Oglebay Norton says judge leans towards approving disclosure statement

By Jeff Pines

Washington, July 27 - Oglebay Norton Co. said judge Joel Rosenthal of the U.S. Bankruptcy Court for the District of Delaware indicated in a hearing he would approve the company's disclosure statement with some modifications.

The Cleveland-based minerals company said it would submit the modifications as soon as possible.

Once it has the judge's approval, Oglebay Norton can start soliciting votes for its reorganization plan.

The judge also approved the company's request to extend its exclusive period to file a plan to Aug. 29 and set the confirmation hearing for Sept. 29.

Holders of Oglebay Norton's $100 million of 10% senior subordinated notes due 2009 will get an estimated recovery of 24%, according to the company's disclosure statement.

Oglebay Norton filed for bankruptcy on Feb. 23. Its Chapter 11 case number is 04-10588.

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