Minority Xerium Equity Holders Object To Ch. 11 Plan

Law360, New York (May 7, 2010, 3:39 PM EDT) -- Privet Fund Management LLC and Tiburon Capital Management, minority shareholders of Xerium Technologies Inc., have objected to the bankrupt textile and paper industry component maker's prepackaged plan of reorganization that seeks to eliminate some $150 million in debt.

Thursday's objection, lodged in the U.S. Bankruptcy Court for the District of Delaware, said Xerium's plan, which contemplates the exchange of $620 million in existing debt for $10 million in cash, $410 million in new loans and an 82.6 percent interest in the restructured company’s stock, unfairly trims...
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