The bankruptcy court overseeing the Chapter 11 proceedings of GSE Environmental today confirmed the company’s proposed bankruptcy plan, according to a court order filed on the court docket.
As reported, the bankruptcy court approved the disclosure statement on June 11. As also reported, the three classes of impaired creditors entitled to vote on the company’s proposed plan overwhelmingly voted to accept the plan (see “GSE Environmental creditors vote overwhelmingly for proposed plan,” LCD, July 23, 2014).
GSE filed for Chapter 11 on May 5 in Wilmington, Del., with a pre-arranged plan calling for the exchange of about $173.4 million of first-lien credit claims for 100% of the equity in the reorganized company. In addition, the plan, as confirmed, provides for up to $1.35 million in cash to pay general unsecured claims, which are estimated at about $1 million (excluding about $40 million of first-lien deficiency claims, which are being waived due to acceptance of the plan by holders of the GUCs). – Alan Zimmerman