RESTRUCTURING INFORMATION FOR GSI GROUP INC., GSI GROUP CORPORATION AND MES INTERNATIONAL, INC.
On November 20, 2009, GSI Group Inc. announced that it had finalized an agreement with a majority of its noteholders on a restructuring plan that will enable the Company to significantly reduce its outstanding debt, enhance liquidity and position the Company for future growth. To implement the pre-arranged restructuring, three of GSI’s corporate entities -- GSI Group Inc., the parent Canadian holding company; GSI Group Corporation; and MES International, Inc., a non-operating subsidiary of GSI Group Corporation -- have filed voluntary petitions for Chapter 11 reorganization under the U.S. Bankruptcy Code in U.S. Bankruptcy Court in Wilmington, Delaware. No other subsidiaries and no subsidiaries outside of North America are included in the filing.
Going forward, GSI’s operating subsidiaries will continue to pay all their vendor and supplier, employee and other obligations in the ordinary course of business unaffected by the filings. The Company fully expects to continue to operate in the normal course of business during the restructuring process. The Company plans to continue to fulfill all customer orders as usual and provide uninterrupted customer service during the restructuring process.
Additional information about GSI’s restructuring, including the proposed plan of reorganization, disclosure statement and other court filings, is available on this web site. More information about GSI is available on the company’s website at www.gsig.com.