REPEAT-O-TYPE SUCCESSFULLY CONFIRMS PLAN OF REORGANIZATION TO EMERGE FROM BANKRUPTCY
WAYNE, New Jersey, September 2, 1999 -- Repeat-O-Type Stencil Manufacturing Company, Inc. announced today the successful completion of its reorganization proceedings and its emergence from federal bankruptcy protection.
Repeat-O-Type filed for Chapter 11 reorganization under the United States Bankruptcy Code in November, 1997. In an order dated August 17, 1999 the United States Bankruptcy Court for the District of New Jersey confirmed Repeat-O-Type’s First Modified Plan of Reorganization. The plan will take effect at the end of September.
M. Whitney Keen, President of Repeat-O-Type, expressed great appreciation for the overwhelming support that Repeat-O-Type’s creditors gave to the reorganization. "Only two of our creditors opposed the plan," Keen stated, "and Bankruptcy Judge Winfield specifically ruled that the plan was ‘fair and equitable’ with respect to all of our creditors."
In a related development Repeat-O-Type announced that Fred Keen, its former president and currently its Director of Sales and Marketing, had voluntarily dismissed his own bankruptcy case, filed at the same time as Repeat-O-Type’s.
About Repeat-O-Type
Repeat-O-Type Manufacturing Corp. is a family owned corporation that has been engaged in the manufacture of office reprographic products since 1931. The company specializes in cost saving aftermarket supplies for use in inkjet printers and digital duplicating equipment.
Information about Repeat-O-Type and its products can be found on the World Wide Web at www.repeatotype.com.
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