GSI Reaches Shareholder Deal To Speed Ch. 11 Exit

Law360, New York (May 11, 2010, 1:21 PM EDT) -- GSI Group Inc. has reached a deal with key stakeholders to modify the terms of its Chapter 11 plan, a move the precision motion device and laser developer said would allow it to emerge from bankruptcy by this summer.

The modifications to GSI's plan, unveiled Tuesday, include a proposed rights offering fully backstopped by certain noteholders, according to the company.

Under the terms of the deal — which amends the company's third modified joint reorganization plan, filed in the U.S. Bankruptcy Court for the District of...
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