RALEIGH, N.C.--()--Xerium Technologies, Inc. (NYSE:XRM), a leading global manufacturer of industrial textiles and rolls used primarily in the paper production process, announced that its pre-packaged chapter 11 plan of reorganization has become effective as of today. The Company, which had filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code on March 30, 2010, previously announced that the U.S. Bankruptcy Court for the District of Delaware confirmed its plan of reorganization on May 12, 2010. As anticipated, the entire court process was completed in less than two months.
“We are delighted that we have emerged from our pre-packaged restructuring in such a quick and efficient manner”
“We are delighted that we have emerged from our pre-packaged restructuring in such a quick and efficient manner,” commented Stephen R. Light, President, Chief Executive Officer and Chairman. “Today’s events mark a very important milestone for Xerium, as we now put this process behind us and move forward with continuing to deliver exceptional customer service and high quality products to our customers, while we remain focused on our new product initiatives and opportunities to grow our business.”
“We thank our customers and suppliers for their loyalty and commitment to us during this period. We also thank our lenders, equity shareholders, employees and everyone involved in helping us get to where we are today. We have come through this process with a stronger balance sheet, and we are eager to continue forward as a far more competitive enterprise.”
In connection with the Company’s plan of reorganization, declared effective as of today:
More information on the Company’s now-effective plan of reorganization is available at http://www.xerium.com/restructuring33110/ or www.xeriuminfo.com. Parties who have additional questions regarding Xerium’s chapter 11 filing or emergence may contact the Company’s Information Hotline at 888-369-8914. All media inquiries should be referred to Geoffrey Buscher at 1-508-532-1790, or email IR@xerium.com.
About Xerium Technologies
Xerium Technologies, Inc. (NYSE: XRM) is a leading global manufacturer and supplier of two types of consumable products used primarily in the production of paper: clothing and roll covers. The Company, which operates around the world under a variety of brand names, utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. With 32 manufacturing facilities in 13 countries around the world, Xerium has approximately 3,300 employees. For more information, visit http://www.xerium.com
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. These risks and uncertainties include the following items: (1) the Company’s ability to achieve full compliance with NYSE continued listing standards or otherwise maintain its NYSE listing status; (2) management of cash resources; (3) restrictions imposed by, and as a result of, the Company’s substantial leverage; (4) the Company’s ability to obtain and maintain normal terms with customers, suppliers and service providers and to retain key executives, managers and employees; (5) the effects of the global economic crisis and associated unpredictable market conditions; (6) the rate of market improvement in the industry occurring slower than expected; (7) the Company’s ability to successfully implement its plans regarding new product development and expansion and (8) the other risks and uncertainties discussed elsewhere in this press release, the Company’s Form 10-K for the year ended December 31, 2009, and its subsequent SEC filings. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement in this press release reflects the Company’s current views with respect to future events. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise. As discussed above, the Company is subject to substantial risks and uncertainties related to the current economic downturn and our credit issues, and we encourage investors to refer to our SEC filings for additional information. Copies of these filings are available from the SEC and in the investor relations section of our website at www.xerium.com.