Page ContentThe Chapter 11 Plan of Reorganization proposed by Burlington, Ontario-based Laidlaw Inc. and five of its subsidiary holding companies became effective on June 23, 2003, with the emergence of the newly renamed parent company, Laidlaw International, Inc. The plan had been confirmed on February 27, by the United States Bankruptcy Court for the Western District of New York. On February 28, Justice James Farley of the Ontario Superior Court of Justice declared that the U.S. confirmation order and plan would be effective in Canada. The plan, which had been approved by creditors in an earlier vote, converted approximately US$4 billion in debt into cash and stock of Laidlaw International. Approximately US$1.225 billion in exit financing proceeds was obtained by Laidlaw International in satisfaction of certain conditions to emergence under its plan of reorganization. The exit financing consisted of a US$825 million senior secured credit facility provided by a syndicate of lenders jointly arranged by Citigroup Global Markets Inc. and Credit Suisse First Boston and a US$406 million private placement of senior notes jointly managed by Citigroup Global Markets and Credit Suisse First Boston. The restructured enterprise's new headquarters will be in Naperville, Illinois. American Home was represented by Mary Margaret Fox, and Federal Insurance and Chubb Insurance Company were represented by Craig Hill and Roger Jaipargas, all of Borden Ladner Gervais LLP.