Old Ladder plan unanimously approved by two of three voting classes

By Caroline Salls

Pittsburgh, Oct. 24 - Old Ladder Co. (DE), Inc.'s plan of liquidation was unanimously accepted by two of three voting creditor classes, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, all three holders of $6.2 million in other priority claims and the one holder of $96.9 million in LLCP second-lien claims voted to accept the plan.

In addition, 295 holders, or 91.33% in number, of $274.84 million, or 91.05% in amount, of general unsecured claims voted to accept the plan, while 28 holders, or 8.67% in number, of $27.01 million, or 8.95% in amount, of these claims voted to reject it.

The plan confirmation hearing is scheduled for Thursday.

Old Ladder, formerly Werner Holding Co. (DE), Inc., is a Greenville, Pa., manufacturer and distributor of ladders, climbing equipment and ladder accessories. It filed for bankruptcy on June 12, 2006, and its Chapter 11 case number is 06-10578.

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