NCI Building Seeks To Buy Back $180M Senior Notes

Law360, New York (September 11, 2009, 3:35 PM EDT) -- NCI Building Services Inc. has proposed an out-of-court financial restructuring plan to raise liquidity and avoid bankruptcy as it faces a possible credit default and an upcoming mandatory purchase date on up to $180 million worth of outstanding senior convertible notes.

If that out-of-court recapitalization effort fails, the construction industry product company will restructure through a prepackaged Chapter 11 plan, according to documents filed with the U.S. Securities and Exchange Commission on Thursday.

Under the proposed four-part, out-of-court plan, NCI will refinance its existing loans and...
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