Contec Gets Nod For Ch. 11 Plan That Cuts Debt By 85%

Law360, Wilmington (October 4, 2012, 3:46 PM EDT) -- Contec Holdings Ltd., a broadband equipment repair company controlled by Bain Capital Partners LLC, received a Delaware bankruptcy judge’s blessing Thursday for a reorganization plan that will slash its $350 million of long-term debt by 85 percent.

At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey signed off on the Bain Capital-sponsored plan, just over a month after Schenectady, N.Y.-based Contec entered Chapter 11 with all of its major creditor groups on board with the prepackaged proposal.

“The plan makes Contec a much stronger...
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