GSE Environmental files for Chapter 11 bankruptcy protection

Mon May 5, 2014 3:18am EDT

May 5 (Reuters) - GSE Environmental Inc and its affiliates filed for Chapter 11 bankruptcy protection late on Sunday as part of a restructuring support agreement with its lenders.

GSE, which makes geosynthetic lining for waste management, water and mining sectors, listed assets and liabilities of between $100 million and $500 million in a court filing.

GSE said it received up to $45 million in debtor-in-possession financing, and plans to use the funds to repay debt and for general corporate purposes.

Houston-based GSE delisted from the New York Stock Exchange in March after it failed to maintain listing requirements.

In its most recent third-quarter results in November, GSE reported a loss of $35.8 million, or $1.77 per share, compared with a profit of $5.2 million, or 26 cents per share, a year earlier.

The case is in re: GSE Environmental Inc; U.S. Bankruptcy Court, District of Delaware, No: 14-11126. (Reporting By Ankush Sharma in Bangalore; Editing by Gopakumar Warrier)

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