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Dep's debt restructuring would pay creditors in full plus interest, company asserts in filing.

This article was originally published in The Rose Sheet

Executive Summary

DEP DEBT REORGANIZATION WOULD ALLOW CREDITOR PAYMENT IN FULL, COMPANY ASSERTS in a Chapter 11 bankruptcy petition filed with the federal Bankruptcy Court in Wilmington, Del. on April 1. The plan would provide full payment plus interest to the company's secured lenders and unsecured creditors, according to the firm. Dep reported total liabilities of $77.3 mil., comprising $62.2 mil in secured debt and $15.1 mil. in unsecured debt. All unpaid principal and accrued interest must be paid by Sept. 30, 2005, a nine-year extension of the original maturity date of Dec. 31, 1996, the Chapter 11 filing states. Dep's assets total $84 mil.

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