Goss Holdings has entered a pre-arranged Chapter 11 bankruptcy protection agreement in the US a week after closing its last US press manufacturing plant.

Banks and bond-holders will swap 200m ($290m) of debt for ownership in the restructured company, to be known as Goss International. Lenders and most bond and equity holders accepted proposals.

Chapter 11 is regularly used to enable companies to restructure under the protection of US courts, said senior vice president and UK general manager Shane Lancaster. It would be valuable in the UK too many good companies go bust here but few large US companies actually do liquidate.

Two years ago Goss US operations spent four months in Chapter 11. The process should last a similar period this time around.

Operations in the UK, France, Japan and China were not part of the filing.

David Crow, managing director of Johnston Press printing division which is poised to take delivery of two new Goss presses said Goss had fully briefed the firm prior to announcing its plans. We dont see it as a risk.