NexPak reorganization plan accepted by 40 of 42 voting creditors

By Caroline Salls

Pittsburgh, May 14 - NexPak Corp.'s plan of reorganization was approved by a majority of voting creditors, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

All eight holders of $53.22 million in general unsecured claims voted to accept the plan, as did 32 holders of $2.04 million in pre-bankruptcy lender secured claims.

However, two holders, or 6% in number, of $24,400, or 1% in amount, of the pre-bankruptcy lender claims voted to reject the plan.

The plan confirmation hearing is scheduled for Tuesday.

NexPak, a Duluth, Ga., media packaging company, filed for bankruptcy on April 14, 2009. Its Chapter 11 case number is 09-11244.

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