Constar International has filed for Chapter 11 bankruptcy protection, Dow Jones reports. The U.S. plastic container maker reached an agreement with holders of more than 75% of the company’s senior secured floating rate notes for the reorganization plan.

The Philadelphia-based company plans to swap its $220 million floating rate notes for $70 million of new term debt. Constar International plans to use the note sale proceeds to repay obligations under its existing credit agreement from General Electric Capital.

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