Accuride Corp. has successfully completed all conditions of its Plan of Reorganization and emerged from Chapter 11 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.
As outlined in the plan, the company exits bankruptcy with a more flexible capital structure including a $308 million term loan and $140 million of convertible notes. All unsecured trade creditors will be paid in full for valid claims.
In addition, Accuride has 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.
Accuride's products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, seating assemblies and other commercial vehicle components.
"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.
As outlined in the plan, the company exits bankruptcy with a more flexible capital structure including a $308 million term loan and $140 million of convertible notes. All unsecured trade creditors will be paid in full for valid claims.
In addition, Accuride has 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.
Accuride's products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, seating assemblies and other commercial vehicle components.
media brand
0 Comments
See all comments