On November 20, 2009, GSI Group Inc. (GSIG.PK) announced that it had finalized an agreement with a majority of its noteholders on a restructuring plan that will, if implemented, enable the company to significantly reduce its outstanding debt, enhance liquidity and position the company for future growth. The restructuring plan, envisions that GSI will reduce its debt to third parties by $115 million, from $210 million today to $95 million. Under the terms of the agreement, which is subject to court approval, GSI will exchange its $210 million principal amount of 11% Senior Notes for (a) a new $95 million secured loan due August 2014 and (b) common stock representing approximately 74.3% of the company's post-consummation equity ownership. GSI has entered into a plan support agreement with beneficial owners holding more than 81% of the outstanding aggregate principal amount of the 11% Senior Notes and representing more than 70% of all noteholders. If the restructuring plan is implemented, funds affiliated with Goldman Sachs Asset Management, Tennenbaum Capital Partners, LLC and Highbridge Capital Management, LLC together are expected to own the majority of the equity of the reorganized company. Three of GSI's corporate entities (GSI Group Inc., the parent Canadian holding company; GSI Group Corporation; and MES International, Inc., a non-operating subsidiary of GSI Group Corporation) have filed voluntary petitions for Chapter 11 reorganization under the U.S. Bankruptcy Code in U.S. Bankruptcy Court in Wilmington, Delaware. The restructuring plan is being brought forward under the Chapter 11 proceedings. GSI supplies precision technology to the global medical, electronics, and industrial markets and semiconductor systems. Fasken Martineau acts as Canadian counsel to the bondholders with a team that includes Jon Levin and Edmond Lamek.