More than 98% of Senior Noteholders and 100% of the Senior Subordinated
Noteholders Supported Plan
ANDERSON, Ind., Oct. 2 /PRNewswire/ -- Remy Worldwide Holdings, Inc.
today announced that it has received overwhelming acceptance of its
prepackaged plan of reorganization and as previously disclosed will proceed
to promptly commence voluntary proceedings under Chapter 11 of the U.S.
Bankruptcy Code to seek confirmation of the plan. Specifically, in excess
of 99.9 % in dollar amount and 98.1% in number of holders of 8-5/8% Senior
Notes and 100% in dollar amount and 100% in number of holders of 9-3/8%
Senior Subordinated Notes and 11% Senior Subordinated Notes that voted on
the prepackaged plan, voted to approve the plan.
As previously disclosed, the key elements of the prepackaged plan include:
* Repayment of the Company's secured creditors in full.
* Raise $85 million in preferred equity through a backstopped rights
offering to be made to holders of the Company's Senior Notes and Senior
Subordinated Notes.
* Total debt reduction of $360 million through:
* Exchange of the Company's $145 million of existing 8-5/8% Senior
Notes for $100 million of New Third-Lien Notes and $45 million in
cash (plus an amount of cash equal to the accrued but unpaid
interest through the filing date (estimated to be $10 million) and
up to $2 million of new preferred stock in respect of post
petition interest). In addition, these note holders will receive
a $10 million consent fee for agreeing to the overall
restructuring.
* Reduction of the Company's unsecured debt obligations by $315
million by converting the 9-3/8% Senior Subordinated Notes and 11%
Senior Subordinated Notes into 100% of the common equity of the
reorganized company.
* Cancellation of all of the Company's existing equity interests.
"We are extremely pleased with the overwhelming support we received
from our noteholders and we are working expeditiously to initiate our
prepackaged chapter 11 filing as planned," said John Weber, President and
CEO.
About Remy
Remy International, headquartered in Anderson, Indiana, is a leading
manufacturer, remanufacturer and distributor of Delco Remy brand heavy-duty
systems and Remy brand starters and alternators, locomotive products and
hybrid power technology. The Company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and heavy-duty
trucks and other heavy-duty, off-road and industrial applications.
Caution Regarding Forward-Looking Statements:
This press announcement contains statements relating to future results
of the Company that are forward-looking statements. Any statements set
forth in this press announcement with regard to its expectations as to
financial results and other aspects of its business may constitute
forward-looking statements. These statements relate to the Company's future
plans, objectives, expectations and intentions and may be identified by
words like "believe," "expect," "may," "will," "should," "seek," or
"anticipate," and similar expressions. The Company cautions readers that
any such forward-looking statements are based on assumptions that the
Company believes are reasonable, but are subject to a wide range of risks
including, but not limited to, risks associated with becoming a debtor in
possession in a chapter 11 proceeding, with the satisfaction of the
conditions to the plan support agreement, including, but not limited to, as
a result of the occurrence of a termination event thereunder, the
satisfaction of conditions to funding occurring under the company's current
loan facility, and the occurrence of an event thereunder, future financial
results and liquidity including the Company's continued ability to finance
its operations in the normal course, the Company's relationship with and
payment terms provided by its trade creditors, additional financing
requirements, compliance with renegotiated key supplier agreements,
dispositions, acquisitions and integration costs, development of new
products and services, the effect of competitive products or pricing, the
effect of commodity and raw material prices, the impact of supply chain
cost management initiatives, restructuring risks, enterprise resource
planning implementation risks, customs duty claims, litigation
uncertainties and warranty claims, conditions in the automotive industry
including labor disruptions, foreign currency fluctuations, costs related
to re-sourcing and outsourcing products, the effect of economic conditions
and other uncertainties previously detailed in the Company's filings with
the SEC. Due to these uncertainties, the Company cannot assure readers that
any forward- looking statements will prove to have been correct. Remy
International is under no obligation to (and expressly disclaims any such
obligation to) update or alter any forward-looking statements whether as a
result of new information, future events or otherwise.
SOURCE Remy Worldwide Holdings, Inc.
 back to top
Related links:
http://www.remyinc.com/
http://www.prnewswire.com/comp/111635.html/
CONTACT:
Anita-Marie Laurie of Remy Worldwide
Holdings, Inc., +1-310-788-2850
|
