Court Approves Falcon Steel Reorganization Plan

HALTOM CITY, Texas, April 2, 2015 /PRNewswire/ -- The United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has confirmed the joint reorganization plan for Falcon Steel Company and its affiliates. Held on March 30, 2015, the confirmation hearing declared Falcon Steel officially out of bankruptcy and gives management the court's approval to proceed according to its proposed plan (Case No. 14-42585-dml-11).

"Falcon Steel filed for Chapter 11 relief on June 29, 2014, and after nine months of streamlining operations and realigning its management team, the company is now in a sound financial position to go forward," said Jim Taylor, Falcon Steel CEO.

Taylor, who joined Falcon Steel as Chief Restructuring Officer in May 2014 and was named President and CEO in August, said, "We wanted an outcome that was in everyone's best interests, and that's just what we got."

"We're extremely pleased with the court's decision, as well as with our team's ability to turn the company around in a matter of months. Now we can focus all of our attention on what Falcon does best—which is designing and manufacturing top-quality steel structures."

Throughout the restructuring process, Falcon Steel continued to operate as normal. Since the Chapter 11 filing was about covenants and not the company's ability to pay, the day-to-day operations were never compromised, Taylor added.

Jeff Prostok and Lynda Lankford of Forshey Prostok, a Fort Worth-based law firm specializing in bankruptcy issues, represented Falcon Steel and its affiliates in the case.

"The Falcon Steel result is a blueprint for a successful reorganization," Prostok said. "Falcon creditors will get paid and the company is well-positioned to thrive going forward."

About Falcon Steel Company

Based in Haltom City, Texas, Falcon Steel has been a leader in designing and fabricating quality steel structures for more than 50 years. With more than 260 employees statewide, the company also has fabricating facilities in Kaufman and Euless, Texas. For more information, visit www.falconsteel.com.

SOURCE Falcon Steel Company

Related Links

http://www.falconsteel.com