Issue Date: April 20, 2009
Creditors Give Georgia Gulf A Break
Georgia Gulf has received amendments from its creditors that will allow it to delay interest payments on two of its bonds for about a month. As a result, the company didn't pay $34 million in interest that was due on April 15. The polyvinyl chloride maker has been treading water since it bought Royal Group, a Canadian building products maker, in October 2006 on the eve of the housing crash. The company says it has about $100 million of liquidity—cash plus available credit—to run its business.
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