UPC Polska reorganization plan confirmed by court

By Jeff Pines

Washington, Jan. 23 - UPC Polska, Inc.'s plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of New York.

The company expects to emerge from Chapter 11 on Feb. 2.

SISU Capital Ltd. filed the sole objection to the second amended plan of plan of reorganization - and that objection was overruled.

The official committee of unsecured creditors filed an objection to UPC Polska's first disclosure statement and reorganization plan arguing it favored insiders. Subsequently a revised plan was negotiated with the various creditor groups that gave third-party noteholders more new notes and stock in the company's indirect parent UnitedGlobalCom Inc..

The plan called for claimsholders in classes 3, 4 and 5 to vote, and all three classes accepted the plan.

In class 3, 78.56% of the dollar amount and 67.92% of the number of creditors approved the plan. In both categories of class 4, 100% voted to accept the plan. And 70.41% of the dollar amount and 66.67% of the number of class 5 claimsholders accepted the plan.

Under the plan, holders of UPC Polska's notes will receive $80 million in cash, $100 million in new 9% notes due 2007 and $14.5 million of UnitedGlobalCom Inc. stock, based on the Dec. 15 Nasdaq closing price.

In addition, the company will switch from being a corporation to a limited liability company.

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