Constar Files For Ch. 11 Eyeing Debt-For-Equity Swap

Law360, New York (December 31, 2008, 12:00 AM EST) -- Plastic bottle maker Constar International Inc. sought bankruptcy protection Tuesday, filing a prearranged restructuring plan expected to slash the company's debt by $175 million through a debt-for-equity swap.

Philadelphia-based Constar filed a Chapter 11 petition in the U.S. District Court for the District of Delaware, listing assets of $420 million and $538 million in debt, as well as a disclosure statement with the proposed restructuring plan attached.

Constar also filed numerous motions, asking the court to jointly administer the Chapter 11 proceedings of Constar and five...
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