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McLeodUSA says creditors back reorganization plan
New York, March 28 - McLeodUSA Inc. said its reorganization plan to emerge from bankruptcy was accepted by all classes of creditors entitled to vote.
The Cedar Rapids, Iowa competitive local exchange carrier said that according to an unaudited tally of voting the plan was supported by more than 98% of the senior notes voted, by both principal amount and number of holders.
More than 98% of the shares of the company's preferred stock that were voted also backed the plan.
McLeodUSA said the plan is subject to confirmation by the Bankruptcy Court which will hold a hearing on April 5.
The company said that if, as it expects, the plan is confirmed, it will be implemented in April 2002.
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