of Substantially All of Its Assets
On June 11, 2010 (the "Effective Date"), RathGibson, Inc. and its debtor affiliates (collectively, the "Debtors") consummated the Modified Third Amended Joint Chapter 11 Plan for RathGibson, Inc., et al. (the "Plan") and the sale of substantially all of their assets (the "Sale"). The Sale includes the assumption of certain liabilities including the payment obligations for known unpaid pre-bankruptcy ordinary course of business trade claims. Copies of the Plan, the related disclosure statement, and the Order confirming the Plan (the "Confirmation Order") are available by clicking here.
"We want to thank our customers, suppliers and employees whose support in recent months has enabled us to operate in a business as usual mode with a strong focus on meeting the needs of our customers," said Mike Schwartz, President and Chief Executive Officer.
Pursuant to the Confirmation Order, Edward A. Phillips, a partner at Amper, Politziner & Mattia LLP, has been appointed as the administrator of the Plan (the "Plan Administrator"). Mr. Phillips, in his capacity as Plan Administrator, will be responsible for winding-down the Debtors' bankruptcy estates and carrying out the provisions of the Plan.
Additionally, as of the Effective Date, the Debtors have changed their names as follows:
- RathGibson, Inc. is now known as RG Liquidation, Inc.
- RGCH Holdings Corp. is now known as RG Liquidation II, Inc.
- Greenville Tube Company is now known as RG Liquidation III, Inc.
- RG Tube Holdings, LLC is now known as RG Liquidation IV, LLC
The Confirmation Order establishes certain important deadlines (capitalized terms used below but not previously defined herein have the meanings ascribed to them in the Plan):
- Administrative Expense Claims relating to the period March 1, 2010 through June 11, 2010 must be properly filed and served no later than 5:00 p.m. (prevailing Eastern time) on July 12, 2010.
- Prepetition Ordinary Course of Business Claims must be properly filed and served no later than July 12, 2010.
- Claims arising from the rejection of any executory contract or unexpired lease under the Plan must be properly filed and served on or before July 12, 2010.
- Requests for payment of Fee Claims must be properly filed and served no later than July 26, 2010.