ATLANTA — Apparently, as of June, Manchester Inc. is now known as Navigator Holdings, according to a statement that came out Monday.

The company and its subsidiaries emerged from Chapter 11 bankruptcy protection June 23, 2008.

"Pursuant to the terms of the confirmed Chapter 11 Plan, Manchester's senior lender, Palm Beach Multi-Strategy Fund, LLC now owns 100 percent of the new stock in the company," executives said.

"All old common stock of Manchester Inc., formerly MNCS, now MNCSQ, that was outstanding at the time Manchester filed for bankruptcy on Feb. 7, 2008, has been canceled, extinguished and terminated as of June 23, 2008," they continued.

The company is now privately owned by Palm Beach, meaning the old common stock does not represent equity or any other interest. Therefore the stock has no value and should not be traded, officials highlighted.

They went on to explain that, "The Manchester Chapter 11 Plan embodies a global settlement of all disputes among Manchester, its former directors and officers and Palm Beach. Pursuant to the plan, Palm Beach received all of the equity in the reorganized company in exchange for a cancellation of the debt owing to Palm Beach from Manchester.

"In addition, Palm Beach contributed a total of $3.7 million to be used to pay claims and to fund the operations of a litigation trust, which will pursue claims against third parties and distribute the proceeds to creditors. In exchange, Palm Beach, the debtors and their respective officers and directors exchanged global releases of any and all claims and causes between and among them," executives indicated.

Navigator has repositioned itself in the independent automobile marketplace as an independent dealer group, providing point of sales financing through its captive finance company.

Navigator is located in Atlanta, and owns and operates eight independent automobile dealerships and a captive finance company called Navigator Acceptance.

The dealerships specialize in selling transportation and utility vehicles and have locations throughout the states of Georgia and Indiana. The company is headed by Robert Lazenby as president. Officials describe Lazenby as a subprime lending and nationally recognized turn-around expert.