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January 13, 2011
Constar Files For Bankruptcy Protection
Constar International has filed for Chapter 11 bankruptcy protection.
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.
Click here for the story from Dow Jones.
Click here for additional coverage from Bloomberg.