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Baldwin-United's reorganization plan was OKd.

March 20, 1986

In Cincinnati, U.S. Bankruptcy Judge Randall Newsome ended 2 1/2 years of court hearings by approving the Baldwin-United plan. The surviving company should be operating by September, Baldwin-United President Peter A. Martosella said. Under the plan, creditors will get about 55% of what they were owed, plus substantial ownership in the new company. Martosella said Baldwin-United will have between $97 million and $134 million in cash to repay major unsecured creditors, who also will receive notes worth about $24.1 million and stock valued at more than $65 million.

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