Anchor Glass Announces Recapitalization Agreement
All of Anchor's other unaffiliated creditors, including trade creditors, will be unimpaired and be paid in full in the ordinary course. Anchor's outstanding common stock will be cancelled and receive no distribution under the plan. The plan will be effected through a "pre-arranged" case under Chapter 11 of the Bankruptcy Code. It is anticipated that Anchor will commence the formal bankruptcy proceeding within the next two weeks.