Plymouth Rubber restructures debt

CANTON, Mass. (Oct. 18)—Plymouth Rubber Co. Inc. and its lenders have agreed to restructure the Canton-based firm's debt. Under the deal, lenders will accept reduced principal payments for the next three years, eliminate financial covenants, waive all existing defaults and rescind demands for accelerated payment in return for enhanced collateral positions. The debt restructuring and Plymouth's profitability year to date of $1.1 million net income should provide the stability and financial framework needed to allow the firm to continue its turnaround, said Chief Financial Officer Joseph J. Berns.