HIBBING, Minn.--(BUSINESS WIRE)--Iracore International, Inc., a leading supplier of elastomeric lined pipe and wear materials utilized in oil sands and mining applications, announced today the completion of a consensual restructuring transaction with the unanimous support of its shareholders and noteholders. As part of the restructuring, the noteholders have acquired substantially all of the equity in Iracore, significantly reduced the company's outstanding indebtedness, and provided the company with additional liquidity in the form of a term loan to support future growth.
The restructuring provides Iracore with meaningful financial flexibility and a realigned balance sheet, making it more competitive in the current environment and positioning it for long-term growth. The current executive leadership at Iracore will remain in place.
Jefferies LLC served as Iracore’s financial advisor and Willkie Farr & Gallagher LLP served as legal advisor to the company in relation to the restructuring.
Iracore International Inc., based in Hibbing Minnesota, is the industry leader in elastomeric lined pipe and wear materials utilized in oil sands and mining applications. The company has three manufacturing facilities located in Hibbing, Minnesota and sales offices in the United States and Canada. For more information about the company’s products and services, visit IRACORE.COM.