Powermate plan of liquidation approved by most voting creditors

By Caroline Salls

Pittsburgh, Oct. 15 - Powermate Holding Corp.'s plan of liquidation was accepted by a majority of voting creditors, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

A total of six holders, or 85.71% in number, of $26.26 million, or 99.81% in amount, of secured claims voted to accept the plan, while one holder, or 14.29% in number, of $50,599, or 0.19% in amount, of these claims voted to reject it.

In addition, 371 holders, or 97.38% in number, of $23.18 million, or 99.57% in amount, of unsecured claims voted to accept the plan, while 10 holders, or 2.62% in number, of $100,496, or 0.43% in amount, of these claims voted to reject it.

The plan confirmation hearing is scheduled for Oct. 16.

Powermate, an Aurora, Ill.-based manufacturer of portable and standby electric generators, air compressors, air tools, pressure washers and accessories, filed for bankruptcy on March 17, 2008. Its Chapter 11 case number is 08-10498.

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