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Metals USA makes final distribution of new common stock
By Carlise Newman
Chicago, Sept. 9 - Metals USA Inc. said its transfer agent, Equiserve NA, will complete the company's final distribution of new common stock on or about Sept. 12, following its amended reorganization plan, which became effective Oct. 31, 2002.
The company said the previously disputed general unsecured claims have been settled and the total and final amount of allowed claims was $370.7 million. The exchange rate for the final distribution will be 53.95 shares for each $1,000 of allowed claims. No fractional shares will be issued.
The company said 17.5 million shares of new common stock representing 87.5% of the 20 million shares to be distributed had previously been distributed under an initial distribution.
Holders of allowed claims who have received an initial distribution from the Metals USA will receive an additional and final distribution of 6.45 shares for each $1,000 of claims.
Houston-based Metals USA is a metal manufacturer
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