Taylor-Wharton plan unanimously approved by three of four classes

By Caroline Salls

Pittsburgh, May 10 - Taylor-Wharton International LLC's plan of reorganization was unanimously approved by three of four voting creditor classes, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the two holders of $2.77 million in pre-bankruptcy secured revolver claims, all six holders of $67.23 million in pre-bankruptcy secured term loan claims and all six holders of $74.81 million in pre-bankruptcy subordinated note claims voted to accept the plan.

In addition, 11 holders, or 84.62% in number, of $126,971, or 93.74% in amount, of general unsecured claims voted to accept the plan, while two holders, or 15.38% in number, of $8,486, or 6.26% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for Wednesday.

Taylor-Wharton is a Mechanicsburg, Pa.-based technology, service and manufacturing network for gas applications involving pressure vessels and precision valves. The company filed for bankruptcy on Nov. 18. Its Chapter 11 case number is 09-14089.

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