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Ferrellgas receives green light on $1.5B restructuring plan

A U.S. bankruptcy court judge has approved a prepackaged reorganization plan from Overland Park-based Ferrellgas Partners LP. The plan will refinance around $1.5 billion in debt from Ferrellgas as well as issue Class B stock to certain holders.

On Friday, a judge in the U.S. Bankruptcy Court for the District of Delaware confirmed the reorganization plan that allows the Overland Park-based holding company (OTC: FGPR) to refinance more than $1.5 billion in debt, including converting $357 million of 2020 notes into new equity.

“This confirmation is a positive step forward in our restructuring plans,” the company said as part of its fiscal second-quarter earnings release on Monday.

The restructuring includes plans to issue Class B stock to the holders of the $357 million in notes and allows refinancing of $500 million in senior unsecured notes maturing in 2021, $475 million in 2022, $500 million in 2023 and $700 million in 2025.