Merisant disclosure statement approved; confirmation hearing Dec. 16

By Alice Popovici

New York, Oct. 23 - Merisant Worldwide, Inc.'s amended disclosure statement for its plan of reorganization was approved during a Friday hearing in the U.S. Bankruptcy Court for the District of Delaware, according to an attorney familiar with the case.

The plan confirmation hearing will be held Dec. 16.

As previously reported, creditor treatment will include:

• Holders of administrative expense claims, debtor-in-possession facility claims and priority tax claims will recover 100% in cash;

• Other secured claims will be either reinstated or paid in cash at the company's option;

• Holders of bank claims will recover 100% in new bank notes, bank cash and new bank shares, if they elect to convert a portion of their bank claims;

• Holders of Merisant Co. unsecured claims will receive 5.5% of the new common stock, the right to participate in the rights offering and the right to participate in a private investment;

• Holders of Merisant Worldwide unsecured claims will receive their share of class 5 contingent vehicle rights or the option to participate in the private investment;

• Holders of trade claims will recover 60% in cash if they vote to accept the plan or a lesser cash distribution if they vote to reject it and the court finds that the treatment of trade claims does not comply with the Bankruptcy Code;

• Intercompany claims will be either reinstated or discharged and extinguished in full or in part, at the reorganized company's option;

• Holders of equity interests will receive no distribution; and

• Subsidiary interests will be reinstated.

Merisant, a Chicago-based marketer of low-calorie tabletop sweeteners, filed for bankruptcy on Jan. 9, 2009. Its Chapter 11 case number is 09-10059.

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