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Secured, unsecured split on Galapagos restructuring plan


Galapagos, the German heat exchanger manufacturer, unveiled a restructuring plan on Friday afternoon that it said was backed by all the lenders in its revolver and more than 79% of the senior secured notes. Unsecured creditors, represented by Gleacher Shacklock, now have to decide whether to back the plan — which offers them little cash, but a chance of equity upside.

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