ANDERSON, Ind., Dec. 6 /PRNewswire/ -- Remy International, Inc. today
announced that it has successfully emerged from chapter 11 protection less
than 59 days after filing its pre-packaged plan of reorganization and
petitions. As previously announced, the pre-packaged plan of reorganization
was confirmed by the Court on November 20.
In conjunction with its emergence from chapter 11, Remy also announced
that effective December 6, the company has access to its exit financing
facility of up to $330 million, including a $120 million revolving credit
facility and term loans of $210 million. The Company emphasized that this
will provide Remy with the liquidity required to continue to meet its
financial needs and operate its business in the coming years. In addition,
the sale of Remy's M&M Knopf Auto Parts subsidiary was completed on
December 4.
"Today marks the start of a new chapter in Remy's history," said John
Weber, President and Chief Executive Officer of Remy. "In reaching this
milestone Remy has effectively restructured its debt and its commercial
arrangements with General Motors and as a result, strengthened its
competitive position. We are excited to move forward as a revitalized and
reenergized company."
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.
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, future financial results and liquidity and
to have access to its credit facility, 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, 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 Disclosure Statement. 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
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Related links:
http://www.remyinc.com
CONTACT:
Anita-Marie Laurie, Sitrick And Company,
+1-310-788-2850
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