Accuride Corporation announced that it successfully completed all conditions of its Plan of Reorganization and emerged from Chapter 11 bankruptcy with a new capital structure after only five months.
“Entering Chapter 11 with a pre-arranged agreement and the continued support of our lenders, allowed Accuride to emerge in an expeditious manner,” said Bill Lasky Accuride’s president, CEO and chairman of the board. “Accuride has always been a solid leader in product innovation and operational efficiency. Our improved financial structure, coupled with the respect of our industry brands, will allow us to pursue initiatives to further expand our product offering and geographic penetration, while in turn providing increased solutions for our customers and greater value for our shareholders.”
According to the announcement, Accuride exits bankruptcy with a more flexible capital structure that includes a $308 million term loan and $140 million of convertible notes. All unsecured trade creditors will be paid in full for valid claims.
Additionally, the company said it filed the necessary paperwork for Accuride’s common stock to begin trading on the Over-the-Counter Bulletin Boards (OTCBB) and will announce the symbol for trading in Accuride’s common stock when it becomes available.
“Upon filing our voluntary petition for Chapter 11 protection, we embarked upon the very aggressive path we had chartered to ensure the company emerged from the process as expeditiously as possible,” said Lasky. “I would like to extend my extreme gratitude for all who worked so diligently, allowing us to remain on track and emerge today a healthier company. I would also like to reiterate my sincere appreciation for our team members whose dedication ensured that we maintained quality production and on-time delivery, as well as our customers and suppliers who remained loyal to Accuride throughout the restructuring process.
“We look forward to continuing these partnerships through which we will together bring innovation to the industry.”
On October 8, 2009, Accuride’s U.S. entities filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. Additional information surrounding the company’s restructuring is available at www.accurideinfo.com.
