Texas-based Falcon Steel Co. is preparing to send its bankruptcy-exit plan to creditors, who have the power to reject the company's proposal to repay debts in quarterly installments, Dow Jones Daily Bankruptcy Review reported today. Creditors have until March 24 to vote on a reorganization plan for the maker of steel lattice towers for power lines, according to a timeline set by Bankruptcy Judge Michael Lynn. Since Falcon Steel filed for bankruptcy on June 29, company officials found new orders to build transmission towers for the utility industry and negotiated a deal to refinance a $17.5 million bank loan.
