Xerium Ducks Into Court To Slash $150M From Debt

Law360, New York (March 30, 2010, 2:54 PM EDT) -- Textile and paper-making component maker Xerium Technologies Inc. has sought bankruptcy protection, having secured support from lenders for what it hopes will be a quick restructuring process that would allow the company to shed about $150 million in debt.

Xerium and certain affiliates filed Chapter 11 petitions on Tuesday in the U.S. Bankruptcy Court for the District of Delaware, listing assets of $693.5 million and debts of $813.2 million as of Dec. 31, 2009.

The restructuring will involve Xerium companies in the U.S., Canada and Austria...
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