GSE Environmental Inc. said on Monday that it had emerged from chapter 11 bankruptcy following the approval of its reorganization plan, the Houston Business Journal reported today. The U.S. Bankruptcy Court in Delaware approved the company's reorganization plan July 25. During its restructuring, which the company said that its lenders had approved in May, GSE opened a manufacturing plant in China. GSE's board of directors will be controlled by Greenwich, Connecticut-based Littlejohn & Co., a private equity firm that focuses on leveraged buyouts and recapitalizations. The firms bought all of GSE's first lien debt for about $172 million to convert the debt into equity.
