Constar Enters Ch. 11 Again With Plan In Hand

Law360, New York (January 11, 2011, 6:16 PM EST) -- Plastic bottle maker Constar International Inc. on Tuesday filed for Chapter 11 bankruptcy, complete with a prepackaged reorganization that will slash up to $150 million in debt, less than a year after emerging from court protection.

Constar and five of its subsidiaries filed a prepackaged Chapter 11 restructuring plan in the U.S. Bankruptcy Court for the District of Delaware that has already received support from more than 75 percent of its senior secured floating rate noteholders.

The Philadelphia-based company said it hoped to reduce its $220...
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