Replies to post #45555 on Langlui's Big Board and Options Plays

[langlui]

GGC News A/H
Georgia Gulf Announces Extension of Early Participation Deadline and Expiration Date for Private Debt Exchange Offers
Wednesday July 1, 2009, 4:58 pm EDT

Georgia Gulf Corporation (NYSE: GGC - News) today announced it has extended the early participation deadline and the expiration date for its private exchange offers to exchange its outstanding 7.125 percent Senior Notes due 2013 (the “2013 notes”), 9.5 percent Senior Notes due 2014 (the “2014 notes”), and 10.75 percent Senior Subordinated Notes due 2016 (the “2016 notes” and, collectively with the 2013 notes and 2014 notes, the “notes”) and related consent solicitations (the “exchange offers”) until 12:00 midnight, New York City time July 15, 2009. The exchange offers provide for the exchange of the three issues of outstanding notes totaling $800 million in aggregate principal amount for $250,000,000 aggregate principal amount of 15 percent Senior Secured Second Lien Notes due 2014 and 6,922,255 shares of Georgia Gulf common stock. As a result of the most recent amendment to the senior secured credit agreement, the Company cannot issue such new notes absent further bank approval.

As previously announced, the forbearance agreements with certain holders of each series of notes will expire July 15, 2009. Upon expiration of the forbearance agreements, an acceleration of indebtedness under any issue of the notes would constitute cross defaults under the Company’s other note issues and its senior secured credit agreement, permitting the holders of such debt to accelerate. Such acceleration would also result in a cross default under the Company’s asset securitization agreement, permitting the lenders to terminate that agreement. In that event, the Company would be prevented from selling additional receivables under the asset securitization agreement. If the Company was to lose access to funding under both the senior secured credit agreement and the asset securitization agreement, the Company would be required to immediately explore alternatives which could include a potential reorganization or restructuring under the bankruptcy laws.

Each exchange offer will expire at 12:00 midnight, New York City time, on July 15, 2009, unless extended. As of June 30, 2009 approximately $1.265 million, $7.27 million and $150 thousand of the $100 million, $500 million and $200 million in principal amount outstanding of the 2013, 2014 and 2016 notes had been tendered in the exchange offers. Full details of the exchange offers and related consent solicitations are included in the offering memorandum for these exchange offers, copies of which are available to Eligible Holders (as defined below) from Global Bondholder Services Corporation, the information agent, by calling [phone] or toll free at [phone].

The exchange offers have been made, and the new notes and shares of common stock are being offered and will be issued, in a private transaction in reliance upon an exemption from the registration requirements of the Securities Act of 1933, only to holders of the notes (i) in the United States, that are “qualified institutional buyers,” as that term is defined in Rule 144A under the Securities Act, or (ii) outside the United States, that are persons other than “U.S. persons,” as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act (collectively, the “Eligible Holders”).

Neither the new notes nor the shares of common stock have been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.