Special
Focus Sections:
Mississippi Chemical Corporation files plan of reorganization
BY C. Mark Bird
DBJ Contributing Writer
Mississippi Chemical Corporation (OTCBB: MSPI.OB) announced
the filing of its joint plan of reorganization with the
U.S. Bankruptcy Court for the Southern District of Mississippi.
The plan is subject to review and approval by certain creditors
of the company and the bankruptcy court.
“Filing our plan of reorganization is a significant
step forward in the company’s restructuring efforts,”
Coley Bailey, chief executive officer for Mississippi Chemical,
said. “During our reorganization, the company has
made meaningful changes to its operations and cost structure
that improve our competitive position. We plan to capitalize
on these changes to grow our anhydrous ammonia business,
take advantage of growth opportunities in industrial markets
and continue our leadership position in the ammonium nitrate
market.”
If approved by the bankruptcy court, the plan provides that
the company’s unsecured creditors will own substantially
all of the company’s stock and the company’s
current shareholders will have the opportunity to share
in the long-term growth of the company. The company’s
ammonia supply of 350,000 tons a year from its Trinidad
operation will remain unchanged.
Under the proposed plan, the company’s debt will be
substantially reduced. This debt will be provided by a combination
of existing secured lenders and new lenders. “We look
forward to exiting bankruptcy prior to the end of this year,”
Bailey said.
For details of the company’s reorganization plan,
a copy of the plan and related disclosure statement is available
at www.bmccorp.net/misschem.
Mississippi Chemical Corporation is a leading North American
producer of nitrogen and phosphorus products used as crop
nutrients and in industrial applications. Production facilities
are located in Mississippi, Louisiana, and through Point
Lisas Nitrogen Limited, in The Republic of Trinidad and
Tobago. On May 15, 2003, Mississippi Chemical Corporation,
together with its domestic subsidiaries, filed voluntary
petitions seeking reorganization under Chapter 11 of the
U.S. Bankruptcy Code. DBJ
