Daily News: August 12, 2014

GSE Environmental Emerges from Chapter 11

GSE Environmental announced that it formally emerged from the Chapter 11 process as a stronger global company well-positioned to accelerate growth and continue to meet the evolving needs of its customers.

Kirkland & Ellis served as GSE’s legal advisor, Moelis & Company served as GSE’s investment banker and financial advisor, and Alvarez & Marsal North America, provided the company with certain key advisors. The first lien lenders were represented by Wachtell, Lipton, Rosen & Katz.

The company’s Plan of Reorganization was approved by the U.S. Bankruptcy Court for the District of Delaware on July 25, 2014 and became effective on August 11, 2014. GSE exits the restructuring process with a significantly reduced debt load, meaningfully enhanced liquidity and the support of the new owners, Littlejohn and Strategic Value Partners.

Chuck Sorrentino, CEO of GSE, said, “Today marks a fresh start for GSE. Our new capital structure and substantially stronger balance sheet helps position our company for long-term growth and profitability. Our global footprint, portfolio of innovative products and attractive end markets contribute to our optimistic outlook for the future. For over four decades, GSE has consistently provided durable, dependable geosynthetic lining products while demonstrating product and service innovation.”

“I would like to thank our employees for their hard work and dedication throughout this process. During our restructuring we opened a new manufacturing plant in China, developed and launched new products and continued to provide our customers with outstanding product quality and customer service. We greatly appreciate the support we received from our key financial stakeholders, customers and suppliers,” Sorrentino added.

GSE’s board of directors will be controlled by Littlejohn & Co.

Previously on abfjournal: Tennenbaum Capital, Others Provide GSE Environmental DIP Loan, May 5, 2014