Court confirms O’Sullivan Plan of Reorganisation


20 March 2006 – Atlanta (GA): O’Sullivan Industries Holdings announced that its Plan of Reorganisation was confirmed by the US Bankruptcy Court for the Northern District of Georgia, allowing the office furniture manufacturer to emerge from bankruptcy within the next few weeks.
The plan calls for a cash payment for general unsecured creditors and a potential additional settlement for all vendors and utility providers who elected to participate, a warrant offering for the senior subordinated noteholders, and the conversion of senior secured notes into substantially all of the equity of the reorganised company, along with $10 million of new junior secured notes.
O’Sullivan Industries Holdings filed for bankruptcy in October 2005.