Caraustar Industries reorganization plan approved by most creditors

By Caroline Salls

Pittsburgh, July 31 - Caraustar Industries Inc.'s plan of reorganization was approved by a majority of voting creditors, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of Georgia.

Specifically, 94 holders of $176.38 million in senior notes claims voted to accept the plan, and five holders of $533,000 of these claims voted to reject it.

Also, 450 holders of 181.84 million of Caraustar equity interests voted to accept the plan, while 44 holders of 750,487 equity interests voted to reject it.

The plan confirmation hearing is scheduled for Aug. 4.

Caraustar, an Austell, Ga.-based manufacturer of recycled paperboard and converted paperboard products, filed for bankruptcy on May 31. Its Chapter 11 case number is 09-73830.

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