LAKE FOREST, Ill.--(BUSINESS WIRE)--Today, UCI International, LLC (“UCI” or the “Company”) announced it has filed a revised Joint Plan of Reorganization (the “Plan”) and related Disclosure Statement. The Plan is supported by the Official Committee of Unsecured Creditors and the Ad Hoc Committee of Senior Noteholders. The Company also announced an agreement with Senior Unsecured Noteholders comprised of funds and accounts under the management of Blackrock Financial Management, Inc., Credit Suisse Asset Management, LLC, and J.P. Morgan Investment Management, Inc. to backstop $30 million of incremental exit financing. Collectively, these parties hold more than 80% in principal amount of the Senior Unsecured Notes outstanding and will become the controlling equity holders of the reorganized Company under the Plan.
The Plan, consistent with a stipulation filed on September 29th between the Company, the Official Committee of Unsecured Creditors, and the lenders and agent under the Company’s prepetition ABL credit facility, provides for the payment in full of claims under the prepetition ABL credit facility.
“We are pleased with the progress made to date in our bankruptcy filing,” said Keith Zar, UCI’s general counsel. “The filing of the Plan moves UCI one step closer to a successful restructuring and positions UCI for long-term success by reducing outstanding debt and strengthening our balance sheet. UCI continues to have a strong position in the marketplace and is well positioned to take advantage of future opportunities.”
The Disclosure Statement remains subject to approval of the United States Bankruptcy Court for the District of Delaware. A hearing on approval of the Disclosure Statement has been scheduled for October 14, 2016. Following court approval of the Disclosure Statement, the Company intends to solicit votes and seek confirmation of the Plan. The Company has requested a hearing on confirmation of the Plan for December 6, 2016.
UCI’s principal operating subsidiaries include Airtex Products, L.P., ASC Industries, Inc., and Champion Laboratories, Inc. For more information on the Company’s chapter 11 reorganization visit http://cases.gcginc.com/uci/ or call (855) 907-3238.
