CHICAGO - Rymer Foods Inc.'s prepackaged Chapter 11 plan of reorganization was confirmed on August 21, 1997 by the Bankruptcy Court for the Northern District of Illinois. The bankruptcy proceedings were completed 45 days after the original filing on July 8, 1997.
Rymer Foods Inc. is the holding company for Rymer Meat Inc., a Chicago- based portion controlled meat company that provides frozen, pre-seasoned meat and tailored programs to restaurants and institutional food service providers. Rymer Meat was not involved in the Chapter 11 filing and has continuously operated without interruption.
Under the Prepackaged Plan as confirmed, Rymer Foods Inc. will implement a 25 into 1 reverse stock split and issue up to 4,300,000 shares of new common stock. All 11% senior notes will be eliminated in exchange for new common stock. Rymer Foods Inc. expects to complete the restructuring and issue the new common stock by the end of September.
Mr. P.E. Schenk, Rymer Foods Inc.'s Chief Executive Officer, commented that, "All of us here at Rymer are extremely pleased to have this necessary step accomplished and look forward to growing the business with the benefit of a healthy balance sheet."
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