FORT WORTH, Texas-Tower manufacturer FWT Inc. filed a plan of reorganization with the United States Bankruptcy Court in the Northern District of Texas.
The company earlier this year filed for Chapter 11 bankruptcy.
Under the reorganization plan, FWT’s trade creditors will be paid in full over three installments, said the company. One-third will be paid at confirmation, one-third after one year and the remainder at the end of the second year. The plan also calls for note holders to be paid $10 million in cash for notes originally issued for $105 million.
Dimeling, Schreiber & Park, a Philadelphia firm, has offered to invest $18 million in the company, $7 million of which will be used to repay a secured loan made by Brocko Inc. Trade creditors will receive $1 million as their initial payout and the remaining $10 million is earmarked for note holders, said the company.
FWT said it has $4 million in cash on hand for other expenses.
