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December 20, 1999 9:50 AM, EST

Trism Inc., a Kennesaw, Ga.-based specialized trucking group, is set to emerge from Chapter 11 bankruptcy after a judge approved the company’s reorganization plan on Dec. 9.

Under the plan, holders of $86.2 million in senior subordinated debt from Trism will receive 95% of new common stock in the company, along with a promise to repay $30 million in new subordinated debt due in 2004. Existing stockholders will own the remaining 5% of Trism’s equity.

Trism stopped making interest payments on its bonds in June.

President Edward L. McCormick said the reorganization plan will significantly reduce its long-term debt, pay all trade debt in full and allow the existing management to continue operating the business.

For the full story, see the Dec. 20 print edition of Transport Topics. .