The reorganization plan included the sale of Burke's Engineered Polymers Division, which operated plants in Santa Fe Springs, Calif. and Taunton, Mass. The revamped company, with manufacturing facilities in San Jose, Calif. and Eustis, Fla., henceforth will focus on its core businesses in flooring and commercial rubber processing.

"We at Burke are excited that the company has successfully reorganized and emerged with a strong balance sheet," said Robert Pitman, senior vice president and general manager. "The company will have a capital structure that will free-up resources which can be reinvested in the business."

"We look forward to working closely with Burke's management team to enhance the company's competitive position," added Matthew Kaufman, managing director of GSC Partners, the new majority shareholder of the company.

GSC Partners is a private investment firm that manages $6 billion of assets on behalf of pension funds, financial institutions, foundations, university endowments, and individuals.