BANNOCKBURN, Ill.--(BUSINESS WIRE)--Today, UCI International, LLC (“UCI” or the “Company”) announced it has completed its financial restructuring and has officially completed its Chapter 11 reorganization. The Company is now owned by its former creditors led by funds and accounts under the management of Blackrock Financial Management, Inc., Credit Suisse Asset Management, LLC, and J.P. Morgan Investment Management, Inc. In conjunction with its emergence, UCI has closed on its new, fully committed, asset-based lending facility provided by Wells Fargo Bank, National Association, Citizens Bank, National Association, and BMO Harris Bank N.A.
UCI emerged from the Chapter 11 process after meeting all conditions to the Company's Plan of Reorganization, which was confirmed by the Bankruptcy Court on December 6, 2016.
UCI is a holding company for Champion Laboratories, Inc., a leading provider of automotive and industrial filtration products, ASC Industries, Inc., a leading provider of vehicle water pumps and Airtex Products, L.P., a leading provider of automotive and industrial fuel pumps.
Greg Noethlich, President and CEO of Champion Laboratories noted that “We have successfully completed our corporate transformation by emerging with a sound capital structure, significantly less debt, and the financial flexibility to continue building our business to deliver better value for our customers. We have completely separated from our prior sister company FRAM and are very excited about our future.”
Brett McBrayer, President and CEO of ASC and Airtex said, “We thank our dedicated employees, suppliers, customers and other business partners who supported us throughout this process and look forward to continue to grow our business."
Alvarez & Marsal, Moelis & Company LLC, and Sidley Austin LLP advised the Company on its restructuring.
For more information on the Company’s chapter 11 reorganization visit http://cases.gcginc.com/uci/ or call (855) 907-3238.