The U.S. Bankruptcy Court for the Southern District of Ohio approved Huffy Corporations Disclosure Statement for this Joint Plan of Reorganization and authorized Huffy to begin soliciting approval from its creditors. The company expects to emerge from Chapter 11 protection in early October, 2005.
The Court also determined that Huffy meets the requirements for a “Distress Termination” of its retirement plan and approved termination of the plan. Huffy stated that 99% of the pension plan participants will be unaffected by this termination.
Last month, Huffy filed its Plan of Reorganization, planning to emerge as a private entity focused on its Huffy Bicycle, Tommy Armour Golf, and Ram Golf brands.
