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Keystone Files First Amended Joint Plan of Reorganization and Disclosure Statement.

Publication: PR Newswire
Publication Date: 31-MAY-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
DALLAS, May 31 /PRNewswire-FirstCall/ -- Keystone Consolidated Industries, Inc. (OTC Pink Sheets: KESNQ) announced that on May 26, 2005, it filed its First Amended Joint Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court for the Eastern District of Wisconsin in Milwaukee. Keystone previously filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code on February 26, 2004 and an initial Plan of Reorganization on October 5, 2004.

The First Amended Joint Plan of Reorganization provides for, among other things:

* The assumption of the previously negotiated amendment to the collective bargaining agreement with the Independent Steel Workers Alliance (the "ISWA"), Keystone's largest labor union; * Liabilities due to pre-petition secured creditors would be reinstated in full against reorganized Keystone; * All of Keystone's common and preferred stock outstanding at the petition date would be cancelled; * Pre-petition unsecured creditors of Keystone would receive, in aggregate, $5.2 million in cash, a $4.8 million note and 49% of the common stock of reorganized Keystone (the amount of cash and principal amount of the note may increase based on...

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