POINTERS
AET in Chapter 11 recapitalisation plan
Applied Extrusion Technologies (New Castle, Delaware / USA; www.aetfilms.com), the leading North American producer of BOPP film with 115,000 t/y of annual capacity, has filed for bankruptcy protection under Chapter 11 of US law. The company, which has been in financial difficulty for some time, said it expects to emerge from the bankruptcy proceedings in a relatively short time. It has “reached an agreement in principle” with six bondholders holding over 70% of the outstanding principal amount of its senior notes that became due on 1 July to recapitalise the notes.
19.08.2004 Plasteurope.com [12580]
Published on 19.08.2004