Global Power Reaches Agreement With Creditors

Law360, New York (August 29, 2007, 12:00 AM EDT) -- Edging ever closer to the finish line of its bankruptcy proceedings, Global Power Equipment Group Inc. revealed on Tuesday that it has reached an agreement with its creditors committee on the terms of its Chapter 11 plan.

The agreement between Global Power, the official committee of unsecured creditors, the official committee of equity security holders and the ad hoc committee of senior subordinated noteholders will establish certain terms and conditions that will pave the way towards Global Power's emergence from bankruptcy.

It includes a rights offering...
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