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Constar International, Inc.

February 04, 2009

Constar International Inc., the Philadelphia-based plastic-bottle manufacturer, sought bankruptcy protection as part of a pre-arranged debt-for-equity exchange on Dec. 30.  The company listed debt of $538 million and assets of $420 million in Chapter 11 documents.

According to Bloomberg, Constar received approval of the disclosure statement explaining the reorganization plan that implements a pre-bankruptcy agreement for swapping the $175 million of 11 percent subordinated notes for all the new stock.  All other secured and unsecured creditors are to be paid in full or reinstated under the plan, including the $220 million in floating rate notes.

Existing shares will be canceled.

Sources and Related Links:

  • Constar, Plastic Bottle Maker, Files for Bankruptcy

  • Constar Plan Goes to Creditors for Vote

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