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Select Staffing Bankruptcy Plan Approved After Five Weeks

Bloomberg (05/05/14) Michael Bathon

U.S. Bankruptcy Judge Kevin J. Carey has approved a prepackaged bankruptcy approval plan that reorganizes temporary staffing firm Select Family of Staffing Cos., formerly known as Koosharem LLC. The plan cuts debt by $300 million, or 46%. The company, which filed for bankruptcy on April 1, had already received approval from lenders to reduce debt of more than $650 million to about $350 million by raising funds in an equity rights offering and issuing new debt.