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Article: GST Reaches Agreement with Senior Lenders on Restructuring Plan; Files Plan of Reorganization.
- Article from:
- China Weekly News
- Article date:
- August 25, 2009
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Global Safety Textiles LLC ("GST") announced that it has reached an agreement with a majority of its senior lenders to successfully restructure the Company's obligations and has filed a Plan of Reorganization with the Bankruptcy Court. Under the Plan of Reorganization, the senior lenders would receive 100% of the equity interest and long-term debt in the reorganized GST Group.
In addition, a subset of the supporting lenders also delivered a DIP loan commitment for up to $5 million of additional liquidity, subject to Bankruptcy Court approval. Although the Company believes it has sufficient liquidity to complete its exit from the Chapter 11 reorganization process ...