Xerium Plans Prepack Ch. 11 To Address $150M In Debt

Law360, New York (March 2, 2010, 2:59 PM EST) -- Xerium Technologies Inc., a manufacturer of textiles and rolls used in the papermaking industry, said Tuesday it had begun selling its lenders on a prepackaged Chapter 11 reorganization plan that would restructure $150 million of the company's debt.

The proposal calls for Xerium to exchange $620 million in existing obligations for $10 million in cash, $410 million in new loans due in 2015 and an 82.6 percent interest in the company's common stock, according to a filing with the U.S. Securities and Exchange Commission.

That would...
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