| GSI Group announced that it has finalized an agreement with a majority of its noteholders on a restructuring plan that will enable the company to significantly reduce its outstanding debt, enhance liquidity and position the company for future growth. Under the terms of the agreement, substantially based on the term sheet announced on June 30, 2009, the company will exchange its $210M principal amount of 11% Senior Notes for a new $95M secured loan due August 2014 and common stock representing approximately 74.3% of the company's post-consummation equity ownership. The company has entered into a plan support agreement with beneficial owners holding more than 81% of the outstanding aggregate principal amount of the 11% Senior Notes and representing more than 70% of all noteholders. :theflyonthewall.com |
