Modified Plan Would Up GSI Shareholders' Stake

Law360, New York (March 15, 2010, 2:02 PM EDT) -- Equity holders of GSI Group Inc. would see their stake in the company increase under a modified Chapter 11 plan of reorganization the company announced Monday.

Existing shareholders would receive about 41 percent of stock in the post-bankruptcy version of GSI, up from 18.6 percent under an initial prepackaged plan the company proposed when it filed for bankruptcy in November, according to a statement from GSI Monday.

Equity holders also would receive one series of three-year warrants equal to 11 percent of the company's post-consummation shares...
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