This week's big announcement was Caraustar Industries, Inc. has emerged from Chapter 11 as a newly reorganized private company eliminating approximately $135 million in debt.
The company’s Plan of Reorganization had minimal business disruption and was completed in record time. Caraustar also reported to have closed on a new $75 million revolving credit facility to provide adequate liquidity to meet all of its working capital needs, including any future capital investments.
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This is good, long term, for the industry. Real challenge now is for producers to successfully increase revenue / profit - especially with the black liquid credit gone. Need to survive on economics 101 - revenue greater than costs!!!
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