Constar International receives bankruptcy court approval of its disclosure statement related to reorganization plan
February 23, 2011
– Constar International Inc. (Other OTC: CNSTQ) today announced that the United States Bankruptcy Court for the District of Delaware approved the Disclosure Statement related to its Joint Plan of Reorganization. Now that it is approved, the Disclosure Statement will be disseminated to parties in interest for consideration and voting.
Grant H. Beard, Constar’s President and Chief Executive Officer, noted "we are gratified that the Bankruptcy Court has approved our disclosure statement for solicitation and voting, and continue to appreciate the speed with which the Bankruptcy Court has permitted our pre-arranged chapter 11 case - which enjoys the support of the vast majority of our capital structure creditors - to proceed."
The Bankruptcy Court has scheduled the confirmation hearing related to its Joint Plan of Reorganization for April 25, 2011. If the Joint Plan is confirmed, Constar anticipates emerging from chapter 11 no later than June 1, 2011.
As previously announced, Constar and certain of its subsidiaries filed to reorganize under Chapter 11 on January 11, 2011, in the U.S. Bankruptcy Court for the District of Delaware. The case number for the consolidated cases is 11-10109. Additional information about Constar’s restructuring is available on the Investor Relations section of the Company’s web site, www.constar.net. For access to Bankruptcy Court documents and other general information about the Chapter 11 reorganization cases, please visit http://www.kccllc.net/constar.
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