ANDERSON, Ind., Nov. 20 /PRNewswire/ -- Remy Worldwide Holdings, Inc.
today announced that its pre-packaged plan of reorganization has been
confirmed by the U.S. Bankruptcy Court, only 43 days after its plan and
related petitions were filed. Upon emergence, expected in early December,
Remy's long-term debt will be reduced by $360 million.
    "The recapitalization would not have been such a success in such a
short period of time without the loyalty of our customers, the
professionalism and dedication of our employees, and the commitment and
support of our creditor groups," said John Weber, Chief Executive Officer.
    Remy also announced that on the effective date of the Plan it will
enter into a $120 million revolving credit facility to be provided by
Barclays Capital. The Company said that the exit financing, which includes
a term loan of $210 million, will provide Remy with sufficient liquidity to
continue to meet its financial requirements and grow its business in the
coming years. In addition, the sale of subsidiary operation Knopf was
approved and is expected to close on December 4.
    "Since signing the Plan Support Agreement with our noteholders just six
months ago, Remy has successfully recapitalized the Company's financial
position, strengthened its business through a comprehensive restructuring
of its commercial arrangement with General Motors, and built a foundation
from which we can grow. In a matter of days Remy will emerge from this
process a more competitive Company with a strong balance sheet," Mr. Weber
concluded.
    The Company filed its voluntary pre-packaged chapter 11 petitions and
plan of reorganization in the U.S. Bankruptcy Court for the District of
Delaware in Wilmington.
    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.

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