Oglebay Norton Delisted from Nasdaq
March 18, 2004
Oglebay Norton Co.'s common stock was delisted from the Nasdaq Stock Market at the opening of business on March 3, 2004. While the company is in chapter 11, investments in its securities will be highly speculative. Shares of the company's common stock will likely have little or no value. Oglebay Norton also announced that U.S. Bankruptcy Judge Joel B. Rosenthal of the United States Bankruptcy Court for the District of Delaware in Wilmington approved "first day" motions presented by the company, including interim approval to utilize cash collateral and to borrow up to $40 million from a $75 million debtor-in-possession (DIP) credit facility. Oglebay Norton secured the DIP facility from a syndicate that includes various members of its pre-petition bank group. The judge's orders provide the company with the liquidity necessary to continue operations without disruption and meet its obligations to its suppliers, customers and employees during the chapter 11 reorganization process. A final hearing on approval for use of the $75 million facility was set for March 22, 2004.
The company's website is located at http://www.oglebaynorton.com.