PSC emerges from bankruptcy
Jan 9, 2004 12:00 PM
Philip Services Corporation (PSC), Houston TX, has emerged from Chapter 11 bankruptcy, according to PSC information.
Pursuant to the reorganization plan sponsored by an entity owned by Carl C Icahn, the company received $170 million in equity and debt financing. As a result, entities held by Icahn own virtually all of the outstanding shares of the reorganized company, which does not have publicly traded securities. The US Bankruptcy Court for the Southern District of Texas confirmed the company's plan of reorganization December 10. 2003.
In addition, the Ontario Superior Court of Justice in Toronto, Canada, granted PSC an order facilitating the US Plan of Reorganization by authorizing sale of substantially all of the business assets of the company's two Canadian operating subsidiaries to two new subsidiaries of the reorganized company. These new subsidiaries will be known as PSC Industrial Services Canada Inc and PSC Analytical Services Inc.