The U.S. Bankruptcy Court confirmed UCI Holdings’ Third Revised Joint Plan of Reorganization, proposed by the Debtors, the ad hoc committee of senior noteholders and the official committee of unsecured creditors. The Company anticipates emerging from bankruptcy protection by year-end.
Brian Whittman, UCI Holdings’ chief restructuring officer, comments, “UCI is pleased with the outcome of the restructuring process which significantly de-levers the Company and positions the business for future growth.” UCI Holdings’ restructuring will reduce the Company’s funded debt by approximately $380 million, and the Company expects to close on a $120 million asset-based lending facility provided by Wells Fargo Bank, Citizens Bank, and BMO Harris Bank N.A. upon emergence to fund plan distributions and the Company’s ongoing operations.
As previously reported, “The Senior Notes Claims shall be deemed Allowed on the Effective Date in the aggregate principal amount of $400,000,000, plus any accrued but unpaid interest thereon (including default interest) payable through the Petition Date at the interest rate applicable pursuant to the terms of the Senior Unsecured Notes Indenture.” This motor vehicle parts’ manufacturer filed for Chapter 11 protection on June 2, 2016, listing $435 million in pre-petition assets.
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