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Court confirms Horizon PCS reorganization plan; company to emerge Oct. 1
By Jeff Pines
Washington, Sept. 23 - Horizon PCS Inc. said the U.S. Bankruptcy Court for the Southern District of Ohio confirmed its reorganization plan and that it will emerge from bankruptcy on Oct. 1.
The plan, which was filed on Aug. 12, gives the holders of $400 million of the company's bonds most of the reorganized company's equity and a pro rata share of $12 million in cash for an estimated 45.3% recovery.
Under the terms of the plan, Chillicothe, Ohio-based Horizon PCS, a Sprint affiliate, will repay in full the $122.3 million senior secured facility.
Horizon PCS filed for bankruptcy on Aug. 15, 2003. Its Chapter 11 case number is 03-62424.
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