American based metals distributor and processor, Metals USA has completed its financial restructuring and emerged from Chapter 11 Bankruptcy. Reorganisation plans were confirmed by the Bankruptcy court on October 18 and became effective on October 31.
Under the plan existing shares in Metals USA will be cancelled and 20 million new shares will be issued. It is expected that this activity will convert approximately $380 million worth of debt into equity.
The company has also formed a new board of directors.
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