A Manhattan Bankruptcy Court on Tuesday confirmed Bermuda-based APW Ltd.'s Chapter 11 reorganisation plan, enabling the company to emerge from bankruptcy.

A judge signed an order approving the adequacy of the plan disclosure statement and confirmed an amended version of the plan.

The plan calls for the company's lenders to receive $100 million in secured notes and all the equity of the reorganised company.

The plan was essentially unchanged from the plan filed May 16, when APW filed for bankruptcy along with its Vero Electronics Inc. affiliate, according to a statement.

The company has secured $110 million in financing to enable it to fund obligations under the plan, including the payment of administrative claims and financing APW's working capital requirements.

Secured lenders are owed approximately $685 million and hold the primary claims against APW and the Vero Electronics affiliate. The lender claims will be considered to be secured up to $225 million and unsecured up to $460 million.

In addition to the $100 million in notes, those lenders wiall receive 1 million shares in the reorganised company.

Unsecured creditors of APW will share $300,000 under the Chapter 11 plan, while unsecured creditors of Vero will receive portions of $200,000.

APW, a holding company whose subsidiaries design and integrate large electronic products, listed assets of $797.1 million and debts of $899.8 million in its Chapter 11 petition. Vero Electronics, which cited $103,500 in assets and $643.9 million in debts, has no operations and is a lessee and sublessor of one piece of property, according to court papers.

Before a spinoff in July 2000, APW was owned by Applied Power Inc., which is now known as Actuant Corp., according to court papers. APW is a Bermuda corporation with its principal US executive offices in Waukesha, Wisconsin