Xerium's $150M Debt Elimination Plan Approved

Law360, New York (May 13, 2010, 1:23 PM EDT) -- A bankruptcy judge has approved the prepackaged reorganization plan of textile and paper machine component producer Xerium Technologies Inc., a restructuring that will eliminate $150 million in debt.

Judge Kevin J. Carey of the U.S. District Court for the District of Delaware signed off on the plan Wednesday, seven weeks after Xerium filed for Chapter 11 protection with the support of its lenders, in order to restructure its debt “and significantly strengthen its long-term financial health.”

Under the plan, Xerium will exchange $620 million in existing...
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