$150M Loans Propel Global Power Out Of Ch. 11

Law360, New York (January 24, 2008, 12:00 AM EST) -- Leading gas turbine supplier Global Power Equipment Group Inc. has formally emerged from Chapter 11 bankruptcy after raising $71 million in new capital through a rights offering and securing $150 million in exit financing.

The Oklahoma-based company announced Tuesday that it had completed all the requirements of its reorganization plan.

When that plan was approved on Dec. 20 in the U.S. Bankruptcy Court for the District of Delaware, the company had said that its sights were set on a late January exit from bankruptcy.

"Today, after...
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