Emeco’s new scheme of arrangement enforced by U.S. bankruptcy court

By Caroline Salls

Pittsburgh, March 23 – Emeco Holdings Ltd.’s new scheme of arrangement was given “full force and effect” by the U.S. Bankruptcy Court for the Southern District of New York, according to an order filed Wednesday.

As previously reported, Emeco’s scheme of arrangement was approved by the Federal Court of Australia on March 15, giving effect to the company’s recapitalization and its merger with Andy’s and Orionstone.

The court orders were to be lodged with the Australian Securities and Investments Commission on March 16.

The merger is expected to be completed on March 31. A rights offering for existing shareholders was launched on March 21 and was expected to be completed in mid-April.

Emeco is a provider of equipment solutions to the mining industry and is based in Perth, Australia. The company filed bankruptcy on Feb. 8, 2016 under Chapter 15 case number 16-13080.

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