Judge Declines To Confirm Oglebay Norton Reorganization Plan
October 12, 2004
Oglebay Norton Co. recently announced that U.S. Bankruptcy Judge Joel B. Rosenthal of the U.S. Bankruptcy Court for the District of Delaware has declined to confirm the company's joint amended plan of reorganization. While he agreed that the plan was feasible in every other regard, he said he had not heard evidence to address his concerns related to insurance for tort liability claims. The company said it would file a motion with the court to put on more evidence on this matter. The next hearing is scheduled for October 28 in Delaware. "We obviously are disappointed with the ruling today, but we are gratified that the judge overruled all other objections related to the plan," said Michael D. Lundin, president and chief executive officer. "Management continues to believe that our proposed plan of reorganization provides the best outcome for all stakeholders and would enable Oglebay Norton to emerge as a strong company with a new capital structure."
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