GSE reaches consensual agreement with lenders

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure its balance sheet by converting all of its outstanding first lien debt to equity, leaving the Company well-positioned for long-term growth and profitability. 

 

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure #

In order to implement the financial restructuring, GSE Environmental and most of its domestic wholly owned subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware.

 

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure #

In conjunction with the Chapter 11 filing, GSE Environmental entered into a restructuring support agreement with lenders who hold 100% of the Company's first lien debt. In this agreement, the lenders committed to support a restructuring transaction that will eliminate more than $172 million in debt from GSE Environmental's balance sheet.

 

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure #

The restructuring support agreement also provides for a $45 million debtor-in-possession (DIP) financing facility to fund the Chapter 11 process. The DIP financing will provide adequate funding to meet customer, vendor, employee, and other stakeholder commitments for the duration of the restructuring process.  

 

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure #

The lender group has also committed to backstop exit financing to ensure the Company has a clear path to emergence. Chuck Sorrentino, Director, Chief Executive Officer, and President of GSE Environmental said, "GSE Environmental's board of directors and management team are pleased to have reached a recapitalization agreement with all of our first lien lenders that will reduce our debt, strengthen our balance sheet, and position us for the growth of the Company and long-term success."

 

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure #

"We are grateful for the support of our key financial stakeholders for our business plan and restructuring. We will continue normal business operations, with no expected disruptions to our relationships with our employees, customers, business partners, or vendors. Our customers can be confident that they will continue to receive the same high quality products and industry leading services and support they are accustomed to without interruption," concluded Mr. Sorrentino. 

 

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure #

GSE Environmental plans to pay in full and in the ordinary course the Company's trade vendors that agree to return to market terms for trade credit, and the plan of reorganization also provides for a meaningful recovery for other unsecured creditors. 

 

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure #

GSE Environmental has filed customary "First Day Motions" with the Bankruptcy Court, which, if granted, will help ensure a smooth transition to Chapter 11 without business disruption and will minimize impact on its employees, customers, business partners, vendors, and suppliers. The motions are expected to be addressed promptly by the Court. The Company fully anticipates that employees will continue to receive their usual pay and health and welfare benefits and is confident that the Court will approve its request to do so.

 

GSE Environmental, Inc., a leading manufacturer and marketer of geosynthetic lining solutions, announced an agreement with its lenders to restructure #