GSI Group Files For Ch. 11, Preplanned Reorganization

Law360, New York (November 20, 2009, 3:04 PM EST) -- Precision motion device and laser developer GSI Group Inc. has filed for Chapter 11 protection, saying it has finalized an agreement with a majority of its noteholders on a restructuring plan that will exchange much of its debt for equity in the reorganized company.

GSI and subsidiaries GSI Group Corp. and MES International Inc. filed a Chapter 11 petition on Friday in the U.S. Bankruptcy Court for the District of Delaware, listing assets of $555 million and debt of $370 million.

No other GSI subsidiaries were...
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