Keystone Consolidated distributes $3.7 million to Sherman Wire unsecured creditors

By Caroline Salls

Pittsburgh, Oct. 1 - Keystone Consolidated Industries, Inc. distributed $3.7 million in cash to wholly owned subsidiary Sherman Wire Co.'s unsecured creditors as payment in full for their pre-bankruptcy claims, according to an 8-K filed with the Securities and Exchange Commission.

The company said all claims must be settled before its bankruptcy case can be completely closed, and another claim is still outstanding.

As a result of this most recent creditor distribution, Keystone said it expects to record a $9 million pre-tax gain on cancellation of debt in the third quarter.

Keystone, a Dallas-based fencing and wiring company, emerged from bankruptcy on Aug. 31, 2005.

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