GSI Group comes out of Chapter 11
Laser technology company GSI Group Inc. reported late Friday that it had completed its planned restructuring and emerged from its Chapter 11 bankruptcy protection. The Bedford-based company has has cut its debt load from $210 million to $107 million, officials report.
After making bankruptcy fee payments, GSI Group will have about $35 million in cash on hand. The company will now be traded on the Pink Sheets under the ticker symbol “LASR.PK.”
The board of directors of GSI Group was reorganized under the plan announced in May, and the members of the new board include Michael Katzenstein, the company’s chief restructuring officer -- the top executive role for GSI Group now; Byron O. Pond, a member of the former board of directors; as well as K. Peter Heiland, Stephen W. Bershad, , Eugene I. Davis, Ira J. Lamel and Dennis J. Fortino.
GSI Group used to be traded on the Nasdaq under the ticker “GSI,” but the company received a delisting warning in November of 2009 for failing to maintain the exchange’s minimum stock-price threshold of $1 per share for 30 consecutive business days. The notice was GSI’s third delisting notice that year.
Founded in 1970 as Lumonics Corp., GSI Group makes lasers, motion systems and components for a variety of industries, including electronics and semiconductor manufacturing, as well as the medical field.