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Assisted Living Concepts Announces Reorganization
PORTLAND, Ore-Officials with Assisted Living Concepts, Inc. have announced the company's first amended joint plan of reorganization by the US Bankruptcy Court. If the plan is followed the company may expect to emerge from bankruptcy January 1, 2002. The plan will help push the company's two series of convertible subordinated debentures and other unsecured debt to be exchanged for $40.25 million aggregate principal. The loan will bear a 10% annual interest and will be payable semi-annually in arrears. Additionally, $15.25 million aggregate principal amount in 10-year secured notes, with a bearing interest for 3 years at 8% annually will be offered, with the loan payable in cash at 12% thereafter. Also, 96% of the common stock will be exchange for pre-effective date common stock for 4% of the stock of the reorganized company. There is no guarantee the company will be able to emerge from bankruptcy.
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