Jackson Hewitt Tax Service Inc. (fka JHTXQ)

[Value_Investor]

Jackson-Hewitt Tax Service Disclosure Statement Approved, Plan Confirmed

The U.S. Bankruptcy Court signed an order approving Jackson-Hewitt Tax Service's Disclosure Statement and concurrently confirming the Company's Amended Joint Prepackaged Plan of Reorganization. Under the Plan, the Debtors current secured lenders will receive their share of a new $100 million term loan and all of the equity in the reorganized company, and existing stockholders will receive nothing. The Company expects to enter into a new $115 million revolving credit facility to fund operations until the new tax season begins. "We're very pleased that the court approved the plan," Mark A. McDermott of Skadden, Arps, Slate, Meagher & Flom, the Debtor's bankruptcy counsel.