Xerium Technologies this Tuesday announced a smaller debt load and a cache of new financing options that will finance their emergence from Chapter 11 bankruptcy protection.

The Raleigh-based company exchanged approximately $620 million of debt for $410 million in new loans, $10 million in cash, and appromximately 82.6 percent of common stock in the reorganized company.

Xerium has also acquired up to $20 million in revolving loans and a term loan of $60 million.

Shareholders from before the bankruptcy have been promised around a 20-to-1 reverse split, or 17.4 percent of the newly issued shares. They will also receive warrants to purchase up to 10 percent of outstanding shares.

There are now seven board of directors members, five of whom were nominated by lenders. The company expects to retain its stock listing on the New York Stock Exchange.

Contact the Arizona personal bankruptcy attorneys of the Harmon Law Office, LLC, at 480-829-0494 to discuss your financial future.