A26-Lancaster Farming, Saturday, November 30, 2002
f
Agway Targets December 2003
For Emergence From Chapter 11
SYRACUSE, N.Y. Agway
members met in Syracuse today
to hear reports from manage
ment and the board of directors
and to elect directors.
As previously announced,
Agway Inc. and certain of its sub
sidiaries filed voluntary petitions
for reorganization under Chapter
11 of the U.S. Bankruptcy Code
on Oct. 1, 2002. Four wholly
owned Agway Inc. subsidiaries
Agway Energy Products LLC,
Agway Energy Services, Inc.,
Agway Energy Services-PA, Inc.
and Telmark LLC were not in
cluded in the filings. Also not in
cluded in the filings was Cooper
ative Milling, a joint venture
between Agway and Southern
States Cooperative.
In his report to Agway mem
bers and investors, CEO Donald
Cardarelli reviewed the circum
stances that led to Agway Inc.’s
filing for Chapter 11 and report
ed on the progress made since
then, including:
• Court approval for access to
the Company’s $125 million
debtor-in-possession credit facili
ty, which gives Agway and its
stakeholders assurance that oper
ations can continue as normal
and that the Company’s vendors
will continue to be paid.
• Court approval of several
employee, customer, and opera-
tional programs to ensure seam
less transition to the Chapter 11
process.
• Court approval to sell Ag
way’s Agronomy and Seedway
Agricultural Generators
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businesses and related assets to
Growmark, a transaction which
is expected to close within the
next few weeks.
CardareUi said that Agway’s
businesses continue to experience
no interruption of production,
service or distribution. “We ap
preciate the cooperation we have
received from our vendors and
remain committed to delivering
in full and on time all products
and services to Agway custom
ers,” said CardareUi.
The Company also announced
that it has targeted December
2003 for its emergence from
Chapter 11. “The Board and
management team are hilly com
mitted to preserving the maxi
mum value possible for Agway’s
Sire Power Seeks
Student Scholarship Applications
received by Jan. 15, 2003. Win
ners will be recognized at the
2003 Select Sire Power, Inc. an
nual meeting.
Applications are available by
contacting the Select Sire Power,
Inc. office at Rocky Mount, Vir
ginia, PO Box 370, Rocky Mount,
TUNKHANNOCK (Wyoming
Co.) Select Sire Power Inc. is
soliciting applicants for the 2003
Thomas E. Stanley Jr. Schol
arships. The board of directors
has made a commitment to pro
viding money to support this pro
gram on an ongoing, annual
basis. One recipient will receive
$2,000, and several will receive
$5OO.
Applicants must be college
sophomores, juniors, or seniors
enrolled in an agricultural related
major, and parents, guardians, or
applicant must be an active user
of Select Sire Power, Inc. Appli
cations must be completed and
Detroit Deisel Spectrum
Automatic
L.P. Gas, Diesel
Natural Gas Generators
5 to 2,000 KW
securities holders, other creditors
and employees,” said Agway
Board Chairman Gary Van
Slyke. “We are also committed to
moving through the Chapter 11
reorganization process as quickly
as possible.”
Also at the annual meeting,
four incumbent directors were re
elected to three-year terms on the
Agway board of directors. The
elected directors included, Stan
ley Burkholder, Chambersburg;
Donald Cardarelli, Jamesville,
N.Y.; Jeffrey Martin, Cazenovia,
N.Y.; and Richard Skellie, Salem,
N.Y.
The Agway board re-elected
Gaiy Van Slyke, Pike, N.Y. as
chairman and Andrew Gilbert,
Potsdam, N.Y. as vice chairman.
VA 24151. Telephone (540)
483-5123. You may also e-mail
your request to Norm Vincel at
nvincel@swva.net. The applica-
tion is available as a Word file
and can be printed and/or sub-
mitted via e-mail.
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Maryland Brown Swiss Association
Offers Scholarships
FREDERICK, Md. The
Maryland Brown Swiss Associa
tion is proud to announce a
scholarship program that has
grown from the successful activi
ties, event, and fund-raisers of
the association over the years.
The funds have mainly been
generated from member dona
tions, Mid-Atlantic Brown Swiss
Calf Sales, and profit from host
ing a successful 2000 National
Convention. The first schol
arships from this program will be
awarded at the Maryland annual
meeting Sat., March 22 at the
New Midway Fire Hall.
The scholarships are offered to
qualified 4-H and FFA youth
from Maryland and surrounding
states who have had registered
Brown Swiss as a project. Basis
for awarding the scholarships
will be promise of leadership, sat
isfactory scholastic rank, finan
cial need, and knowledge of the
dairy industry. The growth in the
number of scholarships awarded
and monetary level of each will
depend upon the continued sup
port and generosity of Brown
Swiss breeders in the Maryland
area and the continued success of
the Mid-Atlantic Calf Sale.
Two scholarships will be of
fered in the amounts of $l,OOO
and $5OO, and will be awarded to
applicants who meet the follow
ing qualifications:
tental
800-646-660
1. Available to all dairy youth
who are members of the Mary
land Brown Swiss Association.
2. Must be a full-time student
(12 credits/semester) enrolled in a
two- or four-year college pro
gram, but not required to be pur
suing a degree in an agricultural
related field.
3. Available to entering fresh
man through entering seniors.
4. Application must be typed
and filled out completely.
5. Use only space provided on
the forms, and do not use addi
tional space or paper.
6. Applicants are eligible to
win the scholarship twice.
Scholarship applications can
be obtained by contacting Jenni
fer Keilholtz, Scholarship Com
mittee, (301) 447-2932, or contact
by mail at 10609 Keysville Road,
Emmitsburg, MD 27127. An offi
cial academic transcript and a re
cent photo must accompany the
application and all applications
must be postmarked no later
than Jan. 15, 2003. We welcome
qualified youth from Maryland,
as well as the surrounding states,
to apply for these scholarships.
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