Memorex Telex NV on Monday duly filed its prepackaged plan of reorganisation under Chapter 11 of the US Federal bankruptcy code in the District Court in Wilmington, Delaware and received court approval for the $85m in financing that was dependent on the filing. The company is planning to seek a listing for its shares on the NASDAQ system after it wins its discharge. The court has scheduled a confirmation hearing for February 7, which should enable the company to be discharged from banruptcy. The court also approved the continued full payment of trade creditor claims in the normal course of business. Under separate filings for each of six units, it listed nearly $2,300m in assets and $2,400m in liabilities. Under the reorganisation plan, senior and subordinated debt holders will end up with some 80% of the common, current shareholders will get warrants for shares in the new company which if exercised, would give them about 5%. Preferred holders will get common representing 3%, bank debtors warrants for 4%.
