Caraustar Wins OK For Plan To Slash $135M In Debt

Law360, New York (August 5, 2009, 12:20 PM EDT) -- A bankruptcy court has approved paperboard company Caraustar Industries Inc.'s reorganization plan, clearing the way for the company to emerge from bankruptcy with about $135 million less debt.

Judge Mary Grace Diehl of the U.S. Bankruptcy Court for the Northern District of Georgia approved the plan Tuesday, after the company's creditors came out strongly in support of it at a confirmation hearing.

The two classes of creditors entitled to vote on the plan — holders of senior notes and equity interests — both voted overwhelmingly in...
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