IHS Chemical Week

Georgia Gulf Avoids Default

11:35 AM MDT | June 16, 2009

Georgia Gulf says its lenders have agreed to continue to let the firm withhold over $38 million in overdue interest payments without constituting a default until June 15. Payments of $34.5 million were due on April 15 on the firm's 2014 senior notes and 2016 senior subordinated notes. Another payment of $3.6 million was due yesterday on 2013 senior notes, the company says. The company also announced that it has extended the deadline of a debt for stock exchange offer until July 1. The company is offering to exchange outstanding notes totaling $800 million for...

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