GSE Successfully Completes a Consensual “Pre-Arranged” Chapter 11 Reorganization That Materially Deleverages Its Balance Sheet and Positions GSE for Long-Term Growth and Profitability
HOUSTON (August 11, 2014)— GSE Environmental, Inc. (“GSE”), the leading global manufacturer and marketer of geosynthetic lining solutions, announced that it has 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.
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 & Co., LLC and Strategic Value Partners.
Chuck Sorrentino, Chief Executive Officer of GSE, said, “Today marks a fresh start for GSE. Our new capital structure and substantially stronger balance sheet help 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,” Mr. Sorrentino added.
GSE’s Board of Directors will be controlled by Littlejohn & Co.
Kirkland & Ellis LLP served as GSE’s legal advisor, Moelis & Company served as GSE’s investment banker and financial advisor, and Alvarez & Marsal North America, LLC provided the company with certain key advisors. The first lien lenders were represented by Wachtell, Lipton, Rosen & Katz.
Parties seeking more information about this announcement may contact GSE Environmental at (281)230-5843 or firstname.lastname@example.org.
About GSE ENVIRONMENTAL
GSE is the leading global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment and management of solids, liquids and gases for organizations engaged in waste management, mining, water, wastewater and aquaculture.
GSE has a long history of manufacturing high-quality geosynthetic lining systems and developing innovative products. GSE's principal products are polyethylene-based geomembranes, geonets, geocomposites, geosynthetic clay liners, concrete protection liners and vertical barriers. GSE manufactures products primarily to line or cap hazardous and non-hazardous waste landfills, contain materials generated in certain mining processes, and contain water, liquid waste and industrial products in ponds, tanks, reservoirs, sewers and canals. Headquartered in Houston, Texas, USA, GSE maintains sales offices throughout the world and manufacturing facilities in the United States, Chile, Germany, Thailand, China and Egypt.
Vice President Marketing