Arclin, a privately held provider of bonding and surfacing solutions,  announced that its Plan of Arrangement, which was filed by Arclin’s Canadian entities, was approved by the Ontario Superior Court of Justice. In addition, the United States Bankruptcy Court for the District of Delaware confirmed Arclin’s Plan of Reorganization on December 8, 2009. The Company expects to complete its financial restructuring in early January 2010. 

Claudio D’Ambrosio, Arclin’s President and Chief Executive Officer, said, “Court approval in both Canada and the U.S. is the last major step for Arclin in what has been a very fast and efficient restructuring process. Throughout this period we have continued to develop new and innovative solutions to serve our customers while enhancing our commitment to environmental sustainability. We are poised to emerge with increased financial flexibility and a significantly improved capital structure. We are grateful for the unwavering support of our employees, customers, suppliers and other stakeholders, and we look forward to achieving renewed growth and enhanced profitability.” 

Under the plans approved by the Canadian and U.S. courts, Arclin’s funded indebtedness will be reduced from US$234 million to US$60 million. Affiliates of Black Diamond Capital Management, L.L.C. and Silver Point Capital, L.P., the Company’s lenders, will become the majority owners of the Company through an exchange of debt for equity.