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Update: Georgia Gulf Debt-for-Equity Swap Accepted by Most Bondholders

3:33 PM MDT | July 6, 2009 | Vincent Valk

Georgia Gulf's proposal to swap about 33.5 million shares of preferred and common stock for $800 million in outstanding debt has been accepted by about 77% of the debt holders, the company says. They company will also enact a 1:25 revere stock split upon acceptance of the exchanges. The exchanges are "critical to the company's debt restructuring," Georgia Gulf says. A forebearance agreement with bondholders is set to expire July 15, but the company will seek a further extenstion, it says. Georgia Gulf is currently forecasting a loss of $4.3 million...

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