Caraustar Emerges From Bankruptcy As Private Co.

Law360, New York (August 21, 2009, 12:23 PM EDT) -- Paperboard manufacturer Caraustar Industries Inc. has met the conditions of its Chapter 11 plan and emerged from bankruptcy protection as a private company with $135 million eliminated from its debt load.

The plan, confirmed earlier this month, took effect Thursday, according to a notice filed in the U.S. Bankruptcy Court for the Northern District of Georgia. The company said it has closed on a new $75 million revolving credit facility with General Electric Capital Corp.

The new facility will provide the company with more than adequate...
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