Barclays Capital, Sole Lead Arranger, Has Syndicated Financing Package;
Final DIP Hearing Scheduled for November 7
Confirmation Hearing Scheduled for November 20
ANDERSON, Ind., Oct. 10 /PRNewswire/ -- Remy Worldwide Holdings, Inc.
announced today that it has received Bankruptcy Court approval of its
first-day motions to, among other things, pay employee wages and benefits
without interruption and continue to pay trade creditors and suppliers in
the ordinary course of business. As previously announced, in response to
the overwhelming support received from its noteholders for its prepackaged
plan of reorganization, the Company filed voluntary petitions on October
8th for itself and its domestic subsidiaries under chapter 11 of the U.S.
Bankruptcy Code to seek confirmation of the plan.
The Court also granted interim approval of $160 million of Remy's $225
million debtor-in-possession (DIP) facility, which was provided by Barclays
Capital who acted as sole lead arranger. As previously announced, Barclays
Capital had committed to provide DIP financing for up to $225 million and
up to $330 million of long-term exit financing. Barclays Capital has
syndicated both the DIP and the exit facilities together to coincide with
Remy's prepackaged bankruptcy case. The closing of the DIP and exit loans
are subject to certain closing conditions which are anticipated to be
satisfied during the Chapter 11 process. A final DIP hearing has been
scheduled for November 7.
"We are pleased with the swift approval of our "first-day motions"
which will enable Remy to operate without interruption and continue to meet
our normal business obligations during the plan confirmation process," said
John Weber, Chief Executive Officer. "With our first-day motions approved,
we will continue to concentrate on running our business with the goal of
emerging from chapter 11 within the next 60 days."
The Court has scheduled a hearing to confirm Remy's prepackaged plan of
reorganization for November 20.
The Company filed its voluntary chapter 11 petitions and plan of
reorganization in the U.S. Bankruptcy Court for the District of Delaware in
Wilmington. Remy's prepackaged chapter 11 cases have been assigned to the
Honorable Kevin J. Carey under case number 07-11481 (KJC). More information
on Remy's prepackaged chapter 11 is available at http://www.remyinc.com.
Information on the case can also be obtained on the Bankruptcy Court's web
site with Pacer registration: http:ecf.deb.uscourts.gov
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 being a debtor in
possession in a chapter 11 proceeding including the confirmation of the
prepackaged plan of reorganization, 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 both DIP and exit financing loan
commitments and the occurrence of a termination event thereunder, future
financial results and liquidity including the Company's continued ability
to finance its operations in the normal course during the chapter 11
proceeding, 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, 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.
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Related links:
http://www.remyinc.com
CONTACT:
Anita-Marie Laurie of Sitrick And Company,
+1-310-788-2850, for Remy Worldwide Holdings, Inc.
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