Advanced Lighting Technologies' creditors to be paid in full

By Carlise Newman

Chicago, May 5 - Advanced Lighting Technologies Inc.'s creditors will be paid in full, according to the company's reorganization plan and disclosure statement, filed Monday with US Bankruptcy Court for the Northern District of Illinois, Eastern Division.

Holders of the $100 million of 8% senior notes will receive $43 million of 8% new notes, $60 million in preferred stock and 5% of the reorganized company's common stock.

Bank lenders, subordinated noteholders and those with unsecured claims will be paid in full in exchange for common stock.

In regard to exit financing, the company's financial counsel told Prospect News that Advanced Lighting is "working on it." A hearing on the disclosure statement is scheduled for May 15.

The reorganization plan and the disclosure statement are subject to revisions by the debtors before the hearing date, and are subject to review and revision by the court.

A committee was formed to represent the holders of common equity. The attorney for the committee is Robert Fishman of Shaw, Guissis, Fishman, Glantz, Wolfson and Towbin LLC in Chicago, IL.

Solon, Ohio-based Advanced Lighting Technologies is a lighting manufacturer.

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