GSE Environmental gets final approval of stock transfer procedures

By Kali Hays

New York, May 30 - GSE Environmental, Inc. obtained final approval of the notification and hearing procedures for transfers of its equity securities, according to a Friday order with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, under the procedures, substantial stockholders must provide notification of their status. Notice must also be given before any transfer is completed that would result in substantial equityholder status.

A substantial equityholder is defined as a holder of at least 916,304 shares, or 4½%, of the company's stock.

Upon receiving notification, GSE will then have 30 days to object to any proposed transfer. If the company does object, the transfer cannot proceed without a further court order.

GSE, a Houston-based plastics company, filed bankruptcy on May 4. The Chapter 11 case number is 14-11126.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.