Special Devices plan of reorganization approved by most creditors

By Caroline Salls

Pittsburgh, July 17 - Special Devices, Inc.'s plan of reorganization was approved by most voting creditors, including unanimous approval by holders of senior subordinated note claims, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, all four holders of $73.59 million in senior subordinated notes claims voted to accept the plan.

In addition, 23 holders, or 95.83% in number, of $6.39 million, or 99.62% in amount, of general unsecured claims votes to accept the plan.

Meanwhile, one holder, or 4.17% in number, of $24,561, or 0.38% in amount, of these claims voted to reject it. One holder of a $1.86 million general unsecured claim abstained.

Also, 98 holders, or 85.96% in number, of $397,066, or 91.56% in amount, of convenience claims vote to accept the plan, while 16 holders, or 14.04% in number, of $36,600, or 8.44% in amount, voted to reject it. Two holders of $2,082 in convenience claims abstained.

The plan confirmation hearing is scheduled for July 24.

Special Devices, a Moorpark, Calif., manufacturer of pyrotechnic devices for airbags, filed for bankruptcy on Dec. 15, 2008. Its Chapter 11 case number is 08-13312.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.