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Business

Georgia Gulf Reworks Debt

by Melody Voith
September 28, 2009 | APPEARED IN VOLUME 87, ISSUE 39

In a special meeting, Georgia Gulf shareholders approved an amendment to the company’s charter that increases the number of authorized shares of common stock to 100 million. The change effectively converts 30.2 million shares of dividend-paying convertible preferred stock to common shares, which currently pay no dividend. The company says the action is the final step in a process to reduce its debt by more than 50%. In July, Georgia Gulf exchanged $736 million in creditor’s bonds for preferred and common shares of stock.

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