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Hilex Poly Co., Llc
Hilex Poly Announces Agreement to Restructure Debt
May 25th, 2008
Hilex Poly Co., LLC, ("Hilex" or "the Company"), the world's largest plastic bag company, announced that it has reached an agreement with its lenders to restructure its senior secured debt. Hilex is taking this action to significantly reduce its overall debt and strengthen its balance sheet to better serve its customers and continue its market leadership position in the plastic bag industry. In addition to a substantial reduction in outstanding debt, the plan will reduce annual interest expense and significantly improve cash flow. To facilitate this agreement, the Company has elected to file a voluntary, pre-packaged Chapter 11 reorganization, which will allow the...
Source: Pharma Investments, Ventures & Law Weekly (2008-05-25)
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