said it is ready to emerge from Chapter 11 by the end of the month.

The reorganization plan, which incorporates the terms of a pre-petition agreement, calls for the holders of the $140 million of the company's 11 5/8% senior notes due September 2004 to get 96% of the equity of the reorganized company.

Haynes is privately held and the shareholders have agreed to accept a pro rata share of the remaining 4%.

In addition, the high performance alloy company will get $100 million in exit financing from Congress Financial Corp.

Haynes filed for Chapter 11 on March 29. Its Chapter 11 case number is 04-05364.

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