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NNHE FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
NENAQ; reinstated as NNHE:
https://otce.finra.org/otce/dailyList?viewType=Additions
Neenah Enterprises filed with the U.S. Bankruptcy Court a Joint Plan of Reorganization and related Disclosure Statement. The Disclosure Statement asserts, “The Plan is based primarily upon a prepetition compromise and Lock-Up Agreement with certain Consenting Holders of (i) approximately 55% of the aggregate outstanding principal amount of the Secured Notes; and (ii) 100% of the aggregate outstanding principal amount of the Subordinated Notes….Pursuant to the Lock-Up Agreement, the Consenting Holders have agreed…to accept and support the confirmation of a plan of reorganization that is materially consistent with the Plan Term Sheet attached as Exhibit A to the Lock-Up Agreement….At its core, the Plan provides that: The Debtors’ obligations under the Prepetition Credit Agreement will be repaid in full in cash; The Secured Notes will be exchanged for (a) 97% of the New Common Stock to be issued by NEI (subject to dilution by the Management Equity Incentive Plan and the New Warrants to be issued pursuant to the Plan) and (b) $50 million in aggregate principal amount of New Secured Notes; The Subordinated Notes will be exchanged for (a) 3% of the New Common Stock (subject to dilution by the Management Equity Incentive Plan and the New Warrants to be issued pursuant to the Plan) and (b) the New Warrants to acquire another 10% of such New Common Stock; The claims of general unsecured creditors will either be reinstated or paid in full in cash; and The claims and interests of NEI’s existing equity holders will be cancelled and extinguished.” The Court scheduled an April 27, 2010 hearing to consider the Disclosure Statement.
"At the effective time (the “Effective Time”) of the plan of reorganization (the “Plan”) set forth in the Restructuring Agreement, all of the Reporting Persons’ Common Stock will be cancelled" .. Amended Statement of Beneficial Ownership (SC 13D/A)...fwiw
q added today...oh well...they should come out ok
BK ..possible hanging by a thread .. no BK could be be winner ...
i know that the factory has been working more hours,and if nothing else someone will buy this out...state of the art facility...
one day it will let loose......i will keep gettin a little more here and there
Looks like time to get caught up msgs PHONE AND EMAIL FULL
SOMEONE TRYING TO COMMUNICATE IMPORTANT THINGS and looks like time to sell. Need $??
looks like time to buy again...i notice foundry has been running more than 1 shift.this is way undervalued....
Tontine owns 63 percent...http://seekingalpha.com/article/127023-tontine-associates-amends-13d-on-neenah-enterprises?source=yahoo
if roads are going to be built,this will soar,take a look at your manhole covers,anywhere in the us,most of them say neenah foundry
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NEENAH, Wis., Aug 11, 2008 /PRNewswire via COMTEX/ -- Neenah Enterprises, Inc. and Neenah Foundry Company (collectively, the "Company") announced today that a newly-created wholly-owned subsidiary of the Company has purchased substantially all of the business and assets of Morgan's Welding, Inc., a steel fabricator located in Pennsylvania, for a cash purchase price of $3.85 million plus the assumption of approximately $0.3 million of current liabilities, subject to a working capital adjustment. Upon closing, the new subsidiary changed its name to Morgan's Welding, Inc.
The purchase was financed through borrowings under the Company's existing credit facility. The Company expects this acquisition to significantly improve its ability to service customers in the municipal markets in the Northeastern United States by allowing it to package fabricated steel gratings with its iron casting products, thus offering a more complete array of street drainage products to the marketplace. Additionally, the Company will stage a distribution facility at the Pennsylvania location enabling it to further extend product availability into Northeastern markets.
About Neenah Enterprises, Inc. and Neenah Foundry Company
Neenah Enterprises, Inc. is the indirect parent holding company of Neenah Foundry Company. Neenah Foundry Company and its subsidiaries manufacture and market a wide range of iron castings and steel forgings for the heavy municipal market and selected segments of the industrial markets. Neenah is one of the largest independent foundry companies in the United States, with substantial market share in the municipal and various industrial markets for gray and ductile iron castings and forged steel products. Additional information about Neenah is available on the Company's web site at http://www.nfco.com.
Cautionary Language Regarding Forward-Looking Statements
This press release contains "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" involve risks and uncertainties that could cause our actual results to differ materially from those currently anticipated. Forward-looking statements give our current expectations or forecasts of future events. The words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Factors that could cause our results to differ materially from current expectations include material disruptions to the major industries we serve; continued price fluctuations in the scrap metal market; increases in price or interruptions in the availability of metallurgical coke; regulatory restrictions or requirements; developments affecting the valuation or prospects of the casting and forging industries generally or our business in particular; the outcome of legal proceedings in which we are involved; and other factors described or referenced in our Form 10-K for the year ended September 30, 2007 or subsequent SEC filings. You should not place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this press release. We undertake no obligation to publicly release any revisions to the forward-looking statements after the date of this document.
SOURCE Neenah Enterprises, Inc.; Neenah Foundry Company
URL: http://www.nfco.com
www.prnewswire.com
Copyright (C) 2008 PR Newswire. All rights reserved
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