Carlyle's Synagro Seeks Ch. 11, But $455M Sale In Works

Law360, New York (April 24, 2013, 3:54 PM EDT) -- Waste management company Synagro Technologies Inc., owned by Carlyle Group LP, on Wednesday sought Chapter 11 protection in Delaware bankruptcy court with plans to sell its assets to private equity firm EQT Infrastructure II LP for $455 million.

Synagro said it believes that sale will be completed within 60 to 90 days. It has secured a $30 million debtor-in-possession package from existing lenders that will provide enough liquidity to continue operating the business and make payments to customers, vendors and employees throughout the Chapter 11 process....
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