Constar International Inc., a Philadelphia producer of plastic food and beverage containers, said today that it emerged from bankruptcy Friday.

Holders of $175 million in subordinated notes received the 100 percent new common stock in the reorganized company, excluding shares reserved for management incentive plans.

The new shares are expected to trade over the counter.

Overall debt was reduced by $186.2 million, according to the company's plan. Pre-bankruptcy shares were canceled.

The company said its $75 million debtor-in-possession financing facility was converted into a credit agreement to be used after bankruptcy. The company still owes $220 million of secured notes.    - Harold Brubaker