Hexion plan of reorganization accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, June 20 – Hexion Inc.’s plan of reorganization was accepted by a majority of voting creditors, according to a ballot report filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

A total of 587 holders, or 98.82% in number, of $2,089,481,540, or 99.99% in amount, of first-lien note claims voted to accept the plan, while seven holders, or 1.18% in number, of $159,000, or 0.01% in amount, of those claims voted to reject it.

In addition, 507 holders, or 96.39% in number, of $915.76 million, or 99.9% in amount, of junior notes claims voted to accept the plan, while 19 holders, or 3.61% in number, of $943,000, or 0.1% in amount, of those claims voted to reject it.

The plan confirmation hearing is scheduled for June 24.

Hexion, a Columbus, Ohio-based chemical company, filed bankruptcy on April 1. The Chapter 11 case number is 19-10684.

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