Synagro Can Seek Votes For Ch. 11 Plan To Tweak $465M Deal

Law360, Wilmington (July 18, 2013, 6:27 PM EDT) -- A Delaware bankruptcy judge signed off on Synagro Technologies Inc.'s disclosure statement Thursday, allowing the biosolids recycling company to solicit support for a plan that would rework its $465 million sale to Swedish private equity firm EQT Holdings as a Chapter 11 reorganization.

Essentially a restructuring of the original purchase agreement, the Chapter 11 plan recasts the intended asset sale as a stock deal in which EQT would acquire the stock of a reorganized Synagro instead, debtors attorney George N. Panagakis told the court.

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