Geosynthetics manufacturerâ€™s disclosure statement approved
Houston-based GSE Environmental Inc. announced in a June 12 press release that the U.S. Bankruptcy Court for the District of Delaware has approved the company’s Disclosure Statement filed in connection with a proposed Joint Plan of Reorganization.
The court’s approval of the Disclosure Statement allows GSE to begin a voting process that will lead to a confirmation hearing scheduled for July 25, 2014, according to the release. GSE is expected to emerge from bankruptcy shortly thereafter.
The press release noted that: “Following the completion of the restructuring process, GSE will continue to operate as a going concern and will reduce its funded indebtedness by more than $172 million.”
As previously announced, the reorganization plan is supported by 100% of GSE’s first lien lenders who have agreed to convert all outstanding first lien debt to equity, leaving the company positioned for long-term growth as a manufacturer and marketer of geosynthetic lining products.
Charles Sorrentino, GSE’s director and chief executive officer said: “GSE is very pleased to have obtained approval of its Disclosure Statement. We are committed to completing our reorganization as quickly as possible and are targeting emergence from bankruptcy shortly after our Confirmation Hearing. Our financial restructuring is critical in positioning us for the future by providing a significantly improved capital structure. I am confident that with the continued support of our dedicated employees, suppliers, and customers, GSE will emerge from this reorganization as a stronger, more competitive company.”
â€“Ron Bygness, senior editor, Geosynthetics magazine