Successful completion of consensual â€˜pre-arrangedâ€™ reorganization
GSE Environmental Inc., the Houston-based manufacturer and marketer of geosynthetic lining products, announced in an Aug. 11 press release that it has formally emerged from the Chapter 11 process as a stronger global company positioned to accelerate its growth and continue to meet the evolving needs of its customers.
The companyâ€™s Plan of Reorganization was approved by the U.S. Bankruptcy Court for the District of Delaware on July 25, 2014, and became effective on Aug. 11, 2014.
The press release said that GSE exits the restructuring process with a reduced debt load, enhanced liquidity, and the support of two new owners, Littlejohn & Co. LLC and Strategic Value Partners, both based in Greenwich, Conn. GSEâ€™s board of directors will be controlled by Littlejohn & Co.
Chuck Sorrentino, GSEâ€™s CEO, said, â€œToday marks a fresh start for GSE. Our new capital structure and substantially stronger balance sheet helps position our company for long-term growth and profitability. Our global footprint, portfolio of innovative products and attractive end markets contribute to our optimistic outlook for the future. For over four decades, GSE has consistently provided durable, dependable geosynthetic lining products while demonstrating product and service innovation.â€
â€œ â€¦ During our restructuring we opened a new manufacturing plant in China, developed and launched new products, and continued to provide our customers with outstanding product quality and customer service.â€